Permian Resources reports Q2 EPS 21c, consensus 32c

Reports Q2 revenue $623.4M, consensus $661.85M. The company increased both crude oil and total average production by 8% quarter-over-quarter to 84.4 MBbls/d and 165.9 MBoe/d, respectively. It said, “Permian Resources had a strong operational and financial quarter, driven by robust well results across both Texas and New Mexico. Over halfway through the year, our asset base is performing as expected, with year-to-date well productivity in-line with last year’s. Additionally, we recently reduced our operated rig count from seven to six rigs due to continued efficiency gains and remain on pace to achieve our full-year and fourth quarter production targets, highlighting the strength of our operations.” We are proud to continue building upon our track record of operational execution and returning capital to shareholders. For the second quarter, we delivered $57 million to shareholders through the base and variable dividends. Given our expected production growth profile and reduced capital spending for the remainder of the year, we expect to generate significantly more free cash flow during the third and fourth quarters, assuming current strip pricing.”