SCHEDULE: Pearl Energy Funds Exit Permian Resources Stake

Pearl Energy Investments and related entities have ceased beneficial ownership in Permian Resources Corporation, with William J. Quinn's stake decreasing to 1.3% following a distribution.

Summary

• Pearl Energy Investments II, L.P., Pearl Energy Investments AIV, L.P., Pearl Energy Investment GP, L.P., Pearl Energy Investment UGP, LLC, Pearl CIII Holdings, L.P., Pearl Energy Investments II GP, L.P., and Pearl Energy Investment II UGP, LLC have ceased to beneficially own any securities of Permian Resources Corporation.
• William J. Quinn's beneficial ownership in Permian Resources Corporation decreased to 9,245,584 shares, representing 1.30% of the Class A Common Stock.
• This ownership includes 1,312,429 Class A Shares and 7,933,155 Class A Shares issuable upon conversion of Opco Common Units and Class C Common Stock.
• The percentage is calculated based on 702,730,246 Class A Shares outstanding as of July 31, 2025, plus the 7,933,155 Class A Shares issuable to William J. Quinn.
• The change in ownership resulted from a distribution on September 16, 2025, where William J. Quinn and his personal investment vehicle received 7,933,155 Opco Common Units and Class C Shares, and the remaining units were converted into Class A Shares and distributed for no consideration to limited partners and members of the reporting persons.

Sentiment

Score: 4

Explanation: The filing indicates a significant reduction in beneficial ownership by Pearl Energy entities and William J. Quinn, with most Pearl entities ceasing ownership entirely. While described as a distribution to limited partners, this still represents a divestment by a major investor group, which can be perceived as a negative signal, even if not an active 'sale' in the open market.

Negatives

• A significant group of institutional investors, Pearl Energy entities, have fully divested their beneficial ownership in Permian Resources Corporation.
• William J. Quinn, a key individual associated with Pearl Energy, has significantly reduced his stake to 1.30%.

Industry Context

This filing reflects a significant change in the ownership structure of Permian Resources Corporation, an energy company operating in the Permian Basin. The divestment by Pearl Energy entities, a private equity firm focused on the energy sector, could be interpreted as a portfolio rebalancing decision or a strategic exit from this particular investment, which may or may not reflect broader industry trends or specific views on Permian Resources' future prospects.

Stakeholder Impact

• Shareholders may view the reduction in a significant investor's stake with concern, potentially impacting investor confidence and market perception of the company's long-term prospects.

Key Dates

Recommendation

The filing details a significant reduction in beneficial ownership by Pearl Energy entities and William J. Quinn, with most Pearl entities ceasing ownership. While this is a divestment, it's characterized as a distribution to limited partners rather than an active market sale, which mitigates the negative signal. Without further context on the reasons for the distribution or the company's underlying performance, a 'hold' recommendation is appropriate, suggesting investors monitor future developments rather than immediately buying or selling based solely on this ownership change.

Keywords

Permian Resources, Pearl Energy Investments, Beneficial Ownership, Schedule 13D, Class A Common Stock, Divestment, Energy Sector, Oil and Gas