Permian Resources raises base dividend 150%, announces $1B share repurchase

Permian Resources announced an update to its return of capital strategy, which increases its quarterly base dividend from 6c per share to 15c per share. This represents a 150% increase to the company’s prior base dividend and provides a leading base dividend yield amongst U.S. independent E&Ps. As part of its updated shareholder return policy, the Board of Directors has also authorized a new share repurchase program of $1B, replacing the existing $500M program. The Company’s approach to share buybacks will remain consistent with its historical strategy of focusing on opportunistic share repurchases. The company’s updated shareholder return policy replaces its previous formulaic variable return policy. Permian Resources expects its first quarterly base dividend of 15c per share under its new capital return policy to commence with its third quarter 2024 dividend.