{"id":793621,"date":"2024-12-10T06:33:23","date_gmt":"2024-12-10T11:33:23","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/permian-resources-announces-divestiture-of-midstream-gathering-systems\/"},"modified":"2024-12-10T06:33:23","modified_gmt":"2024-12-10T11:33:23","slug":"permian-resources-announces-divestiture-of-midstream-gathering-systems","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/permian-resources-announces-divestiture-of-midstream-gathering-systems\/","title":{"rendered":"Permian Resources Announces Divestiture of Midstream Gathering Systems"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Permian Resources Announces Divestiture of Midstream Gathering Systems<\/b><\/p>\n<p>MIDLAND, Texas&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nPermian Resources Corporation (NYSE: PR) (\u201cPermian Resources\u201d or the \u201cCompany\u201d) today announced it has entered into a definitive agreement to sell its natural gas and oil gathering systems primarily located in Reeves County, Texas to Kinetik Holdings Inc. (NYSE: KNTK) (\u201cKinetik\u201d) for a total cash consideration of $180 million, subject to customary post-closing adjustments. The divested natural gas and oil pipeline systems include a combination of both recently purchased and legacy company-owned midstream infrastructure and exclude any water infrastructure or surface acreage.<\/p>\n<p>\n\u201cWe are excited to announce another divestiture of non-core assets at a price that is accretive over both the short and long-term, further streamlining our business and driving value for investors,\u201d said James Walter, Co-CEO of Permian Resources. \u201cThe sale of these non-core infrastructure assets will allow us to continue our relentless focus on being the Delaware Basin\u2019s lowest cost operator.\u201d<\/p>\n<p>\n\u201cKinetik has a strong track-record of operating midstream assets across the Delaware Basin, and we are pleased to partner with them on this transaction. Their extensive infrastructure and logistics expertise will continue to support the development of our high-return drilling inventory,\u201d said Will Hickey, Co-CEO of Permian Resources.<\/p>\n<p>\nThis transaction will also allow Permian Resources to increase the amount of residue natural gas sold at Gulf Coast pricing over time, further reducing the Company\u2019s exposure to in-basin Waha pricing. Additionally, the Company expects the transaction to have essentially no impact to its best-in-class cash operating costs. The transaction is expected to close during the first quarter of 2025, subject to regulatory approval.<\/p>\n<p>\nJefferies LLC acted as financial advisor and Kirkland &amp; Ellis LLP acted as legal advisor to the Company in connection with the transaction.<\/p>\n<p><b>About Permian Resources<\/b><\/p>\n<p>\nHeadquartered in Midland, Texas, Permian Resources is an independent oil and natural gas company focused on the responsible acquisition, optimization and development of high-return oil and natural gas properties. The Company\u2019s assets and operations are concentrated in the core of the Delaware Basin, making it the second largest Permian Basin pure-play E&amp;P. For more information, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.permianres.com&amp;esheet=54164430&amp;newsitemid=20241209560232&amp;lan=en-US&amp;anchor=www.permianres.com&amp;index=1&amp;md5=d205803e8aaf6012b8c3f62c52c0629c\">www.permianres.com<\/a>.<\/p>\n<p><b>Cautionary Note Regarding Forward-Looking Statements<\/b><\/p>\n<p>\nThe information in this press release includes \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this press release, regarding the consummation and expected benefits of the divestiture and related transactions, our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words \u201ccould,\u201d \u201cmay,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cproject,\u201d \u201cgoal,\u201d \u201cplan,\u201d \u201ctarget,\u201d \u201cresulting\u201d and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management\u2019s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.<\/p>\n<p>\nForward-looking statements may include statements about:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nvolatility of oil, natural gas and NGL prices or a prolonged period of low oil, natural gas or NGL prices and the effects of actions by, or disputes among or between, members of the Organization of Petroleum Exporting Countries (\u201cOPEC\u201d), such as Saudi Arabia, and other oil and natural gas producing countries, such as Russia, with respect to production levels or other matters related to the price of oil, natural gas and NGLs;<\/p>\n<\/li>\n<li>\npolitical and economic conditions and events in or affecting other producing regions or countries, including the Middle East, Russia, Eastern Europe, Africa and South America;<\/p>\n<\/li>\n<li>\nour business strategy and future drilling plans;<\/p>\n<\/li>\n<li>\nour reserves and our ability to replace the reserves we produce through drilling and property acquisitions;<\/p>\n<\/li>\n<li>\nour drilling prospects, inventories, projects and programs;<\/p>\n<\/li>\n<li>\nour financial strategy, return of capital program, leverage, liquidity and capital required for our development program;<\/p>\n<\/li>\n<li>\nthe timing and amount of our future production of oil, natural gas and NGLs;<\/p>\n<\/li>\n<li>\nour ability to identify, complete and effectively integrate acquisitions of properties, assets or businesses, including our recent acquisitions and related transactions;<\/p>\n<\/li>\n<li>\nour hedging strategy and results;<\/p>\n<\/li>\n<li>\nour competition;<\/p>\n<\/li>\n<li>\nour ability to obtain permits and governmental approvals;<\/p>\n<\/li>\n<li>\nour compliance with government regulations, including those related to climate change as well as environmental, health and safety regulations and liabilities thereunder;<\/p>\n<\/li>\n<li>\nour pending legal matters;<\/p>\n<\/li>\n<li>\nthe marketing and transportation of our oil, natural gas and NGLs;<\/p>\n<\/li>\n<li>\nour leasehold or business acquisitions;<\/p>\n<\/li>\n<li>\ncost of developing or operating our properties;<\/p>\n<\/li>\n<li>\nour anticipated rate of return;<\/p>\n<\/li>\n<li>\ngeneral economic conditions;<\/p>\n<\/li>\n<li>\nweather conditions in the areas where we operate;<\/p>\n<\/li>\n<li>\ncredit markets;<\/p>\n<\/li>\n<li>\nour ability to make dividends, distributions and share repurchases;<\/p>\n<\/li>\n<li>\nuncertainty regarding our future operating results;<\/p>\n<\/li>\n<li>\nour plans, objectives, expectations and intentions contained in this press release that are not historical; and<\/p>\n<\/li>\n<li>\nthe other factors described in our most recent Annual Report on Form 10-K, and any updates to those factors set forth in our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.<\/p>\n<\/li>\n<\/ul>\n<p>\nWe caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the exploration for and development, production, gathering and sale of oil, natural gas and NGLs. Factors which could cause our actual results to differ materially from the results contemplated by forward-looking statements include, but are not limited to:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\ncommodity price volatility (including regional basis differentials);<\/p>\n<\/li>\n<li>\nuncertainty inherent in estimating oil, natural gas and NGL reserves, including the impact of commodity price declines on the economic producibility of such reserves, and in projecting future rates of production;<\/p>\n<\/li>\n<li>\ngeographic concentration of our operations;<\/p>\n<\/li>\n<li>\nlack of availability of drilling and production equipment and services;<\/p>\n<\/li>\n<li>\nlack of transportation and storage capacity as a result of oversupply, government regulations or other factors;<\/p>\n<\/li>\n<li>\nrisks related to our recent acquisitions, including the risk that we may fail to integrate such acquisitions on the terms and timing currently contemplated, or at all, and\/or to realize our strategy and plans to achieve the expected benefits of such acquisitions;<\/p>\n<\/li>\n<li>\ncompetition in the oil and natural gas industry for assets, materials, qualified personnel and capital;<\/p>\n<\/li>\n<li>\ndrilling and other operating risks;<\/p>\n<\/li>\n<li>\nenvironmental and climate related risks, including seasonal weather conditions;<\/p>\n<\/li>\n<li>\nregulatory changes, including those that may result from the U.S. Supreme Court\u2019s decision overturning the Chevron deference doctrine and that may impact environmental, energy, and natural resources regulation;<\/p>\n<\/li>\n<li>\nthe possibility that the industry in which we operate may be subject to new or volatile local, state, and federal or legislative actions (including additional taxes and changes in environmental, health, and safety regulation and regulations related to climate change) as a result of developing national and\/or global efforts to address climate change;<\/p>\n<\/li>\n<li>\nrestrictions on the use of water, including limits on the use of produced water and potential restrictions on the availability to water disposal facilities;<\/p>\n<\/li>\n<li>\navailability to cash flow and access to capital;<\/p>\n<\/li>\n<li>\ninflation;<\/p>\n<\/li>\n<li>\nchanges in our credit ratings or adverse changes in interest rates;<\/p>\n<\/li>\n<li>\nchanges in the financial strength of counterparties to our credit agreement and hedging contracts;<\/p>\n<\/li>\n<li>\nthe timing of development expenditures;<\/p>\n<\/li>\n<li>\npolitical and economic conditions and events in foreign oil and natural gas producing countries, including embargoes, continued hostilities in the Middle East and other sustained military campaigns, including the conflict in Israel and its surrounding areas, the war in Ukraine and associated economic sanctions on Russia, conditions in South America, Central America, China and Russia, and acts of terrorism or sabotage;<\/p>\n<\/li>\n<li>\nchanges in local, regional, national, and international economic conditions;<\/p>\n<\/li>\n<li>\nsecurity threats, including evolving cybersecurity risks such as those involving unauthorized access, denial-of-service attacks, third-party service provider failures, malicious software, data privacy breaches by employees, insiders or other with authorized access, cyber or phishing-attacks, ransomware, social engineering, physical breaches or other actions; and<\/p>\n<\/li>\n<li>\nother risks described in our filings with the U.S. Securities and Exchange Commission.<\/p>\n<\/li>\n<\/ul>\n<p>\nReserve engineering is a process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data, and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.<\/p>\n<p>\nShould one or more of the risks or uncertainties described in this press release occur, or should any underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.<\/p>\n<p>\nExcept as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241209560232r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20241209560232\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20241209560232\/en\/<\/a><\/span><\/p>\n<p>\nHays Mabry \u2013 Vice President, Investor Relations<br \/>\n<br \/>(432) 315-0114<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:ir@permianres.com\">ir@permianres.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Texas United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Oil\/Gas Energy<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20241209560232\/en\/1733189\/3\/permian_resources_GREEN_ORANGE4x-100.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Permian Resources Announces Divestiture of Midstream Gathering Systems MIDLAND, Texas&#8211;(BUSINESS WIRE)&#8211; Permian Resources Corporation (NYSE: PR) (\u201cPermian Resources\u201d or the \u201cCompany\u201d) today announced it has entered into a definitive agreement to sell its natural gas and oil gathering systems primarily located in Reeves County, Texas to Kinetik Holdings Inc. (NYSE: KNTK) (\u201cKinetik\u201d) for a total cash consideration of $180 million, subject to customary post-closing adjustments. The divested natural gas and oil pipeline systems include a combination of both recently purchased and legacy company-owned midstream infrastructure and exclude any water infrastructure or surface acreage. \u201cWe are excited to announce another divestiture of non-core assets at a price that is accretive over both the short and long-term, further streamlining our business and &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/permian-resources-announces-divestiture-of-midstream-gathering-systems\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Permian Resources Announces Divestiture of Midstream Gathering Systems&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-793621","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Permian Resources Announces Divestiture of Midstream Gathering Systems - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/permian-resources-announces-divestiture-of-midstream-gathering-systems\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Permian Resources Announces Divestiture of Midstream Gathering Systems - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Permian Resources Announces Divestiture of Midstream Gathering Systems MIDLAND, Texas&#8211;(BUSINESS WIRE)&#8211; Permian Resources Corporation (NYSE: PR) (\u201cPermian Resources\u201d or the \u201cCompany\u201d) today announced it has entered into a definitive agreement to sell its natural gas and oil gathering systems primarily located in Reeves County, Texas to Kinetik Holdings Inc. (NYSE: KNTK) (\u201cKinetik\u201d) for a total cash consideration of $180 million, subject to customary post-closing adjustments. The divested natural gas and oil pipeline systems include a combination of both recently purchased and legacy company-owned midstream infrastructure and exclude any water infrastructure or surface acreage. \u201cWe are excited to announce another divestiture of non-core assets at a price that is accretive over both the short and long-term, further streamlining our business and &hellip; Continue reading &quot;Permian Resources Announces Divestiture of Midstream Gathering Systems&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/permian-resources-announces-divestiture-of-midstream-gathering-systems\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-10T11:33:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241209560232r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/permian-resources-announces-divestiture-of-midstream-gathering-systems\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/permian-resources-announces-divestiture-of-midstream-gathering-systems\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Permian Resources Announces Divestiture of Midstream Gathering Systems\",\"datePublished\":\"2024-12-10T11:33:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/permian-resources-announces-divestiture-of-midstream-gathering-systems\\\/\"},\"wordCount\":1599,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/permian-resources-announces-divestiture-of-midstream-gathering-systems\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20241209560232r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/permian-resources-announces-divestiture-of-midstream-gathering-systems\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/permian-resources-announces-divestiture-of-midstream-gathering-systems\\\/\",\"name\":\"Permian Resources Announces Divestiture of Midstream Gathering Systems - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/permian-resources-announces-divestiture-of-midstream-gathering-systems\/","og_locale":"en_US","og_type":"article","og_title":"Permian Resources Announces Divestiture of Midstream Gathering Systems - Market Newsdesk","og_description":"Permian Resources Announces Divestiture of Midstream Gathering Systems MIDLAND, Texas&#8211;(BUSINESS WIRE)&#8211; Permian Resources Corporation (NYSE: PR) (\u201cPermian Resources\u201d or the \u201cCompany\u201d) today announced it has entered into a definitive agreement to sell its natural gas and oil gathering systems primarily located in Reeves County, Texas to Kinetik Holdings Inc. (NYSE: KNTK) (\u201cKinetik\u201d) for a total cash consideration of $180 million, subject to customary post-closing adjustments. The divested natural gas and oil pipeline systems include a combination of both recently purchased and legacy company-owned midstream infrastructure and exclude any water infrastructure or surface acreage. \u201cWe are excited to announce another divestiture of non-core assets at a price that is accretive over both the short and long-term, further streamlining our business and &hellip; Continue reading \"Permian Resources Announces Divestiture of Midstream Gathering Systems\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/permian-resources-announces-divestiture-of-midstream-gathering-systems\/","og_site_name":"Market Newsdesk","article_published_time":"2024-12-10T11:33:23+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241209560232r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/permian-resources-announces-divestiture-of-midstream-gathering-systems\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/permian-resources-announces-divestiture-of-midstream-gathering-systems\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Permian Resources Announces Divestiture of Midstream Gathering Systems","datePublished":"2024-12-10T11:33:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/permian-resources-announces-divestiture-of-midstream-gathering-systems\/"},"wordCount":1599,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/permian-resources-announces-divestiture-of-midstream-gathering-systems\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241209560232r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/permian-resources-announces-divestiture-of-midstream-gathering-systems\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/permian-resources-announces-divestiture-of-midstream-gathering-systems\/","name":"Permian Resources Announces Divestiture of Midstream Gathering Systems - 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