Permian Resources (PR) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 production of 410.2 MBoe/d, with oil at 186.9 MBbls/d, driven by strong well performance, large-scale Texas development, and recent acquisitions.

• Increased full-year 2025 oil production guidance by 5% to 181.5 MBbls/d and total production by 2% to 394 MBoe/d, while lowering capital budget by 2%.

• Maintained strong cost discipline, reducing D&C costs by 11% year-over-year and total controllable cash costs by 6% quarter-over-quarter.

• Strengthened balance sheet with $460 million debt reduction, leverage at 0.8x, and liquidity over $2.6 billion.

• Completed over 250 acquisitions in Q3, adding 5,500 net leasehold acres and 2,400 net royalty acres, with YTD acquisition spend exceeding $800 million.

Financial highlights

• Adjusted EBITDAX for Q3 2025 was $1.02 billion; adjusted operating cash flow was $949 million; adjusted free cash flow reached $469 million.

• Net income for Q3 2025 was $59.2 million, with oil and gas sales of $1.32 billion.

• Cash capital expenditures for Q3 2025 were $480 million.

• Lease operating expenses were $5.07/Boe, down from $5.43/Boe year-over-year; controllable cash costs at $7.36/Boe, down 6% sequentially.

• Net debt at quarter-end was $3.46 billion, with total debt reduced by 11% quarter-over-quarter.

Outlook and guidance

• Full-year 2025 oil production guidance raised to 181.5 MBbls/d and total production to 394 MBoe/d, with capex guidance of $1.92–$2.02 billion.

• 2025 controllable cash costs expected between $7.25–$8.25/Boe.

• 2026 natural gas production: ~75% to be priced at Gulf Coast/DFW or hedged, with new agreements expected to uplift 2026 free cash flow by $100 million.

• CapEx guidance remains unchanged despite higher production outlook.

• Expect less than $5 million in current income tax for FY'25 at current strip prices.