Permian Resources (PR) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 production of 171,000–171.3 MBbls/d oil and 368,000–368.4 MBoe/d total, with full-year production up 63–77% year-over-year and oil comprising 46% of volumes.

• Generated $3.4B in FY'24 operating cash flow and $1.4B in adjusted free cash flow, with Q4 adjusted free cash flow of $400M.

• Increased quarterly base dividend by 200% to $0.15/share, yielding 4.3%, and executed $1.2B in accretive M&A adding ~50,000 net acres and 20,000–20 MBoe/d production.

• Maintained strong balance sheet with $3B liquidity, $479–500M cash, and net debt-to-LQA EBITDAX at 0.95x–1x at year-end.

• Reduced D&C costs by 14% year-over-year to ~$775/lateral foot in Q4.

Financial highlights

• Q4 oil production: 171,000–171.3 MBbls/d; total production: 368,000–368.4 MBoe/d.

• Q4 CapEx: $504M; adjusted operating cash flow: $904M; adjusted free cash flow: $400M.

• Q4 adjusted EBITDAX: $977M; Q4 net income attributable to Class A: $217M ($0.29/share); adjusted net income: $307M ($0.36/share).

• Lease operating expense: $5.42/Boe in Q4; total controllable cash costs: $7.75/Boe guided for 2025.

• Year-end proved reserves: 1,027 MMBoe (45% oil, 30% gas, 25% NGLs), up from 925 MMBoe prior year.

Outlook and guidance

• 2025 production guidance: 360,000–380,000 MBoe/d; oil: 170,000–175,000 MBbls/d, up 8% year-over-year.

• 2025 CapEx: $1.9–$2.1B, flat or lower than 2024 despite higher production; 80% allocated to drilling and completions.

• Targeting >20% free cash flow per share growth in 2025 and total controllable cash costs of ~$7.75/Boe.

• Oil realizations expected at 98–100% of WTI; natural gas $0.30–$0.50/Mcf below Waha Hub.

• Crude oil hedges cover 25–26% of 2025 production at ~$73/Bbl.