Kirkland Advises Permian Resources on Acquisition of Earthstone Energy in $4.5 Billion All-Stock Transaction

Kirkland & Ellis advised Permian Resources Corporation (NYSE: PR) on a definitive agreement with Earthstone Energy, Inc. (NYSE: ESTE) under which Permian Resources will acquire Earthstone in an all-stock transaction valued at approximately $4.5 billion, inclusive of Earthstone’s net debt. 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 transaction strengthens Permian Resources’ position as a leading Delaware Basin independent E&P with over 400,000 Permian net acres, pro forma production of approximately 300,000 Boe/d1 and an enhanced free cash flow profile to increase returns to shareholders.

Read the transaction press release

The Kirkland team was led by corporate partners Sean Wheeler, Debbie Yee, Camille Walker and Emily Lichtenheld; capital markets partner Michael Rigdon; executive compensation partner Rob Fowler; debt finance partner Will Bos; and tax partners David Wheat and Bill Dong.