PR · Permian Resources Corporation

Permian Resources reported strong first quarter 2026 results, with total average production of 412.9 MBoe/d, including 192.3 MBbls/d of oil, exceeding expectations due to strong runtime and new well performance. The company achieved record-low drilling and completion costs of approximately $685 per lateral foot, a 6% reduction compared to 2025, driven by continued operational efficiencies. Cash capital expenditures were $466 million, generating adjusted free cash flow of $513 million. Realized prices were $70.91 per barrel of oil, $16.60 per barrel of NGL, and $0.10 per Mcf of natural gas, with natural gas realizations benefiting from a $1.21 per Mcf premium to Waha due to improved transportation portfolio. Management highlighted the ability to drive higher production and free cash flow per share while lowering costs. The company increased its full-year 2026 oil production guidance midpoint by 3.5 MBbls/d to 192.5 MBbls/d, reflecting confidence in operational momentum. Additionally, Permian Resources declared a Q2 2026 base dividend of $0.16 per share, payable June 30, 2026. The company also strengthened its balance sheet by receiving investment grade ratings from S&P and Moody's, entering a new $3.0 billion unsecured revolving credit facility, and redeeming $550 million in high-cost notes. The simplification of its corporate structure to a single-class C-Corp and elimination of sponsor ownership further enhance shareholder alignment.