Permian Resources (PR) Q3 2026 earnings summary

Executive summary

• Q3 production averaged 457,528 Boe/d, including 208,000 Bbl/d of oil; adjusted free cash flow was $845.6 million, or $0.98 per adjusted diluted share.

• Record-low controllable cash costs and operational improvements supported nearly $100 million of sequential free cash flow growth despite lower oil prices.

• Updated FY 2026 guidance targets 202.5 MBbl/d of oil and $2.025 billion of cash CapEx; the plan implies ~$300 million of incremental free cash flow versus February, normalized for commodity prices.

Financial highlights

• Q3 oil and gas sales were $1.958 billion, up 48% YoY; operating income was $887.8 million and net income was $420.2 million.

• Adjusted EBITDAX was $1,428.6 million, adjusted operating cash flow was $1,363.9 million and adjusted free cash flow was $845.6 million, versus $468.8 million YoY.

• Diluted EPS was $0.49 versus $0.08 YoY; adjusted diluted EPS was $0.69.

• Q3 realized prices were $85.73/Bbl for oil, $24.22/Bbl for NGLs and $0.72/Mcf for natural gas.

• Nine-month operating cash flow was $3.575 billion; investing cash outflow was $2.725 billion and financing cash outflow was $908.8 million.

Outlook and guidance

• FY 2026 oil production midpoint increased to 202.5 MBbl/d, implying ~11% YoY growth; total production guidance is 415,000–445,000 Boe/d.

• FY 2026 cash CapEx guidance is $1.975–$2.075 billion, with a $2.025 billion midpoint; controllable costs are expected toward the low end of guidance.

• Q4 oil production is expected above 210 MBbl/d, with cash CapEx near Q3 levels.

• Updated FY guidance is expected to generate ~$300 million, or ~$0.35/share, of incremental FCF versus the February plan, normalized for commodity prices.

• Remaining 2026 capital expenditures are expected to be funded from operating cash flow; current income taxes are estimated at ~$30 million for 2026 at current strip prices.