Permian Resources (PR) Q1 2025 earnings summary

Executive summary

• Achieved record adjusted free cash flow of $460 million in Q1 2025, with net cash from operations at $898 million and capex of $501 million, driven by strong production and cost reductions.

• Q1 2025 total production reached 373,200 Boe/d (175,000 Bbls/d oil), supported by recent acquisitions and asset optimization.

• Announced a $608 million bolt-on acquisition in the Northern Delaware Basin, adding 13,320 net acres, 8,700 net royalty acres, and 12,000 Boe/d production, expected to close by end of Q2 2025.

• Repurchased 4.1 million shares at $10.52/share during April volatility; $1 billion buyback authorization remains active.

• Maintained a 5.0% base dividend yield and further reduced leverage to 0.8x net debt-to-LQA EBITDAX.

Financial highlights

• Total revenue for Q1 2025 was $1.38 billion, up from $1.24 billion year-over-year; net income attributable to Class A stock was $329 million.

• Adjusted EBITDAX reached $1.05 billion; adjusted net income (diluted) was $357.6 million ($0.42/share).

• Cash on hand increased to $702 million; total liquidity at $3.2 billion; total debt decreased to $4.0 billion.

• Lease operating expense per Boe decreased to $5.35; controllable cash costs fell 4% quarter-over-quarter.

• Drilling and development capital expenditures were $500.7 million for the quarter.

Outlook and guidance

• 2025 production guidance maintained at 360,000–380,000 Boe/d and 170,000–175,000 Bbls/d oil; capex guidance reduced to $1.9–$2.0 billion.

• Acquisition expected to add 12,000 Boe/d in H2 2025 with $20 million incremental capex.

• Q2 expected to be the highest capex quarter, with a step down in the second half of the year.

• Free cash flow expected to remain strong even at $60/bbl WTI for the rest of 2025.

• Flexibility to adjust activity based on market conditions and commodity prices.