Permian Resources Corporation disclosed a share‑class reorganization that will align management and public shareholders by converting Class C shares into Class A shares. The reorganization will be completed in the first quarter of 2026 and will establish a new public holding company that will trade under the ticker PR.
The reorganization preserves the total number of shares outstanding at 829,301,734. Class A shares will rise from 744,923,609 to 793,840,363, while Class C shares will fall from 84,378,125 to 35,461,371. The conversion keeps economic ownership and voting rights unchanged for all shareholders.
Management and other long‑term holders currently own more than 6 % of the company’s shares. By converting to Class A, the team will hold the same share class as public investors, reinforcing the alignment that has helped the company deliver peer‑leading returns. Co‑CEOs Will Hickey and James Walter receive 100 % of their compensation in performance stock units that vest over three to five years, further tying executive incentives to shareholder performance.
The reorganization is a key step toward eliminating the Up‑C structure that has historically created governance and tax complexities. The board expects the Up‑C structure to be fully eliminated by year‑end 2027, after the transition to a single‑class C‑corp structure. The change is expected to reduce administrative burden, simplify the capital structure, and strengthen governance.
The move fits into Permian’s broader strategy to maintain a fortress balance sheet while delivering high returns. The company’s recent Q3 2025 earnings beat expectations, driven by strong operational execution and cost discipline, and the reorganization is intended to sustain that momentum by ensuring that management’s interests are fully aligned with those of public shareholders.
“Will, myself and our entire management team are proud to be large shareholders of Permian Resources, and this transaction allows us to maintain this best‑in‑class shareholder alignment going forward,” said James Walter. “Alignment of our management team and employees with shareholders has been one of the Board’s key focus areas since the inception of Permian Resources,” added Chairman Steven Gray.
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