What Happened to Permian Resources?
Ticker: PRSPAC Year: 2016Merger: 2022
Return
+99.2%
Current Price
$15
Peak Price
$23.12
Trust Size
$17.9B
Summary
Permian Resources is a leading independent oil and natural gas company focused on the Permian Basin. Formerly Centennial Resource Development, it went public via SPAC merger with Silver Run Acquisition Corp in 2017 and later merged with Colgate Energy in 2022, rebranding as Permian Resources. The company has a market cap of ~$18 billion.
What Happened
Silver Run Acquisition Corp raised funds in a 2016 IPO and merged with Centennial Resource Development in 2017 to gain Permian Basin acreage. The company thrived through the oil boom, merged with Colgate Energy Partners in 2022 to form Permian Resources (PR), and trades at ~$15/share with a $18B market cap. It was misclassified as bankrupt due to an unrelated Chapter 11 filing in the same EDGAR CIK family.
Timeline
2016-02-17
S-1 Registration Filed
2022-07-28
Merger Proxy Filed (DEFM14A)