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Permian Resources
Permian Resources (PR) investor relations material
Permian Resources Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
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.
What drives 2026 D&C cost reduction vs 2025?
What is the focus for future accretive acquisitions?
How does hedging impact 2026 FCF projections?
Beyond D&C, what cost areas offer most savings?
How to sustain well productivity beyond 5 years?
Quantify EOR impact on future production
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Next Permian Resources earnings date
Q1 20267 May, 2026
Permian Resources
Next Permian Resources earnings date
Q1 20267 May, 2026
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Frequently asked questions
Permian Resources Corp. is an independent oil and natural gas company focused on the acquisition, development, and production of oil and gas reserves in the Permian Basin, one of the most prolific oil-producing regions in the United States. The company operates across various acreage positions within the Delaware Basin, part of the broader Permian region, using advanced drilling and completion techniques to optimize production. Permian Resources is primarily engaged in the exploration and development of unconventional oil and gas resources, contributing to the energy supply with a focus on operational efficiency. The company is headquartered in Midland, Texas, and its shares are listed on the NYSE.
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