Permian Resources (PR) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 free cash flow of $751 million and free cash flow per share of $0.88, driven by higher oil production and disciplined capital allocation.

• Oil production reached 198,000–199,000 bbl/day, a 3% sequential increase, with total production at 376.4 MBoe/d.

• Completed ~$1.05 billion in Delaware Basin acquisitions, adding 54,000–55,000 net acres and 20,000 NRAs through 190 transactions.

• Maintained a fortress balance sheet with leverage at 0.5x and achieved investment grade credit ratings from all major agencies.

• Declared a quarterly base dividend of $0.16 per share and executed significant share buybacks and debt reduction.

Financial highlights

• Q2 2026 net income was $792.5 million, with total revenues of $1.86 billion, and adjusted EBITDAX of $1.34 billion.

• Cash capital expenditures for Q2 were $521 million; net debt at June 30, 2026, was $2.89 billion.

• Lease operating expense was $5.55/Boe; total controllable cash costs were $7.49/Boe.

• Adjusted net income per diluted share was $0.69; diluted EPS was $0.93.

• Dividend yield was 3.1%, above peer average, and all capital expenditures were funded from operating cash flow.

Outlook and guidance

• Full-year 2026 oil production guidance raised to 199,000 bbl/day, about 10% higher than 2025.

• Full-year capital expenditures guidance updated to $1.9–$2.0 billion, reflecting acquisitions and higher working interest.

• H2 2026 oil production expected to exceed 200,000 bbl/day with capex under $1 billion.

• Management expects to fund all 2026 capital expenditures from operating cash flows, supported by strong production and hedging.

• Capital allocation remains focused on dividends, acquisitions, debt reduction, and share buybacks.