Permian Resources (PR) Barclays 38th Annual CEO Energy-Power Conference 2024 summary

Key industry themes and outlook

• Powering future growth requires both conventional and new energy, with a focus on gas.

• Capital efficiency and cash return remain top priorities, with companies doing more with less.

• M&A activity and ongoing consolidation drive portfolio rationalization and value creation.

Company strategy and identity

• Largest pure-play Delaware Basin E&P with ~450,000 net acres and ~325 MBoe/d FY'24E production, pro forma for Barilla Draw acquisition.

• Maintains a pure-play focus on the Delaware Basin, allocating over 90% of capital there.

• Emphasizes cost leadership, operational expertise, and strong local relationships.

• Management owns ~7% of shares, aligning interests with shareholders and focusing on ESG and sustainability.

• Financial strength and conservative leverage are central to long-term resilience.

Growth, M&A, and operational execution

• Has more than doubled acreage and production since 2022 through strategic M&A, including the $4.5B Earthstone acquisition and Oxy deals.

• Executed six bolt-on acquisitions since 2022, adding ~55,000 net acres at attractive valuations.

• Over 460 grassroots transactions completed, increasing working interest in high-quality inventory.

• Integration of acquired assets focuses on quickly achieving cost synergies.

• Maintains a consistent leverage profile (~1x net debt/EBITDAX) while executing ~$6B in acquisitions.