Permian Resources Corp 8-K, filed Dec 16, 2022
Permian Resources Corp (PR)
8-K
2022-12-16
For: 2022-12-15
View Original
Added on
April 09, 2026
About this 8-K
Permian Resources Corp filed this 8-K on December 16, 2022, reporting on events of December 15, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 15, 2022
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(Address of principal executive offices, including zip code)
(432 ) 695-4222
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
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Securities registered pursuant to Section 12(b) of the Act:
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 14, 2022, Permian Resources Corporation (the “Company”) announced that Sean Smith notified the Company that he intends to retire from the Board of Directors of the Company (the “Board”), including his position as Executive Chair of the Board (“Board Chair”), effective as of December 31, 2022. Mr. Smith’s decision to retire from the Board was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. The Board intends to appoint Steve Gray, a current independent director on the Board, as its Board Chair effective upon Mr. Smith’s retirement.
The Company also announced that George Glyphis, Executive Vice President and Chief Financial Officer of the Company, plans to retire from the Company in mid-2023 and that Guy Oliphint will succeed Mr. Glyphis as the Company’s Chief Financial Officer. Mr. Oliphint will join the Company as Executive Vice President of Finance in early January 2023, and the Board intends to appoint him Chief Financial Officer effective March 1, 2023. Thereafter, Mr. Glyphis intends to remain employed as a Senior Advisor to the Company until his retirement in mid-2023 to ensure a smooth succession.
Mr. Oliphint previously served as Managing Director and Co-Head of Upstream Americas with Jefferies LLC in the Energy Investment Banking Group. He brings nearly two decades of experience advising upstream energy companies on financial and strategic decisions, including multiple engagements with Colgate and Centennial, the predecessor companies of the Company.
Item 7.01. Regulation FD Disclosure
On December 14. 2022, the Company issued a press release announcing the leadership transitions described above. A copy of the press release is furnished as Exhibit 99.1 hereto.
The information furnished pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act, unless specifically identified therein as being incorporated therein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | ||||
| 99.1 | |||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PERMIAN RESOURCES CORPORATION | ||||||||
| By: | /s/ GEORGE S. GLYPHIS | |||||||
George S. Glyphis Executive Vice President and Chief Financial Officer | ||||||||
| Date: | December 15, 2022 | |||||||
Permian Resources Announces Senior Leadership Changes
MIDLAND, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) today announced pending retirements of two executive officers of the Company, along with their respective succession plans.
Announced Leadership Transition
• Sean Smith to retire as Executive Chairman, effective December 31, 2022
• Steve Gray to be named non-executive Chairman of the Board
• George Glyphis to retire as Chief Financial Officer, effective March 1, 2023
• Guy Oliphint will succeed Mr. Glyphis as Chief Financial Officer
Leadership Transition
Permian Resources announced that its Board of Directors expects to appoint Steve Gray as non-executive Chairman of the Board, succeeding Sean Smith, who has notified the Board of his plans to retire from the Board, effective December 31, 2022. Mr. Gray has more than forty years of operational and financial experience within the energy industry. Previously, Mr. Gray was Founder, Director and Chief Executive Officer of RSP Permian until its merger with Concho Resources. Additionally, Mr. Gray was on the Board of Concho Resources before its sale to ConocoPhillips and currently serves on the Board of Range Resources Corporation.
“It’s been a pleasure to serve as Executive Chairman and an honor to work with such a talented group of employees,” said Sean Smith, Executive Chairman of Permian Resources. “I’m very proud of what our team has accomplished, establishing Permian Resources as a leading Permian Basin independent.”
George Glyphis, Executive Vice President and Chief Financial Officer, also announced his plans to retire following a nearly 30-year career in the oil and gas industry. Permian Resources announced that Guy Oliphint will join the Company as Executive Vice President of Finance, effective January 3, 2023. Mr. Oliphint will succeed Mr. Glyphis and assume the role of Executive Vice President and Chief Financial Officer, effective March 1, 2023. Mr. Glyphis intends to remain employed as a Senior Advisor to the Company until his retirement in mid-2023 to ensure a smooth succession.
Most recently, Mr. Oliphint was Managing Director and Co-Head of Upstream Americas with Jefferies LLC in the Energy Investment Banking Group. Mr. Oliphint brings nearly two decades of experience advising upstream energy companies on financial and strategic decisions, including multiple engagements with Colgate and Centennial, the predecessor companies of Permian Resources.
“Having worked very closely with Guy on several critical strategic and financial transactions for legacy Centennial, I know he is one of the most talented and qualified finance professionals in the sector,” said George Glyphis, Chief Financial Officer. “I’m excited to partner with Guy as he prepares to lead the finance function of Permian Resources and have no doubt he will do an outstanding job.”
“We are pleased to welcome Guy as Permian Resources’ incoming CFO. Guy’s in-depth knowledge of the Company coupled with his strategic advisory and capital markets expertise will be a valuable asset to Permian Resources and our shareholders,” said James Walter, Co-CEO. “Additionally, Will and I look forward to working closely with Steve to ensure we continue to execute on our operational track record and value-driven investment strategy to maximize value creation for Permian Resources’ shareholders.”
“On behalf of the Board and the entire organization, I want to thank Sean and George for their leadership and dedicated service,” said Will Hickey, Co-CEO. “Their impact to legacy Centennial following the global pandemic and contribution to Permian Resources during the merger integration cannot be understated. James and I have enjoyed our time working with Sean and George, both through our history at the predecessor entities and during the successful integration of Colgate and Centennial. We wish them the very best.”
About Permian Resources
Headquartered in Midland, Texas, Permian Resources is an independent oil and natural gas company focused on the responsible acquisition, optimization and development of high-return oil and natural gas properties. The Company’s assets and operations are located in the core of the Delaware Basin. For more information, please visit www.permianres.com.
Contact:
Hays Mabry
Sr. Director, Investor Relations
(832) 240-3265
ir@permianres.com
SOURCE Permian Resources Corporation