A little more than two months after Permian Resources Corp. announced its merger with Earthstone Energy Inc. for $4.5 billion in an all-stock transaction, Earthstone declared a special cash dividend of $0.14 per share of Class A and Class B common stock.
The dividend is conditional upon the closing of the transaction, expected Nov. 1, and is in accordance with the merger agreement.
The dividend from The Woodlands-based E&P is payable Nov. 6 to shareholders of record as of Oct. 31.
Additionally, the company stated that Permian Resources, Earthstone, their respective directors and executive officers may be deemed participants in the proxy solicitation in respect of the transaction.
Recommended Reading
Brett: Oil M&A Outlook is Strong, Even With Bifurcation in Valuations
2024-04-18 - Valuations across major basins are experiencing a very divergent bifurcation as value rushes back toward high-quality undeveloped properties.
Oilfield Service Companies Dril-Quip, Innovex to Merge
2024-03-18 - Dril-Quip Inc. and Innovex Downhole Solutions Inc. will emerge as a new company, Innovex International, with expanded reach in global markets.
Kinetik Launches Delaware Basin M&A Valued at $1.3B
2024-05-09 - Kinetik Holdings will buy Durango Permian infrastructure for $765 million, excluding contingency payments, and sell its interests in the Gulf Coast Express pipeline to AcrLight Capital Partners for $540 million.
EQT Deal to ‘Vertically Integrate’ Equitrans Faces Steep Challenges
2024-03-11 - EQT Corp. plans to acquire Equitrans Midstream with $5.5 billion equity, but will assume debt of $7.6 billion or more in the process, while likely facing intense regulatory scrutiny.
Sitio Closes D-J Basin Deal, Looks to Defragment Minerals Space
2024-05-09 - Sitio Royalties closed its acquisition of 13,062 net royalty acres. CEO Chris Conoscenti has a strong pipeline of minerals acquisition opportunities.