Permian Resources Announces Strong First Quarter 2024 Results and Increases Full Year Guidance MIDLAND, Texas – May 7, 2024 (BUSINESS WIRE) -- Permian Resources Corporation ("Permian Resources" or the "Company") (NYSE: PR) today announced its first quarter 2024 financial and operational results and revised 2024 guidance. Recent Financial and Operational Highlights Management Commentary "In our first full quarter post closing Earthstone, Permian Resources delivered strong operational and financial results, b ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 001-37697 PERMIAN RESOURCES CORPORATION (Exact name of registrant as specified in its charter) Delaware 47-5381253 (State of Incorporation) (I.R.S. Employer Identification No.) 300 N ...

Permian Resources Corporation (NYSE:PR) Q4 2023 Earnings Conference Call February 28, 2024 9:00 AM ET Company Participants William Hickey - Co-Chief Executive Officer, Director James Walter - Co-Chief Executive Officer, Director Hays Mabry - Senior Director, IR Guy Oliphint - EVP & CFO Conference Call Participants Scott Hanold - RBC Capital Markets Neal Dingmann - Truist Securities Gabe Daoud - TD Cowen Paul Diamond - Citi John Annis - Stifel Leo Mariani - Roth MKM Oliver Huang - TPH Phillips Johnston - Cap ...

Permian Resources Announces Strong Fourth Quarter 2023 Results and Provides Highly Capital Efficient Full Year 2024 Plan MIDLAND, Texas – February 27, 2024 (BUSINESS WIRE) -- Permian Resources Corporation ("Permian Resources" or the "Company") (NYSE: PR) today announced its fourth quarter and full year 2023 financial and operational results and 2024 operational plans. Permian Resources' full year and fourth quarter 2023 information discussed within this release includes results from Earthstone Energy, Inc. ...

Permian Resources Corporation (NYSE:PR) Q3 2023 Results Conference Call November 8, 2023 10:00 AM ET Company Participants Hays Mabry - Senior Director, Investor Relations Will Hickey - Chief Executive Officer James Walter - Chief Executive Officer Guy Oliphint - Chief Financial Officer Conference Call Participants Zach Parham - JPMorgan Gabe Daoud - TD Cowen Neal Dingmann - Truist Securities Scott Hanold - RBC Capital Markets Derrick Whitfield - Stifel Phillips Johnston - Capital One Oliver Huang - TPH Leo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-37697 PERMIAN RESOURCES CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaware 47-5381253 (State of Incorporation) ...

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Permian Resources Corporation (NYSE:PR) Q2 2023 Earnings Conference Call August 3, 2023 11:00 AM ET Company Participants Hays Mabry - Senior Director, Investor Relations Will Hickey - Chief Executive Officer James Walter - Chief Executive Officer Guy Oliphint - Chief Financial Officer Matt Garrison - Chief Operating Officer Conference Call Participants Neal Dingmann - Truist Securities Zach Parham - JPMorgan Geoff Jay - Daniel Energy Partners Paul Diamond - Citi Subash Chandra - Benchmark Josh Silverstein - ...

[Part I—FINANCIAL INFORMATION](index=7&type=section&id=Part%20I%E2%80%94FINANCIAL%20INFORMATION) This section provides the company's unaudited financial statements, management's analysis of operations and liquidity, market risk disclosures, and internal controls assessment [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Permian Resources Corporation's unaudited consolidated financial statements, including balance sheets, statements of operations, cash flows, and detailed notes on accounting policies and key financial components [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) The company's total assets increased to **$8.93 billion** as of June 30, 2023, from **$8.49 billion** at year-end 2022, primarily driven by an increase in net oil and natural gas properties Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $18,280 | $59,545 | | Total current assets | $426,037 | $463,790 | | Total property and equipment, net | $8,334,178 | $7,889,399 | | **Total Assets** | **$8,926,325** | **$8,492,592** | | **Liabilities & Equity** | | | | Total current liabilities | $722,724 | $605,569 | | Long-term debt, net | $2,060,070 | $2,140,798 | | **Total Liabilities** | **$3,000,315** | **$2,836,296** | | **Total Equity** | **$5,926,010** | **$5,656,296** | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) For the second quarter of 2023, oil and gas sales increased to **$623.4 million** from **$472.7 million** year-over-year, but net income attributable to Class A Common Stock decreased to **$73.4 million** (**$0.21**/share diluted) from **$191.8 million** (**$0.60**/share diluted) Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Oil and gas sales | $623,398 | $472,654 | $1,239,666 | $819,931 | | Total operating expenses | $431,990 | $189,560 | $812,124 | $371,782 | | Income from operations | $191,408 | $281,688 | $427,608 | $446,825 | | Net income (loss) | $148,954 | $191,826 | $368,755 | $207,628 | | Net income attributable to Class A | $73,399 | $191,826 | $175,519 | $207,628 | | Diluted EPS | $0.21 | $0.60 | $0.52 | $0.66 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2023, net cash from operating activities significantly increased to **$886.7 million** from **$455.1 million** in the prior year period, while net cash used in investing activities also rose to **$699.4 million** Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Category | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $886,704 | $455,099 | | Net cash used in investing activities | ($699,386) | ($228,603) | | Net cash provided by (used in) financing activities | ($238,401) | ($34,784) | | **Net (decrease) in cash** | **($51,083)** | **$191,712** | [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies, including a **$98 million** asset acquisition and **$125 million** divestiture, a **$2.5 billion** credit facility, commodity hedging, and a **$7.6 million** legal contingency related to Winter Storm Uri - In February 2023, the company acquired approximately 4,000 net leasehold acres and 3,300 net royalty acres for an unadjusted price of **$98 million**[66](index=66&type=chunk) - In March 2023, the company sold its operated saltwater disposal wells and associated infrastructure for **$125 million**, with **$60 million** being contingent on future performance obligations[68](index=68&type=chunk) - As of June 30, 2023, the company's credit facility had a borrowing base of **$2.5 billion** and elected commitments of **$1.5 billion**, with **$300 million** of borrowings outstanding[73](index=73&type=chunk) - The company faces a potential loss ranging from zero to **$7.6 million** related to a lawsuit from a third-party transportation provider concerning unused pipeline capacity during Winter Storm Uri in February 2021[171](index=171&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses increased production and revenue driven by the Colgate merger and new wells, higher operating expenses due to expanded scale, a **$1.25-$1.45 billion** 2023 capex budget, and a strong liquidity position with **$1.2 billion** available on its credit facility [Results of Operations](index=37&type=section&id=Results%20of%20Operations) For Q2 2023 versus Q2 2022, total production increased **136%** to **165.9 MBoe/d**, driving a **32%** rise in oil and gas sales to **$623.4 million**, partially offset by lower commodity prices and significantly higher operating expenses Production and Revenue Comparison (Q2 2023 vs Q2 2022) | Metric | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | Total Daily Production (Boe/d) | 165,850 | 70,240 | +136% | | Oil and Gas Sales (in thousands) | $623,398 | $472,654 | +32% | | Avg. Realized Oil Price ($/Bbl) | $71.52 | $104.69 | -32% | | Avg. Realized Gas Price ($/Mcf) | $1.24 | $6.22 | -80% | Operating Expense Comparison (Q2 2023 vs Q2 2022) | Expense (in thousands) | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | Lease operating expenses | $82,991 | $28,900 | +187% | | Severance and ad valorem taxes | $48,927 | $34,695 | +41% | | Depreciation, depletion and amortization | $215,726 | $82,117 | +163% | - The increase in production volumes is primarily attributed to wells acquired in the Merger with Colgate and placing 140 new wells online since Q2 2022[199](index=199&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) The company's primary liquidity sources are cash flow from operations and its revolving credit facility, with a 2023 capital expenditure budget of **$1.25 billion** to **$1.45 billion** expected to be fully funded by operating cash flow - The total capital expenditures budget for 2023 is expected to be between **$1.25 billion** and **$1.45 billion**, funded entirely from cash flows from operations[239](index=239&type=chunk) - Shareholder returns in the first six months of 2023 included **$85.5 million** in dividends and distributions and **$29.4 million** in share repurchases[240](index=240&type=chunk)[194](index=194&type=chunk) - As of June 30, 2023, the company had **$300 million** of borrowings outstanding and **$1.2 billion** in available borrowing capacity on its credit facility[248](index=248&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are commodity price volatility and interest rate fluctuations, mitigated by derivative instruments and with **$300 million** in variable-rate debt outstanding - A **10%** change in commodity prices, based on H1 2023 production, would impact annual oil and gas sales by approximately **$107.4 million** for oil, **$5.6 million** for natural gas, and **$11.0 million** for NGLs[268](index=268&type=chunk) - The company utilizes commodity derivative instruments, including swaps and collars, to mitigate price risk. As of June 30, 2023, significant volumes of crude oil and natural gas were hedged for future periods extending into 2025[269](index=269&type=chunk)[270](index=270&type=chunk) - The company has **$300 million** in variable-rate debt outstanding. A **1.0%** change in the weighted average interest rate would result in an approximate **$3.0 million** annual change in interest expense[281](index=281&type=chunk) [Item 4. Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting during the quarter - The company's principal executive and financial officers concluded that disclosure controls and procedures were **effective** as of June 30, 2023[284](index=284&type=chunk) - No material changes were made to the internal control over financial reporting during the six months ended June 30, 2023[285](index=285&type=chunk) [Part II—OTHER INFORMATION](index=53&type=section&id=Part%20II%E2%80%94OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity security sales, key personnel changes, and a list of exhibits filed with the report [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in a legal dispute related to Winter Storm Uri with a potential loss of up to **$7.6 million** and agreed to a **$600,000** penalty for a flaring violation in New Mexico - The company is subject to a lawsuit from a transportation provider related to Winter Storm Uri, with a reasonably possible loss estimated to be up to **$7.6 million**[171](index=171&type=chunk)[287](index=287&type=chunk) - In Q3 2023, the company agreed to a **$600,000** penalty to resolve a flaring violation in New Mexico[289](index=289&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's 2022 Annual Report on Form 10-K and other SEC filings were reported - No material changes in risk factors were reported from those described in the 2022 Annual Report[290](index=290&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the three months ended June 30, 2023, the company did not repurchase any of its Common Stock in the open market under its stock repurchase program - The company did not purchase any Common Stock in the open market during Q2 2023 under its repurchase program[291](index=291&type=chunk) [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) This section discloses key leadership changes, including the departure of COO Matt Garrison and the retirement of CAO Brent Jensen, who will be succeeded by Robert Shannon, with no Rule 10b5-1 trading plan changes reported - Chief Operating Officer Matt Garrison will depart effective September 1, 2023, for personal reasons. His role will not be replaced[293](index=293&type=chunk) - Chief Accounting Officer Brent Jensen will retire on November 30, 2023, and will be succeeded by Robert Shannon, the current EVP of Corporate Services[295](index=295&type=chunk) - No directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement during the quarter ended June 30, 2023[292](index=292&type=chunk) [Item 6. Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the third amendment to the credit agreement, the 2023 Long Term Incentive Plan, and various officer certifications required by the Sarbanes-Oxley Act

PERMIAN RESO URCE S Important Information Forward-Looking Statements Use of Non-GAAP Financial Measures Please refer to slide 18 for a reconciliation of adjusted net income to net income attributable to Class A Common Stock, the most comparable GAAP measure. We believe adjusted net income is useful as it allows us to more effectively evaluate our operating performance and compare the results of our operations from period to period and against our peers by excluding certain non-cash items that can vary signi ...