Permian Resources Announces Strong Fourth Quarter 2024 Results and Provides Full Year 2025 Plan with Increased Capital Efficiency

MIDLAND, Texas--(BUSINESS WIRE)--February 25, 2025-- 

Permian Resources Corporation ("Permian Resources" or the "Company") $(PR)$ today announced its fourth quarter and full year 2024 financial and operational results and 2025 operational plans.

Fourth Quarter 2024 Financial and Operational Highlights

   -- 
 Reported crude oil and total average production of 171.3 MBbls/d and 
      368.4 MBoe/d 
 
 
   -- 
 Announced cash capital expenditures of $504 million, cash provided by 
      operating activities of $872 million and adjusted free cash flow1 of $400 
      million 
 
 
   -- 
 Reduced D&C costs to $775 per lateral foot 
 
 
   -- 
 Announced the divestiture of Barilla Draw natural gas and oil gathering 
      systems for $180 million 
 
 
   -- 
 Added 2,100 net acres through >90 grassroots transactions for $3,900 
      per net acre, demonstrating continued ground game success 
 
 
   -- 
 Declared base dividend of $0.15 per share, representing 4.3% yield 
 
 
   -- 
 Maintained strong balance sheet with leverage of 0.95x and total 
      liquidity of $3.0 billion 
 

Full Year 2024 Financial and Operational Highlights

   -- 
 Reported crude oil and total average production of 159.2 MBbls/d and 
      343.5 MBoe/d, an increase of 63% and 77% compared to the prior year 
 
 
   -- 
 Generated cash provided by operating activities of $3.4 billion and 
      adjusted free cash flow1 of $1.4 billion 
 
 
   -- 
 Realized significant operational efficiency gains, resulting in reduced 
      cycle times and lower well costs 
 
          -- 
 Reduced D&C per foot costs by 14% year-over-year 
 
 
 
 
   -- 
 Replaced >100% of drilled inventory through accretive M&A for second 
      consecutive year 
 
 
   -- 
 Increased quarterly base dividend from $0.05 to $0.15 per share 
 

2025 Financial and Operational Plan

   -- 
 Announced highly capital efficient operating plan underpinned by 
      consistent well performance, lower well costs and peer leading 
      controllable cash costs 
 
          -- 
 Crude oil and total average production guidance of 170 to 175 
             MBbls/d and 360 to 380 MBoe/d 
 
                 -- 
 Represents 8% higher annual production compared to full 
                    year 2024 
 
 
 
 
          -- 
 Total cash capital expenditure budget of $1.9 to $2.1 billion 
 
 
          -- 
 Total controllable cash costs of $7.25 to $8.25 per Boe 
 
 
 

Management Commentary

"Permian Resources had another outstanding year in 2024, and we could not be more proud of our team for everything they accomplished last year, " said Will Hickey, Co-CEO of Permian Resources. "With our low cost structure serving as the foundation, Permian Resources delivered peer leading per share growth during 2024, which helped generate a superior total return for our shareholders."

"We are excited to announce our 2025 plan, which is highlighted by 8% higher annual production and no change to our approximately $2 billion capital budget from 2024. This improved year-over-year capital efficiency is driven by our consistent development approach and significantly lower cost structure," said James Walter, Co-CEO of Permian Resources. "Most importantly, our 2025 plan allows us to generate more free cash flow than 2024, maximizing value for shareholders."

Financial and Operational Results

Permian Resources continued the efficient development of its core Delaware Basin acreage position in the fourth quarter, while fully integrating the Barilla Draw bolt-on acquisition. During the quarter, average daily crude oil production was 171,274 Bbls/d, a 7% increase compared to the prior quarter. Reported natural gas and NGL volumes were 634,546 Mcf/d and 91,382 Bbls/d, respectively. Fourth quarter total production was 368,414 Boe/d.

Total cash capital expenditures ("capex") for the fourth quarter were $504 million. The Company continues to reduce well costs on a per lateral foot basis. For the fourth quarter, drilling and completion costs per lateral foot were approximately $775, or a 3% reduction from the previous quarter.

Realized prices for the quarter were $69.66 per barrel of oil, $0.87 per Mcf of natural gas and $24.05 per barrel of NGLs. During the quarter, total controllable cash costs (LOE, GP&T and cash G&A) were $7.84 per Boe, an $0.11 per Boe reduction from the prior quarter. Fourth quarter LOE was $5.42 per Boe, GP&T was $1.49 per Boe and cash G&A was $0.93 per Boe.

For the fourth quarter, Permian Resources generated net cash provided by operating activities of $872 million, adjusted operating cash flow(1) of $904 million and adjusted free cash flow(1) of $400 million. Adjusted diluted shares(1) outstanding were 847.1 million for the three months ended December 31, 2024.

Permian Resources continues to maintain a strong financial position and low leverage profile. The Company further strengthened its balance sheet by increasing the amount of cash on hand by over $200 million quarter-over-quarter to $479 million, as of December 31, 2024. Permian Resources' revolving credit facility remained undrawn at year-end. Total liquidity was $3.0 billion. Net debt-to-LQA EBITDAX(1) at December 31, 2024 was 0.95x.

2025 Operational Plan and Targets

Permian Resources' 2025 operational plan is focused on maximizing free cash flow for its investors and delivering better year-over-year capital efficiency through the combination of consistent well productivity and considerably lower costs. Assuming planned activity levels and current commodity prices, the Company expects its full year oil and total production to average approximately 170 to 175 MBbls/d and 360 to 380 MBoe/d, respectively. The estimated fiscal year 2025 cash capex budget is approximately $1.9 billion to $2.1 billion, with approximately 80% allocated to drilling and completions with the remaining 20% allocated to facilities, infrastructure, capital workover and non-operated capex. Notably, this represents annual oil and total production growth of approximately 8%, while maintaining a similar capital budget year-over-year.

Permian Resources expects to turn-in-line ("TIL") approximately 285 gross wells, with an average working interest of approximately 75% and 8/8ths net revenue interest of approximately 79%. The Company also expects its average completed lateral length during 2025 to be approximately 10,000 feet, an increase of 700 feet from the previous year. Through realized efficiency gains, the Company's capital budget is further supported by an approximately 8% reduction in D&C costs per foot compared to 2024. Similar to the previous year, Permian Resources anticipates that approximately 65% of its 2025 operating activity will be directed towards New Mexico and approximately 30% towards the Texas Delaware Basin, with the remaining portion to be allocated to its Midland Basin position.

Through its continued focus on remaining the Delaware Basin's low-cost leader, Permian Resources anticipates total controllable cash costs of $7.25 to $8.25 per Boe in 2025. The mid-point represents an approximately $0.10 per Boe reduction compared to Permian Resources' 2024 total controllable cash costs, demonstrating the Company's cost leadership and ability to successfully integrate acquired assets. Specifically, controllable cash costs consist of approximately $5.55 per Boe for LOE, $1.30 per Boe for GP&T expense and $0.90 per Boe for cash G&A. The Company expects its oil realizations to average 98% to 100% of WTI during 2025. Permian Resources estimates its average realized revenue from natural gas to be approximately $0.30 to $0.50 per Mcf less than Waha Hub pricing and its NGLs to be approximately 27% to 30% of WTI.

(For a detailed table summarizing Permian Resources' 2025 operational and financial guidance, please see the Appendix of this press release.)

Shareholder Returns

Permian Resources announced today that its Board of Directors (the "Board") declared the Company's first quarter 2025 base dividend of $0.15 per share of Class A common stock, or $0.60 per share on an annualized basis. The base dividend is payable on March 31, 2025 to shareholders of record as of March 17, 2025. The Company's base dividend represents an annualized yield of 4.3% as of February 24, 2025.

Year-End 2024 Proved Reserves

Permian Resources reported year-end 2024 total proved reserves of 1,027 MMBoe compared to 925 MMBoe at prior year-end. At year-end 2024, proved reserves consisted of 45% oil, 30% natural gas and 25% natural gas liquids. Proved developed reserves were 746 MMBoe (73% of total proved reserves) at December 31, 2024. Netherland Sewell & Associates, Inc., an independent reserve engineering firm, prepared Permian Resources' year-end reserves estimates for the year ended December 31, 2024.

Recent Events

During the first quarter of 2025, Permian Resources closed the non-core divestiture of its oil and gas gathering systems in Reeves County, Texas for gross proceeds of $180 million, further enhancing the returns associated with its 2024 acquisition program.

Additionally, the Company utilized cash on hand to partially redeem $175 million in aggregate principal amount of its 9.875% Senior Notes due 2031.

Annual Report on Form 10-K

Permian Resources' financial statements and related footnotes will be available in its Annual Report on Form 10-K for the year ended December 31, 2024, which is expected to be filed with the Securities and Exchange Commission ("SEC") on February 26, 2025.

Conference Call and Webcast

Permian Resources will host an investor conference call on Wednesday, February 26, 2025 at 9:00 a.m. Central (10:00 a.m. Eastern) to discuss fourth quarter and full year 2024 operating and financial results. Interested parties may join the call by visiting Permian Resources' website at www.permianres.com and clicking on the webcast link or by dialing (800) 549-8228 (Conference ID: 75050) at least 15 minutes prior to the start of the call. A replay of the call will be available on the Company's website or by phone at (888) 660-6264 (Passcode: 75050) for a 14-day period following the call.

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 concentrated in the core of the Delaware Basin, making it the second largest Permian Basin pure-play E&P. For more information, please visit www.permianres.com.

Cautionary Note Regarding Forward-Looking Statements

The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this press release, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words "could," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," "goal," "plan," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.

Forward-looking statements may include statements about:

   -- 
 volatility of oil, natural gas and NGL prices or a prolonged period of 
      low oil, natural gas or NGL prices and the effects of actions by, or 
      disputes among or between, members of the Organization of Petroleum 
      Exporting Countries ("OPEC"), such as Saudi Arabia, and other oil and 
      natural gas producing countries, such as Russia, with respect to 
      production levels or other matters related to the price of oil, natural 
      gas and NGLs; 
 
 
   -- 
 political and economic conditions in or affecting other producing 
      regions or countries, including the Middle East, Russia, Eastern Europe, 
      Africa and South America; 
 
 
   -- 
 our business strategy and future drilling plans; 
 
 
   -- 
 our reserves and our ability to replace the reserves we produce through 
      drilling and property acquisitions; 
 
 
   -- 
 our drilling prospects, inventories, projects and programs; 
 
 
   -- 
 our financial strategy, return of capital program, leverage, liquidity 
      and capital required for our development program; 
 
 
   -- 
 our realized oil, natural gas and NGL prices; 
 
 
   -- 
 the timing and amount of our future production of oil, natural gas and 
      NGLs; 
 
 
   -- 
 our ability to identify, complete and effectively integrate 
      acquisitions of properties or businesses; 
 
 
   -- 
 our hedging strategy and results; 
 
 
   -- 
 our competition; 
 
 
   -- 
 our ability to obtain permits and governmental approvals; 
 
 
   -- 
 our compliance with government regulations, including those related to 
      climate change as well as environmental, health and safety regulations 
      and liabilities thereunder; 
 
 
   -- 
 our pending legal or environmental matters; 
 
 
   -- 
 the marketing and transportation of our oil, natural gas and NGLs; 
 
 
   -- 
 our leasehold or business acquisitions; 
 
 
   -- 
 costs of developing or operating our properties; 
 
 
   -- 
 our anticipated rate of return; 
 
 
   -- 
 general economic conditions; 
 
 
   -- 
 weather conditions in the areas where we operate; 
 
 
   -- 
 credit markets; 
 
 
   -- 
 our ability to make dividends, distributions and share repurchases; 
 
 
   -- 
 uncertainty regarding our future operating results; 
 
 
   -- 
 our plans, objectives, expectations and intentions contained in this 
      press release that are not historical; and 
 
 
   -- 
 the other factors described in our most recent Annual Report on Form 
      10-K, and any updates to those factors set forth in our subsequent 
      Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. 
 

We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the exploration for and development, production, gathering and sale of oil, natural gas and NGLs. Factors which could cause our actual results to differ materially from the results contemplated by forward-looking statements include, but are not limited to:

   -- 
 commodity price volatility (including regional basis differentials); 
 
 
   -- 
 uncertainty inherent in estimating oil, natural gas and NGL reserves, 
      including the impact of commodity price declines on the economic 
      producibility of such reserves, and in projecting future rates of 
      production; 
 
 
   -- 
 geographic concentration of our operations; 
 
 
   -- 
 lack of availability of drilling and production equipment and 
      services; 
 
 
   -- 
 lack of transportation and storage capacity as a result of oversupply, 
      government regulations or other factors; 
 
 
   -- 
 risks related to our recent acquisitions, including the risk that we 
      may fail to integrate such acquisitions on the terms and timing currently 
      contemplated, or at all, and/or to realize our strategy and plans to 
      achieve the expected benefits of such acquisitions; 
 
 
   -- 
 competition in the oil and natural gas industry for assets, materials, 
      qualified personnel and capital; 
 
 
   -- 
 drilling and other operating risks; 
 
 
   -- 
 environmental and climate related risks, including seasonal weather 
      conditions; 
 
 
   -- 
 regulatory changes, including those that may result from the U.S. 
      Supreme Court's decision overturning the Chevron deference doctrine and 
      that may impact environmental, energy, and natural resources regulation; 
 
 
   -- 
 the possibility that the industry in which we operate may be subject to 
      new or volatile local, state, and federal or legislative actions 
      (including additional taxes and changes in environmental, health, and 
      safety regulation and regulations related to climate change) as a result 
      of developing national and/or global efforts to address climate change; 
 
 
   -- 
 restrictions on the use of water, including limits on the use of 
      produced water and potential restrictions on the availability to water 
      disposal facilities; 
 
 
   -- 
 availability to cash flow and access to capital; 
 
 
   -- 
 inflation; 
 
 
   -- 
 changes in our credit ratings or adverse changes in interest rates; 
 
 
   -- 
 changes in the financial strength of counterparties to our credit 
      agreement and hedging contracts; 
 
 
   -- 
 the timing of development expenditures; 
 
 
   -- 
 political and economic conditions and events in foreign oil and natural 
      gas producing countries, including embargoes, continued hostilities in 
      the Middle East and other sustained military campaigns, including the 
      conflict in Israel and its surrounding areas, the war in Ukraine and 
      associated economic sanctions on Russia, conditions in South America, 
      Central America, China and Russia, and acts of terrorism or sabotage; 
 
 
   -- 
 changes in local, regional, national, and international economic 
      conditions; 
 
 
   -- 
 security threats, including evolving cybersecurity risks such as those 
      involving unauthorized access, denial-of-service attacks, third-party 
      service provider failures, malicious software, data privacy breaches by 
      employees, insiders or other with authorized access, cyber or 
      phishing-attacks, ransomware, social engineering, physical breaches or 
      other actions; and 
 
 
   -- 
 other risks described in our filings with the SEC. 
 

Reserve engineering is a process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact way. The accuracy of any oil and gas reserve estimate depends on the quality of available data, the interpretation of such data, and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.

Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.

1) Adjusted Operating Cash Flow, Adjusted Free Cash Flow, Adjusted Diluted Shares and Net Debt-to-LQA EBITDAX are non-GAAP financial measures. See "Non-GAAP Financial Measures" included within the Appendix of this press release for related disclosures and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Details of our 2025 operational and financial guidance are presented below:

 
                                                            2025 FY Guidance 
                                                          -------------------- 
Net average daily production (Boe/d)                      360,000  --  380,000 
Net average daily oil production (Bbls/d)                 170,000  --  175,000 
 
Production costs 
Total controllable cash costs                              $7.25   --   $8.25 
   Lease operating expenses ($/Boe)                              $5.55 
   Gathering, processing and transportation expenses 
    ($/Boe)                                                      $1.30 
   Cash general and administrative ($/Boe)(1)                    $0.90 
Severance and ad valorem taxes (% of revenue)              6.5%    --   8.5% 
 
Total cash capital expenditure program ($MM)              $1,900   --  $2,100 
 
Operated drilling program 
TILs (gross)                                                      285 
Average working interest                                          75% 
Average lateral length (feet)                                   10,000 
(1) Excludes stock-based compensation. 
 
 
                      Permian Resources Corporation 
                           Operating Highlights 
 
                   Three Months Ended December 
                               31,               Year Ended December 31, 
                   ---------------------------  -------------------------- 
                        2024          2023         2024          2023 
                   --------------  -----------  -----------  ------------- 
Net revenues (in 
thousands): 
   Oil sales       $1,097,662      $  962,720   $4,362,965   $2,696,777 
   Natural gas 
    sales(1)           21,591          47,954          240      142,077 
   NGL sales(2)       176,828         112,012      637,529      282,039 
                    ---------       ---------    ---------    --------- 
      Oil and gas 
       sales       $1,296,081      $1,122,686   $5,000,734   $3,120,893 
                    =========       =========    =========    ========= 
 
Average sales 
prices: 
   Oil (per Bbl)   $    69.66      $    76.61   $    74.87   $    75.84 
   Effect of 
    derivative 
    settlements 
    on average 
    price (per 
    Bbl)                 1.09            0.53         0.03         1.81 
                    ---------       ---------    ---------    --------- 
      Oil 
       including 
       the 
       effects of 
       hedging 
       (per Bbl)   $    70.75      $    77.14   $    74.90   $    77.65 
                    =========       =========    =========    ========= 
 
   Average NYMEX 
    WTI price for 
    oil (per 
    Bbl)           $    70.28      $    78.32   $    75.72   $    77.62 
   Oil 
    differential 
    from NYMEX          (0.62)          (1.71)       (0.85)       (1.78) 
 
   Natural gas 
    price 
    excluding the 
    effects of 
    GP&T (per 
    Mcf)(1)        $     0.87      $     1.50   $     0.47   $     1.60 
   Effect of 
    derivative 
    settlements 
    on average 
    price (per 
    Mcf)                 0.34            0.09         0.34         0.29 
                    ---------       ---------    ---------    --------- 
      Natural gas 
       including 
       the 
       effects of 
       hedging 
       (per Mcf)   $     1.21      $     1.59   $     0.81   $     1.89 
                    =========       =========    =========    ========= 
 
   Average NYMEX 
    Henry Hub 
    price for 
    natural gas 
    (per MMBtu)    $     2.42      $     2.74   $     2.24   $     2.53 
   Natural gas 
    differential 
    from NYMEX          (1.55)          (1.24)       (1.77)       (0.93) 
 
   NGL price 
    excluding the 
    effects of 
    GP&T (per 
    Bbl)(2)        $    24.05      $    21.57   $    23.75   $    22.83 
 
Net production: 
   Oil (MBbls)         15,757          12,566       58,276       35,560 
   Natural gas 
    (MMcf)             58,378          44,048      220,900      119,182 
   NGL (MBbls)          8,407           6,328       30,636       15,569 
                    ---------       ---------    ---------    --------- 
      Total 
       (MBoe)(3)       33,895          26,234      125,730       70,992 
                    =========       =========    =========    ========= 
 
Average daily net 
production: 
   Oil (Bbls/d)       171,274         136,590      159,225       97,424 
   Natural gas 
    (Mcf/d)           634,546         478,781      603,551      326,525 
   NGL (Bbls/d)        91,382          68,774       83,706       42,654 
                    ---------       ---------    ---------    --------- 
      Total 
       (Boe/d)(3)     368,414         285,161      343,523      194,499 
                    =========       =========    =========    ========= 
 
 
(_____________) 
(1)               Natural gas sales for the three months and year ended 
                  December 31, 2024 include $29.0 million and $104.1 million, 
                  respectively, of gathering, processing and transportation 
                  ("GP&T") costs that are reflected as a reduction to natural 
                  gas sales and $18.2 million and $48.9 million for the three 
                  months and year ended December 31, 2023, respectively. 
                  Natural gas average sales price, however, excludes $0.50 and 
                  $0.47 per Mcf of such GP&T charges for the three months and 
                  year ended December 31, 2024, respectively, and $0.41 per 
                  Mcf for both the three months and year ended December 31, 
                  2023. 
(2)               NGL sales for the three months and year ended December 31, 
                  2024 include $25.3 million and $90.0 million, respectively, 
                  of GP&T that are reflected as a reduction to NGL sales and 
                  $24.4 million and $73.3 million for the three months and 
                  year ended December 31, 2023, respectively. NGL average 
                  sales price, however, excludes $3.01 and $2.94 per Bbl of 
                  such GP&T charges for the three months and year ended 
                  December 31, 2024, respectively, and $3.87 and $4.71 per Bbl 
                  for the three months and year ended December 31, 2023, 
                  respectively. 
(3)               Calculated by converting natural gas to oil equivalent 
                  barrels at a ratio of six Mcf of natural gas to one Boe. 
 
 
                        Permian Resources Corporation 
                             Operating Expenses 
 
                     Three Months Ended December 
                                 31,                Year Ended December 31, 
                    -----------------------------  -------------------------- 
                         2024           2023           2024          2023 
                    --------------  -------------  ------------  ------------ 
Operating costs 
(in thousands): 
   Lease operating 
    expenses        $183,575        $130,439       $685,172      $373,772 
   Severance and 
    ad valorem 
    taxes             96,947          84,384        377,731       240,762 
   Gathering, 
    processing, 
    and 
    transportation 
    expense           50,582          31,316        183,602        89,282 
Operating cost 
metrics: 
   Lease operating 
    expenses (per 
    Boe)            $   5.42        $   4.97       $   5.45      $   5.26 
   Severance and 
    ad valorem 
    taxes (% of 
    revenue)             7.5%            7.5%           7.6%          7.7% 
   Gathering, 
    processing, 
    and 
    transportation 
    expense (per 
    Boe)                1.49            1.19           1.46          1.26 
 
 
                       Permian Resources Corporation 
                   Consolidated Statements of Operations 
                   (in thousands, except per share data) 
 
                    Three Months Ended December 
                                31,               Year Ended December 31, 
                    ---------------------------  -------------------------- 
                         2024          2023         2024          2023 
                    --------------  -----------  -----------  ------------- 
Operating revenues 
   Oil and gas 
    sales           $1,296,081      $1,122,686   $5,000,734   $3,120,893 
Operating expenses 
   Lease operating 
    expenses           183,575         130,439      685,172      373,772 
   Severance and 
    ad valorem 
    taxes               96,947          84,384      377,731      240,762 
   Gathering, 
    processing and 
    transportation 
    expenses            50,582          31,316      183,602       89,282 
   Depreciation, 
    depletion and 
    amortization       486,463         367,427    1,776,673    1,007,576 
   General and 
    administrative 
    expenses            44,745          39,126      174,630      161,855 
   Merger and 
    integration 
    expense                 --          97,260       18,064      125,331 
   Impairment and 
    abandonment 
    expense              2,128           5,947        9,912        6,681 
   Exploration and 
    other 
    expenses             6,363           4,669       30,791       19,337 
                     ---------       ---------    ---------    --------- 
      Total 
       operating 

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