Permian Resources (PR) - 2024 Q4 - Annual Results

Production 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 $872 million and adjusted free cash flow of $400 million in Q4 2024[10] - For the year ended December 31, 2024, oil sales reached $4.36 billion, a significant increase from $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 $5.00 billion for the year ended December 31, 2024, compared to $3.12 billion in 2023, reflecting a year-over-year increase of approximately 60.3%[32] - Operating revenues for Q4 2024 reached $1,296,081, a 15.4% increase from $1,122,686 in Q4 2023[36] - Net income attributable to Class A Common Stock for the year ended December 31, 2024, was $984,701, compared to $476,306 in 2023, representing a 106.5% increase[36] Cash Flow and Expenditures - Total cash capital expenditures for Q4 2024 were $504 million, with drilling and completion costs reduced to approximately $775 per lateral foot, a 3% decrease from the previous quarter[8] - Estimated fiscal year 2025 cash capital expenditure budget of $1.9 to $2.1 billion, maintaining a similar capital budget year-over-year[11] - Total cash capital expenditure program for 2025 is projected to be between $1.9 billion and $2.1 billion[30] - Cash and cash equivalents surged to $479,343 by December 31, 2024, compared 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 $3,411,968 for 2024, up from $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 $5.42 per Boe, up from $4.97 per Boe in the same period of 2023[34] - Total operating expenses for the year increased to $3,256,575, up 60.9% from $2,024,596 in 2023[36] - Anticipated total controllable cash costs of $7.25 to $8.25 per Boe in 2025, reflecting a $0.10 per Boe reduction compared to 2024[13] - Total controllable cash costs for 2025 are expected to range from $7.25 to $8.25 per Boe[30] Shareholder Returns - Declared a base dividend of $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 $4,184,233 in 2024, compared to $3,848,781 in 2023, indicating an 8.7% rise[38] - Total assets grew to $16,897,900 in 2024, up from $14,965,578 in 2023, reflecting a 12.9% increase[38] Derivative Gains and Swaps - The company reported a non-cash derivative gain of $73,579,000 in Q4 2024, compared to a loss 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 $75.21 per Bbl[56] - The company has natural gas swaps of 11,070,000 MMBtu 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 $1.11 per Bbl[56] - The company has planned to enter into additional contracts for crude oil swaps with volumes of 4,140,000 Bbls for July to September 2025 at a price of $72.64 per Bbl[56]