TakeoverPE & activists

PRPermian Resources Corp

Crude Petroleum & Natural Gas · $19.6B market cap

0.3×

Less likely than average to be taken private

Top 43% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • TSR below peersNo
    0 of 5 years
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    3283× net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    12% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    —
    Over 40% of assets
  • Shareholder dissentNo
    99% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    —
    Bottom quartile of its SIC industry
  • Net cashNo
    2.0× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $19.6B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    —
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    —
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Jul 28, 2022DEFM14AColgate Energy Partners III, LLC——
Sep 23, 2016DEFM14ARiverstone Investment Group LLC——
Jul 29, 2016PREM14ARiverstone Investment Group LLC$10.00100%

Key numbers

Revenue
$5.1BFY2021: $1.0BFY2022: $2.1BFY2023: $3.1BFY2024: $5.0BFY2025: $5.1B
1.3% YoY
Operating margin
28.9%FY2021: 36.0%FY2022: 47.3%FY2023: 35.1%FY2024: 34.9%FY2025: 28.9%
17% YoY
EBITDA
$1.5BFY2021: $371MFY2022: $1.0BFY2023: $1.1BFY2024: $1.7BFY2025: $1.5B
16% YoY
Net debt / EBITDA
2.0×
$2.9B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.0B$2.1B$3.1B$5.0B$5.1B 1.3% FY2021: $1.0BFY2022: $2.1BFY2023: $3.1BFY2024: $5.0BFY2025: $5.1B
Operating income$371M$1.0B$1.1B$1.7B$1.5B 16% FY2021: $371MFY2022: $1.0BFY2023: $1.1BFY2024: $1.7BFY2025: $1.5B
Net income$138K$750K$880K$1M$1M 12% FY2021: $138KFY2022: $750KFY2023: $880KFY2024: $1MFY2025: $1M
Operating cash flow$526M$1.4B$2.2B$3.4B$3.6B 5.7% FY2021: $526MFY2022: $1.4BFY2023: $2.2BFY2024: $3.4BFY2025: $3.6B
Stock-based comp$38M$116M$78M$60M$70M 17% FY2021: $38MFY2022: $116MFY2023: $78MFY2024: $60MFY2025: $70M
Dividends$0$14M$142M$467M$448M 4.1% FY2021: $0FY2022: $14MFY2023: $142MFY2024: $467MFY2025: $448M

13D filers

FiledFilerFormStakeIntent
Sep 19, 2025Quinn William JSCHEDULE 13D/A1.3%Passive
Sep 17, 2025RIVERSTONE HOLDINGS LLCSCHEDULE 13D/A0.2%Passive
Jun 21, 2024PEARL ENERGY INVESTMENTS II, L.P.SC 13D/A0.3%Passive
May 17, 2024Luxe Energy, LLCSC 13D/A1.9%Passive
May 16, 2024PEARL ENERGY INVESTMENTS II, L.P.SC 13D/A2.3%Passive
May 15, 2024RIVERSTONE HOLDINGS LLCSC 13D/A10.0%Passive
Mar 8, 2024RIVERSTONE HOLDINGS LLCSC 13D/A5.5%Passive
Mar 8, 2024Luxe Energy, LLCSC 13D/A0.7%Passive
Mar 6, 2024PEARL ENERGY INVESTMENTS, L.P.SC 13D/A23.2%Passive
Mar 6, 2024RIVERSTONE HOLDINGS LLCSC 13D/A—Passive

Insider trading

−$91Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $91M · 28 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——1015243
FY2024——1041248
FY2023——940251
FY2022——630229
FY2021——399167