Permian Resources (PR) Q4 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in Q4 and full year 2025, with highest oil production, lowest D&C cost per foot, and strong capital efficiency improvements.

• Free cash flow per share rose 18% year-over-year to $1.94, with meaningful debt reduction and a 7% increase in the base dividend to $0.16 per share, representing a 3.6% yield.

• 2025 marked the third consecutive year of strong operational execution, supported by bolt-on and grassroots acquisitions, adding significant acreage and reserves.

• Maintained a strong balance sheet with net debt to LQA EBITDAX at 0.9x at year-end 2025, and further reduced leverage to a projected 0.7x by YE 2026.

• Focus remains on maximizing shareholder value through disciplined execution, capital-efficient Delaware Basin operations, and robust shareholder returns.

Financial highlights

• Q4 2025 oil production reached 188.6 MBbls/d; total production was 401.5 MBoe/d; full year 2025 production was 392.6 MBoe/d, up from 343.5 MBoe/d in 2024.

• FY'25 total oil and gas revenue reached $5.07B; adjusted EBITDAX was $3.91B; adjusted free cash flow was $1.64B.

• Q4 adjusted operating cash flow was $884M; adjusted free cash flow was $403M; cash from operations for the year was $3.6B.

• Q4 LOE was $5.26/Boe, cash G&A $0.80/Boe, and GP&T $1.18/Boe; lease operating expense held steady for both Q4 and FY'25.

• Net income attributable to Class A Common Stock for FY'25 was $935.2M; adjusted net income-diluted was $1.21B ($1.43/share).

Outlook and guidance

• 2026 production expected to average 415 MBoe/d, with oil at 186–189 MBbls/d, targeting 4–6% YoY growth.

• 2026 CapEx guidance is $1.75–$1.95B, with $400M for non-D&C spend; CapEx is ~6% lower than 2025.

• D&C costs per lateral foot targeted at ~$675 in 2026, down 8% YoY.

• Plan to TIL ~250 gross wells with average lateral length of 11,000 feet.

• Focus on maximizing free cash flow per share, with a 30% CAGR from 2023 to 2025.