Permian Resources Corp. announced on Dec. 19 the pricing of an underwritten secondary public offering of approximately 39.4 million shares of Class A common stock by affiliates of NGP Energy Capital Management LLC, Riverstone Investment Group LLC and EnCap Investments LP.

Permian Resources is not selling any of the shares in the offering and will not receive any of the proceeds, which will total approximately $512.4 million, the company said.

The company has also agreed to purchase from the selling stockholders approximately 2.2 million common units representing limited liability company interests in its susbsidiary, Permian Resources Operating LLC. The price per unit will be equal to the price at which the underwriter purchases shares of Class A common stock, subject to certain conditions. The purchase of these units will cancel a corresponding number of shares of Permian Resources’ Class C common stock.

J.P. Morgan Securities LLC is serving as the underwriter for the offering, which is expected to close Dec. 21.