Permian Resources Q2 crude oil production rises 1%, raises guidance
Overview
Permian Resources Q2 crude oil production rises 1% qtr/qtr
Adjusted free cash flow for Q2 at $312 mln
Company raises full-year production guidance
Receives Fitch investment grade rating
Outlook
Permian Resources raises 2025 oil production target to 178.5 MBbls/d
Company increases full-year production target to 385.0 MBoe/d
Permian Resources adjusts 2025 capex range to $1.92-$2.02 bln
Company expects < $5 mln in 2025 current income tax
Result Drivers
PRODUCTION INCREASE - Average daily crude oil production rose 1% to 176,533 Bbls/d, driven by strong well results and the APA acquisition
OPERATIONAL EFFICIENCY - Co set records for the fastest well drilled and lowest completions cost per foot, per Co-CEO Will Hickey
ACQUISITIONS - Closed APA New Mexico bolt-on acquisition and added ~1,300 net acres through grassroots transactions, per Co-CEO James Walter
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Adjusted Capex |
| $505 mln |
|
Q2 Adjusted Free Cash Flow |
| $817 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 20 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for Permian Resources Corp is $19.00, about 27.8% above its August 5 closing price of $13.71
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago
Press Release: ID:nBw413rqka
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