Permian Resources Corporation ( (PR) ) has released its Q3 earnings. Here is a breakdown of the information Permian Resources Corporation presented to its investors.
Permian Resources Corporation is an independent oil and natural gas company headquartered in Midland, Texas, focusing on the acquisition, optimization, and development of high-return oil and natural gas properties primarily concentrated in the core of the Delaware Basin.
In its latest earnings report, Permian Resources Corporation announced strong financial and operational results for the third quarter of 2024, along with an increase in its full-year production guidance. The company reported significant achievements in operational efficiencies, leading to lower drilling and completion costs.
The company reported average crude oil production of 160.8 MBbls/d and total production of 347.1 MBoe/d for the quarter. Financially, it achieved a net income of $456.5 million, representing a substantial increase from the previous year. Additionally, Permian Resources reported operating cash flow of $954 million and adjusted free cash flow of $303 million. The company also announced an upgraded base dividend, reflecting a 150% increase over the previous quarter, and highlighted the successful integration of the Barilla Draw acquisition, expanding its operational footprint.
Permian Resources has maintained a strong balance sheet with a net debt-to-LQA EBITDAX of approximately 1x and $2.8 billion in total liquidity, positioning it favorably for future growth. The company increased its oil production guidance for 2024 by 6.5 MBbls/d to 158.5 MBbls/d and its total production target by 16.0 MBoe/d to 341.0 MBoe/d, driven by strong well performance and recent acquisitions.
Looking ahead, Permian Resources remains committed to enhancing shareholder value through increased production and operational efficiencies. The company plans to continue its focus on cost reductions and strategic acquisitions to sustain growth and maximize returns in the coming quarters.
