Permian Resources (PR) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 production of 368.4 MBoe/d (171.3 MBbls/d oil), with full-year production up 77% and oil up 63% year-over-year.

• Generated $3.4B in operating cash flow and $1.4B in adjusted free cash flow for FY'24, with Q4 adjusted free cash flow at $400M.

• Maintained strong balance sheet with $3.0B liquidity, $479M cash, and net debt-to-LQA EBITDAX at 0.95x at year-end.

• Increased quarterly base dividend by 200% year-over-year to $0.15/share, yielding 4.3%.

• Executed $1.2B in accretive M&A, adding ~50,000 net acres and 20,000 BOE/d production.

Financial highlights

• Q4 oil production: 171,000–171.3 MBbls/d; total production: 368,000–368.4 MBoe/d.

• Q4 CapEx: $504M; adjusted operating cash flow: $904M; adjusted free cash flow: $400M.

• Q4 lease operating expense: $5.42/Boe; cash G&A: $0.93/Boe; GP&T: $1.49/Boe.

• Q4 net income attributable to Class A: $217M ($0.29/share); adjusted net income: $307M ($0.36/share).

• Year-end proved reserves: 1,027 MMBoe (45% oil, 30% gas, 25% NGLs), up from 925 MMBoe prior year.

Outlook and guidance

• 2025 production guidance: 360,000–380,000 MBoe/d; oil: 170,000–175,000 MBbls/d, targeting ~8% annual oil growth.

• 2025 CapEx: $1.9–$2.1B, flat or lower year-over-year despite higher production; 80% allocated to drilling/completion.

• Total controllable cash costs expected at $7.25–$8.25/Boe, lowest in the Permian.

• Plan to TIL ~285 gross wells with average 10,000 ft laterals and 75% working interest.

• Crude oil hedges cover 26% of 2025 production at $73.32/Bbl; gas hedges cover 19% at $2.29/MMBtu.