Permian Resources plans on increasing its quarterly dividend by 20% to 6 cents a share beginning in the first quarter of 2024.
Permian Resources announced on Monday that it has entered into a definitive agreement to acquire Earthstone Energy in an all-stock deal valued at $4.5 billion.
Permian Resources said the acquisition would accelerate its cash returns to shareholders, announcing plans to increase its quarterly dividend by 20% to 6 cents per share, starting in the first quarter of 2024. Permian Resources said on Monday that under the terms of the transaction, each share of Earthstone common stock will be exchanged for a fixed ratio of 1.446 shares of Permian Resources common stock. The deal is expected to close by the end of 2023, subject to regulatory and shareholder approvals.
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