Permian Resources (PR) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 production of 385.1 MBoe/d, with 176.5 MBbls/d oil, driven by strong well results and the APA New Mexico acquisition.

• Increased full-year 2025 production guidance and lowered CapEx guidance due to operational outperformance and acquisitions.

• Closed $600–$608 million in bolt-on acquisitions, including APA New Mexico, and completed multiple grassroots transactions.

• Maintained strong liquidity with $451 million cash, undrawn revolver, and ~$3 billion total liquidity; leverage at 1.0x, targeting 0.8x by year-end.

• Received inaugural investment grade credit rating (BBB-) from Fitch, with expectations for further upgrades.

Financial highlights

• Q2 2025 oil production reached 176.5 MBbls/d; total production 385.1 MBoe/d; oil and gas sales $1.20 billion.

• Adjusted operating cash flow was $817 million; adjusted free cash flow $312 million; capex $505 million.

• Net income attributable to Class A stock was $207 million; diluted EPS $0.28.

• Lease operating expense was $5.36/Boe; cash G&A $0.87/Boe; gathering, processing & transportation $1.59/Boe.

• Average realized oil price was $62.71/Bbl; NGL $17.75/Bbl; gas $0.53/Mcf.

Outlook and guidance

• FY 2025 production guidance raised to 380,000–390,000 Boe/d and 177,500–179,500 Bbls/d oil.

• FY 2025 capex guidance updated to $1.92–$2.02 billion, reflecting acquisitions.

• Current income tax estimate for 2025 lowered to less than $5 million; cumulative 2026–2027 tax expected under $50 million.

• Expects $50 million incremental free cash flow in 2026 from new marketing agreements.

• Management anticipates sufficient liquidity to fund capital needs for the next 12 months and long-term.