Permian Resources (PR)2025-02-25 21:18Production and Reserves - Reported crude oil production of 171.3 MBbls/d and total average production of 368.4 MBoe/d for Q4 2024, representing a 63% and 77% increase year-over-year respectively[5] - 2025 production guidance set at 170 to 175 MBbls/d and 360 to 380 MBoe/d, indicating an 8% increase in annual production compared to 2024[11] - Total proved reserves increased to 1,027 MMBoe at year-end 2024, up from 925 MMBoe at the prior year-end[16] - Average daily net production for 2024 was 343,523 Boe/d, compared to 194,499 Boe/d in 2023, indicating a growth of about 76.7%[32] - Net average daily production guidance for 2025 is set at 360,000 to 380,000 Boe/d, with net average daily oil production expected to be between 170,000 and 175,000 Bbls/d[30] Financial Performance - Generated cash provided by operating activities of 400 million in Q4 2024[10] - For the year ended December 31, 2024, oil sales reached 2.70 billion in 2023, representing a year-over-year growth of approximately 61.7%[32] - The company reported total oil and gas sales of 3.12 billion in 2023, reflecting a year-over-year increase of approximately 60.3%[32] - Operating revenues for Q4 2024 reached 1,122,686 in Q4 2023[36] - Net income attributable to Class A Common Stock for the year ended December 31, 2024, was 476,306 in 2023, representing a 106.5% increase[36] Cash Flow and Expenditures - Total cash capital expenditures for Q4 2024 were 775 per lateral foot, a 3% decrease from the previous quarter[8] - Estimated fiscal year 2025 cash capital expenditure budget of 2.1 billion, maintaining a similar capital budget year-over-year[11] - Total cash capital expenditure program for 2025 is projected to be between 2.1 billion[30] - Cash and cash equivalents surged to 73,290 at the end of 2023, marking a 553.5% increase[38] - The company reported a net cash provided by operating activities of 2,213,499 in 2023, a 54.1% increase[40] Costs and Expenses - Lease operating expenses for the three months ended December 31, 2024, were 4.97 per Boe in the same period of 2023[34] - Total operating expenses for the year increased to 2,024,596 in 2023[36] - Anticipated total controllable cash costs of 8.25 per Boe in 2025, reflecting a 7.25 to 0.15 per share, yielding 4.3%[5] - Basic weighted average shares of Class A Common Stock outstanding increased to 702,968,000 in Q4 2024 from 459,593,000 in Q4 2023[49] - Adjusted diluted weighted average shares outstanding for Q4 2024 were 847,094,000, up from 744,958,000 in Q4 2023[49] Debt and Assets - Long-term debt increased to 3,848,781 in 2023, indicating an 8.7% rise[38] - Total assets grew to 14,965,578 in 2023, reflecting a 12.9% increase[38] Derivative Gains and Swaps - The company reported a non-cash derivative gain of 180,179,000 in Q4 2023[55] - As of December 31, 2024, the company has crude oil swaps totaling approximately 4,050,000 Bbls for January to March 2025 at a weighted average price of 3.44 per MMBtu[58] - The crude oil basis differential swaps for January to March 2025 total 3,932,000 Bbls with a weighted average differential of 72.64 per Bbl[56]