[Part I—FINANCIAL INFORMATION](index=8&type=section&id=Part%20I%E2%80%94FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=8&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) For the first quarter of 2025, Permian Resources reported a significant increase in net income to $390.6 million, up from $229.6 million in the prior-year period, driven by higher production volumes and stronger natural gas and NGL prices Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $1,356,833 | $1,121,594 | | **Total Property and Equipment, net** | $15,358,996 | $15,473,478 | | **TOTAL ASSETS** | **$17,076,443** | **$16,897,900** | | **Total Current Liabilities** | $1,585,272 | $1,327,337 | | **Total Long-term Debt, net** | $3,710,381 | $4,184,233 | | **TOTAL LIABILITIES** | **$6,272,643** | **$6,379,381** | | **Total Equity** | $10,803,800 | $10,518,519 | Consolidated Statement of Operations Highlights (in thousands) | Account | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | **Oil and gas sales** | $1,376,451 | $1,242,999 | | **Total operating expenses** | $871,988 | $774,075 | | **Income from operations** | $504,463 | $469,036 | | **Net income** | **$390,563** | **$229,595** | | **Net income attributable to Class A Common Stock** | $329,298 | $146,575 | | **Diluted EPS** | **$0.44** | **$0.25** | Consolidated Statement of Cash Flows Highlights (in thousands) | Account | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $898,032 | $647,598 | | **Net cash used in investing activities** | ($361,816) | ($619,348) | | **Net cash used in financing activities** | ($313,323) | ($88,835) | | **Net increase (decrease) in cash** | $222,893 | ($60,585) | [Note 2—Acquisitions](index=16&type=section&id=Note%202%E2%80%94Acquisitions) The company completed a bolt-on acquisition from Occidental Petroleum in September 2024, adding approximately 29,500 net leasehold acres - Completed the acquisition of oil and gas properties from Occidental Petroleum affiliates on September 17, 2024, which included approximately **29,500 net leasehold acres** and **9,900 net royalty acres**[63](index=63&type=chunk) - In May 2025, the company agreed to acquire oil and gas properties from Apache Corporation for approximately **$608 million**, adding **13,320 net leasehold acres** and **8,700 net royalty acres** in its New Mexico operating area[157](index=157&type=chunk) [Note 4—Long-Term Debt](index=16&type=section&id=Note%204%E2%80%94Long-Term%20Debt) As of March 31, 2025, total net debt was approximately $4.0 billion, a decrease from $4.2 billion at year-end 2024 Long-Term Debt Composition (in thousands) | Debt Instrument | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Credit Facility | $0 | $0 | | Senior Notes, net | $3,998,984 | $4,184,233 | | **Total debt, net** | **$3,998,984** | **$4,184,233** | - As of March 31, 2025, the company had a borrowing base of **$4.0 billion** with elected commitments of **$2.5 billion** under its credit facility, with no borrowings outstanding and **$2.5 billion** in available capacity[69](index=69&type=chunk) - In January 2025, the company redeemed **$175 million** of its **9.875% Senior Notes** due 2031, paying **$192.3 million** and recognizing a **$5.8 million loss** on debt extinguishment[89](index=89&type=chunk) [Note 6—Stock-Based Compensation](index=19&type=section&id=Note%206%E2%80%94Stock-Based%20Compensation) Stock-based compensation expense increased to $16.9 million in Q1 2025 from $9.6 million in Q1 2024 Stock-Based Compensation Expense (in thousands) | Award Type | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Restricted stock | $6,214 | $4,586 | | Performance stock units | $10,715 | $5,045 | | **Total** | **$16,929** | **$9,631** | [Note 7—Derivative Instruments](index=21&type=section&id=Note%207%E2%80%94Derivative%20Instruments) The company uses derivative instruments to manage commodity price risk, reporting a net gain of $57.7 million in Q1 2025, a reversal from a $121.1 million loss in Q1 2024 Net Gain (Loss) on Derivative Instruments (in thousands) | Type | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Realized cash settlement gains (losses) | $21,308 | $7,345 | | Non-cash mark-to-market derivative gain (loss) | $36,423 | ($128,474) | | **Total** | **$57,731** | **($121,129)** | - As of March 31, 2025, the company has crude oil swaps for **45,000 Bbls/d** for the remainder of 2025 and **17,500 Bbls/d** for 2026, along with significant natural gas swaps extending into 2027[107](index=107&type=chunk)[109](index=109&type=chunk) [Note 9—Shareholders' Equity and Noncontrolling Interest](index=26&type=section&id=Note%209%E2%80%94Shareholders%27%20Equity%20and%20Noncontrolling%20Interest) In Q1 2025, the company declared and paid a total dividend of $0.15 per share, amounting to $121.0 million, with no share repurchases in the quarter Dividends and Distributions Declared and Paid | Period | Base Dividend/Distribution | Variable Dividend/Distribution | Total per Share | Total Paid (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Q1 2025 | $0.15 | $0.00 | $0.15 | $121,010 | | Q1 2024 | $0.05 | $0.10 | $0.15 | $115,521 | - The Board authorized a stock repurchase program of up to **$1 billion**, with no shares repurchased in Q1 2025, but **2.0 million Common Units** for **$31.5 million** in Q1 2024[136](index=136&type=chunk)[137](index=137&type=chunk) [Note 10—Earnings Per Share](index=27&type=section&id=Note%2010%E2%80%94Earnings%20Per%20Share) Basic EPS for Class A Common Stock increased to $0.47 in Q1 2025 from $0.27 in Q1 2024, reflecting significant net income growth Earnings Per Share (EPS) Calculation | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Basic EPS | $0.47 | $0.27 | | Diluted EPS | $0.44 | $0.25 | [Note 13—Subsequent Events](index=29&type=section&id=Note%2013%E2%80%94Subsequent%20Events) Subsequent to quarter-end, the company repurchased shares, reaffirmed its credit facility, declared a dividend, and agreed to a $608 million acquisition - In April 2025, **4.1 million shares** of Class A Common Stock for **$43.3 million** were repurchased[154](index=154&type=chunk) - On April 30, 2025, the company's credit agreement borrowing base was reaffirmed at **$4.0 billion** with elected commitments of **$2.5 billion**[155](index=155&type=chunk) - In May 2025, an agreement was entered to acquire oil and gas properties from Apache Corporation for **$608 million**, expected to close in Q2 2025[157](index=157&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 11% year-over-year revenue growth in Q1 2025 to a 16% increase in total production volumes, offsetting a 7% decline in realized oil prices - The company expects total drilling, completion, and facilities capital expenditures for 2025 to be between **$1.9 billion** and **$2.0 billion**, funded entirely from cash flows from operations[186](index=186&type=chunk) - The company plans to return capital to shareholders through a base dividend and opportunistic share repurchases, paying a quarterly base dividend of **$0.15 per share** in Q1 2025, totaling **$121.0 million**[188](index=188&type=chunk) Production and Revenue Comparison (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Production (MBoe) | 33,589 | 29,076 | 16% | | Average Daily Production (Boe/d) | 373,209 | 319,514 | 17% | | Oil Sales Revenue (in thousands) | $1,109,771 | $1,051,642 | 6% | | Average Oil Price ($/Bbl) | $70.48 | $76.13 | (7)% | | Natural Gas Sales Revenue (in thousands) | $81,658 | $38,767 | 111% | | Average Gas Price ($/Mcf) | $1.35 | $0.75 | 80% | Operating Cost Metrics (per Boe) | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Lease operating expenses (per Boe) | $5.35 | $5.80 | (8)% | | Gathering, processing & transportation (per Boe) | $1.39 | $1.34 | 4% | | Cash G&A (per Boe) | $0.80 | $0.97 | (18)% | [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is commodity price volatility, mitigated by derivative contracts, with minimal interest rate risk due to fixed-rate debt - A **10% change** in commodity prices would impact quarterly sales by **$111.0 million** for oil, **$8.2 million** for natural gas, and **$18.5 million** for NGLs[205](index=205&type=chunk) - As of March 31, 2025, a hypothetical **10% shift** in the NYMEX forward curve would change the fair value of crude oil hedges by **$129.9 million** and natural gas hedges by **$31.8 million**[206](index=206&type=chunk)[213](index=213&type=chunk) - Interest rate risk is minimal as the **$4.0 billion** in senior notes are fixed-rate, and there were no borrowings under the variable-rate credit facility as of March 31, 2025[214](index=214&type=chunk)[215](index=215&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The principal executive officers and principal financial officer concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2025[217](index=217&type=chunk) - No changes in the system of internal control over financial reporting occurred during Q1 2025 that have materially affected, or are reasonably likely to materially affect, the company's internal control[218](index=218&type=chunk) [Part II—OTHER INFORMATION](index=43&type=section&id=Part%20II%E2%80%94OTHER%20INFORMATION) [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course legal proceedings, including a potential environmental liability from the Earthstone Merger, not expected to have a material adverse effect - The company assumed a liability from the Earthstone Merger related to potential environmental defects from a prior Novo acquisition, with potential penalties exceeding **$1 million**, but no material adverse effect is expected[222](index=222&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes in the company's risk factors from those described in its 2024 Annual Report on Form 10-K and other SEC filings - There have been **no material changes** in risk factors from those described in the 2024 Annual Report[224](index=224&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2025, the company did not purchase any of its Common Stock in the open market under its stock repurchase program - No purchases of the company's equity securities were made by the issuer during the three months ended March 31, 2025[225](index=225&type=chunk) [Other Information](index=44&type=section&id=Item%205.%20Other%20Information) During the quarter ended March 31, 2025, no directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[226](index=226&type=chunk) [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO, and XBRL data files

Permian Resources (PR) Q1 2025 Earnings Call May 08, 2025 10:00 AM ET Company Participants Hays Mabry - VP - IRWill Hickey - Director & Co-CEOJames Walter - Director & Co-CEOKevin MacCurdy - Managing DirectorJohn Freeman - Managing DirectorScott Hanold - Managing Director - Energy ResearchZach Parham - Executive DirectorGabe Daoud - Managing Director, Energy Equity ResearchJohn Annis - Vice PresidentGeoff Jay - PartnerOliver Huang - Director Conference Call Participants Neil Mehta - AnalystLeo Mariani - Man ...

Permian Resources (PR) Q1 2025 Earnings Call May 08, 2025 10:00 AM ET Speaker0 Good morning, and welcome to the Permian Resources Conference Call to discuss its First Quarter twenty twenty five Earnings. Today's call is being recorded. A replay of the call will be accessible until 05/22/2025, by dialing (888) 660-6264 and entering the replay access code 27785 or by visiting the company's website at www.permeonrest.com. At this time, I will turn the call over to Hayes Mabry, Permian Resources' Vice President ...

Ma y 7 , 2 0 2 5 Q1'25 Earnings Presentation Important Information Forward-Looking Statements The information in this presentation 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 ...

For the quarter ended March 2025, Permian Resources (PR) reported revenue of $1.38 billion, up 10.7% over the same period last year. EPS came in at $0.42, compared to $0.42 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $1.39 billion, representing a surprise of -1.22%. The company delivered an EPS surprise of -4.55%, with the consensus EPS estimate being $0.44.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stree ...

Permian Resources (PR) came out with quarterly earnings of $0.42 per share, missing the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.42 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.55%. A quarter ago, it was expected that this company would post earnings of $0.34 per share when it actually produced earnings of $0.36, delivering a surprise of 5.88%.Over the last four quarters, the company h ...

Bolt-On Transaction Highlights Permian Resources Announces Strong First Quarter 2025 Results, Revised 2025 Guidance and Strategic Bolt-On Acquisition of Core Northern Delaware Basin Assets MIDLAND, Texas – May 7, 2025 (BUSINESS WIRE) -- Permian Resources Corporation ("Permian Resources" or the "Company") (NYSE: PR) today announced its first quarter 2025 financial and operational results, revised full year 2025 guidance and a strategic Northern Delaware Basin bolt-on acquisition. Recent Financial and Operati ...

Wall Street analysts forecast that Permian Resources (PR) will report quarterly earnings of $0.44 per share in its upcoming release, pointing to a year-over-year increase of 4.8%. It is anticipated that revenues will amount to $1.39 billion, exhibiting an increase of 12.1% compared to the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 18.6% to its current level. This demonstrates the covering analysts' collective reassessment of their initial ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Permian Resources (PR) reports results for the quarter ended March 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 7, 2025, might help the stock move higher if these key numbers are better than expe ...

Permian Resources Corporation (PR) stock has had a rough ride over the past year, falling 32% from its earlier highs. That slump compares with a 37% slide for Ovintiv Inc. (OVV) and a 10% drop for Range Resources (RRC) , both of which are similarly exposed to the volatile energy space. PR recently touched a new 52-week low of $10.01, hurt by macro headwinds like recession worries, global trade tensions and falling oil prices. Yet, for investors looking beyond the headlines, the company’s core fundamentals r ...