Permian Resources Corporation ( (PR) ) has released its Q4 earnings. Here is a breakdown of the information Permian Resources Corporation presented to its investors.
Permian Resources Corporation, based in Midland, Texas, is an independent oil and natural gas company specializing in the acquisition, optimization, and development of high-return oil and natural gas properties, primarily in the Delaware Basin.
Permian Resources Corporation has reported robust financial and operational results for the fourth quarter and full year 2024, alongside its operational plans for 2025. The company demonstrated significant growth in production and cash flow, while maintaining a strong balance sheet and enhancing capital efficiency.
In the fourth quarter of 2024, Permian Resources achieved average daily crude oil production of 171.3 MBbls/d and total production of 368.4 MBoe/d. The company reported cash capital expenditures of $504 million and generated $872 million in cash from operating activities, resulting in an adjusted free cash flow of $400 million. Additionally, the company reduced drilling and completion costs and announced a $180 million divestiture of its Barilla Draw gathering systems. For the full year, Permian Resources increased its crude oil production by 63% and total production by 77% compared to the previous year, with cash flow from operations reaching $3.4 billion.
Looking ahead to 2025, Permian Resources plans to maintain a capital expenditure budget of $1.9 to $2.1 billion, focusing on maximizing free cash flow and improving capital efficiency. The company aims to increase its crude oil and total production by approximately 8% while keeping controllable cash costs low. The operational plan includes turning in line approximately 285 gross wells and increasing average completed lateral lengths.
Permian Resources remains committed to delivering value to shareholders through increased production and efficient capital management. The company’s strategic focus on cost leadership and asset optimization in the Delaware Basin positions it well for continued growth and financial stability in the coming year.