American Energy – Permian Basin LLC (AEPB) and its parent, American Energy Permian Holdings LLC, have finalized the renaming of the companies to Permian Resources LLC and Permian Resources Holdings LLC, respectively, consistent with previously announced plans to transition to a stand-alone company, fully independent of the broader American Energy Partners LP (AELP) platform.
The name changes, after several months of vetting, are effective immediately. Further, following a detailed planning process over the past six months, the platform separation and transition has been formalized, is well under way, and is expected to be brought to conclusion during the ensuing three months.
On Feb. 26, and as part of the formalization of the separation, the board of directors appointed Jeffrey L. Mobley as interim CEO, in addition to his role as CFO, and also promoted J. Jay Stratton Jr. to COO from his previous role as vice president of operations.
Mobley commented, "This separation has been a key objective of our business since the company was founded in 2014, and we look forward to finalizing this initiative in the coming months as Permian Resources has matured into a stand-alone company. We appreciate the strong support and guidance that we have received from our private equity sponsors which, includes the Energy & Minerals Group and others. Further, this transition was the stated vision of our founder, Aubrey K. McClendon, and we appreciate the assistance that the AELP platform has provided since our initial formation two years ago."
Permian Resources, formerly American Energy – Permian Basin, is an independent oil and natural gas company focused on the acquisition, development, and production of unconventional oil and natural gas reserves in the Wolfcamp Shale play in the central Midland Basin within the Permian Basin of West Texas.