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PR · Permian Resources

10 filings

10-K

PR 10-K Annual Reports

Permian Resources - 10 annual reports

Filing record · 2016–202610-K1010-Q328-K167

2025
Permian Resources Annual Report, Year Ended Dec 31, 2025
Permian Resources Corporation, an independent oil and natural gas company focused on the Permian Basin (concentrated in the core of the Delaware Basin), reported net income attributable to Class A Common Stock of $935.2 million for 2025, down from $984.7 million in 2024. Oil and gas sales were $5.07 billion, up $64.5 million, or 1%, from 2024. Net production rose 14% on an oil-equivalent basis to 143,311 MBoe, while the average realized oil price fell 14% to $64.06 per Bbl. Total proved reserves reached 1,116,298 MBoe at December 31, 2025, up from 1,026,957 MBoe a year earlier, and the standardized measure of discounted future net cash flows was $8.37 billion. Cash flow from operations was $3.61 billion, and capital expenditures for drilling and development were $1.97 billion, funded entirely from operating cash flow. The company paid $502.9 million in dividends and distributions, redeemed $464.5 million of senior notes, and repurchased $73.7 million of stock. Long-term debt, net, fell to $3.55 billion from $4.18 billion, and the company had no revolver borrowings against a $2.5 billion elected commitment. A $270.1 million loss on extinguishment of debt, mainly tied to the redemption of convertible senior notes, reduced pre-tax income to $1.38 billion from $1.55 billion. On January 7, 2026, the company completed a reorganization under a new public holding company, also named Permian Resources Corporation, which reduced the noncontrolling interest in its operating subsidiary to approximately 4%. In February 2026 the board declared a base quarterly dividend of $0.16 per share, up from $0.15. For 2026, the company expects a drilling, completion and facilities capital budget of $1.75 billion to $1.95 billion.
Feb 26, 2026
2024
Permian Resources Annual Report, Year Ended Dec 31, 2024
Permian Resources Corporation is an independent oil and natural gas company focused on the acquisition, optimization and development of high-return crude oil and liquids-rich natural gas reserves in the Permian Basin of West Texas and New Mexico. As of December 31, 2024, the company held approximately 450,000 net leasehold acres and total proved reserves of 1,026,957 MBoe, up from 925,098 MBoe a year earlier, with 27% classified as proved undeveloped. Pre-tax PV 10% of proved reserves was $10.83 billion. Net production was 125,730 MBoe for 2024 versus 70,992 MBoe in 2023, and oil and gas sales were $5.00 billion versus $3.12 billion, reflecting the full-year contribution of the Earthstone Merger completed November 1, 2023 and the Bolt-On Acquisition completed September 17, 2024 for $743.5 million in cash. Net income attributable to Class A Common Stock was $984.7 million, or $1.45 diluted EPS, compared with $476.3 million and $1.24 in 2023. Natural gas realized prices were sharply weaker, with the Waha Hub averaging $0.05 per MMBtu in 2024. Operating cash flow was $3.41 billion, and the company funded its $2.1 billion of 2024 development capital entirely from operations. Total long-term debt was $4.2 billion, with $2.5 billion of undrawn revolver capacity at year end. During the third quarter of 2024 the company raised its quarterly base dividend to $0.15 per share from $0.06 and eliminated its formulaic variable return policy, while the board authorized a $1 billion repurchase program. The company guided to a 2025 drilling, completion and facilities capital budget of $1.9 billion to $2.1 billion.
Feb 26, 2025
2023
Permian Resources Annual Report, Year Ended Dec 31, 2023
Permian Resources Corporation is an independent oil and natural gas company focused on the acquisition, optimization and development of high-return crude oil and liquids-rich natural gas reserves, concentrated in the Permian Basin of West Texas and New Mexico. The year 2023 was transformed by the Earthstone Merger, completed November 1, 2023, which added approximately 223,000 net leasehold acres and issued 161.2 million Class A and 49.5 million Class C shares. Year-end proved reserves rose to 925,098 MBoe from 582,146 MBoe in 2022, with 402.7 MMBoe added through purchases of reserves in place, and total oil and gas sales reached $3.12 billion versus $2.13 billion in 2022. Profitability and cash generation improved despite lower realized prices. Net income attributable to Class A Common Stock was $476.3 million, down from $515.0 million in 2022, while net cash provided by operating activities rose to $2.21 billion from $1.37 billion. Average realized oil price fell to $75.84 per Bbl from $88.95, and natural gas to $1.60 per Mcf from $4.86, but production volumes nearly doubled, with average daily net production of 194,499 Boe/d. Depreciation, depletion and amortization rose to $1.01 billion, and merger and integration expense was $125.3 million. Leverage increased materially. Long-term debt, net was $3.85 billion at year end, versus $2.14 billion a year earlier, and the Credit Agreement had no borrowings outstanding with $2.0 billion of available borrowing capacity. The company expects 2024 total drilling, completion and facilities cash capital expenditures of $1.9 billion to $2.1 billion, to be funded from operating cash flow. Shareholder returns include a base quarterly dividend of $0.05 per share, variable dividends totaling $0.17 per share for 2023, and a $500 million repurchase program running through December 31, 2024.
Feb 29, 2024
2022
Permian Resources Annual Report, Year Ended Dec 31, 2022
Permian Resources Corporation (NYSE: PR) reported its 2022 annual results following its September 1, 2022 merger with Colgate Energy Partners III, LLC (Colgate). Oil and gas sales rose to $2,131.3 million in 2022 from $1,029.9 million in 2021, driven by net production of 34,934 MBoe (up 57%) and an average oil price of $88.95 per Bbl. Net income attributable to Class A Common Stock was $515.0 million, or $1.61 per diluted share, compared with $138.2 million in 2021. Total proved reserves rose to 582,146 MBoe at December 31, 2022, from 305,204 MBoe, with 41% classified as proved undeveloped, and the pre-tax PV 10% of proved reserves was $11.7 billion. The Merger added scale and reserves, and Colgate holders received 269.3 million Class C shares and Common Units representing approximately 48% noncontrolling interest in the operating subsidiary, Permian Resources Operating, LLC (OpCo). Total long-term debt, net, was $2,140.8 million at year-end, with $385.0 million borrowed under the credit facility, and the Company reported $1.4 billion of operating cash flow. Capital expenditures for 2023 are budgeted at $1.1 billion to $1.2 billion, to be funded from operating cash flow, and the Company plans a variable return program beginning in the second quarter of 2023 that will distribute at least 50% of free cash flow after the base dividend. Key risks include commodity price volatility, reliance on a small number of purchasers (BP America at 34% of 2022 net revenues), a concentration of all proved reserves in the Delaware Basin, and substantial leverage. Integration of Colgate's controls is ongoing, and management excluded Colgate from its internal control assessment as of December 31, 2022.
Feb 24, 2023
2021
Permian Resources Annual Report, Year Ended Dec 31, 2021
Centennial Resource Development, Inc. is an independent oil and natural gas company focused on crude oil and associated liquids-rich natural gas in the Delaware Basin of the Permian Basin, with approximately 73,675 net acres as of December 31, 2021, 97% of which it operates. Total proved reserves were 305,204 MBoe at year-end 2021 (53% proved developed), up from 298,902 MBoe in 2020, with a standardized measure of discounted future net cash flows of $3.40 billion and pre-tax PV 10% of $3.88 billion. Net production was 22,243 MBoe in 2021 versus 24,581 MBoe in 2020, while oil and gas sales rose to $1.03 billion from $580.5 million, driven by higher realized prices. Net income attributable to Class A Common Stock was $138.2 million, compared with a net loss of $682.8 million in 2020, which included a $591.8 million proved property impairment. The company funded its 2021 capital expenditures entirely from operating cash flow, generating $525.6 million of operating cash flow, and reduced its credit facility borrowings to $25.0 million at year-end. Long-term debt, net, was $825.6 million. Subsequent to year-end, in February 2022, the company closed a new five-year revolving credit facility with $750 million of elected commitments and a $1.15 billion borrowing base, and its board authorized a stock repurchase program of up to $350 million running through April 1, 2024. The 2022 capital budget is projected at $365 million to $425 million, to be funded from cash flows from operations. Key risks disclosed include commodity price volatility, the concentration of all proved reserves in the Delaware Basin, a high proportion of proved undeveloped reserves (47%), significant customer concentration (BP America accounted for 50% of 2021 net revenues), and a pending lawsuit from a transportation provider related to Winter Storm Uri with a reasonably possible loss range of zero to $7.6 million. Riverstone beneficially owns approximately 31% of voting common stock.
Feb 24, 2022
2020
Permian Resources Annual Report, Year Ended Dec 31, 2020
Centennial Resource Development, Inc. is an independent oil and natural gas company focused on unconventional oil and liquids-rich natural gas in the Delaware Basin of the Permian Basin, with 81,657 net acres as of December 31, 2020, 97% of which it operates. The 2020 results were dominated by the COVID-19 demand shock and the Saudi-Russia price war. Oil and gas sales fell to $580.5 million from $944.3 million in 2019, a decrease of $363.9 million, or 39%. The company recognized a $591.8 million non-cash impairment of proved properties in the first quarter, bringing total impairment and abandonment expense to $691.2 million. As a result, net loss attributable to Class A Common Stock was $682.8 million, or $(2.46) per share, compared with net income of $15.8 million in 2019. The company suspended drilling at the end of the first quarter of 2020 and ran no rigs from April until late September, then ended the year with two rigs in operation. Net production declined 11% to 24,581 MBoe, and proved reserves were 298,902 MBoe at year-end, roughly flat with 301,139 MBoe in 2019. Proved undeveloped reserves made up 50% of total proved reserves. Pre-tax PV 10% fell to $1,189.1 million from $2,197.9 million. Cash provided by operating activities was $171.4 million, down from $564.2 million, and total 2020 capital expenditures were $254.8 million. Liquidity rests on the revolving credit facility, which had a $700.0 million borrowing base and elected commitments, $330.0 million drawn, and $333.9 million of available capacity at year-end. In May 2020 the company completed a debt exchange that produced a $143.4 million gain and issued $127.1 million of 8.00% second lien senior secured notes due 2025. Management expects its 2021 capital budget of $260 million to $310 million to be funded entirely from operating cash flow at current commodity prices. The company has no plans to pay dividends.
Feb 24, 2021
2019
Permian Resources Annual Report, Year Ended Dec 31, 2019
Centennial Resource Development, Inc. is an independent oil and natural gas company focused on unconventional oil and liquids-rich natural gas in the Delaware Basin, a sub-basin of the Permian Basin, primarily in West Texas and New Mexico. In 2019 the company produced 27,766 MBoe (76,072 Boe/d), up 25% from 22,295 MBoe in 2018, and reported oil and gas sales of $944.3 million, up 6% from $891.0 million. Net income attributable to Class A Common Stock fell to $15.8 million from $199.9 million in 2018, as higher lease operating expenses, DD&A of $444.2 million, and $47.2 million of impairment and abandonment expense offset higher volumes. Average realized prices declined, with oil at $52.02 per Bbl (down 7%), natural gas at $1.07 per Mcf (down 46%) and NGLs at $17.03 per Bbl (down 38%). Proved reserves rose to 301,139 MBoe at December 31, 2019, from 261,826 MBoe a year earlier, with proved undeveloped reserves at 51% of the total. Capital expenditures were $891.8 million in 2019, and the 2020 capex budget is $590 million to $690 million. Cash from operations was $564.2 million, and long-term debt, net, was $1,057.4 million at year-end, including $500.0 million of 6.875% Senior Notes due 2027 issued in March 2019. On February 24, 2020, the company agreed to sell its water disposal assets for a base price of about $150 million in cash, with up to an additional $75 million in deferred payments.
Feb 24, 2020
2018
Permian Resources Annual Report, Year Ended Dec 31, 2018
Centennial Resource Development, Inc. is an independent oil and natural gas company focused on unconventional oil and liquids-rich natural gas in the Permian Basin, with all assets concentrated in the Delaware Basin (primarily Reeves County, Texas and Lea County, New Mexico). As of December 31, 2018, the company held approximately 80,223 net acres and operated 263 gross producing horizontal wells, running seven rigs during 2018. Total proved reserves were 261,826 MBoe, of which 56% were proved undeveloped, and the pre-tax PV 10% value was $2.98 billion. Net production rose to 22,295 MBoe in 2018 from 11,630 MBoe in 2017, and oil and gas sales increased to $891.0 million from $429.9 million. Financially, net income attributable to common shareholders was $199.9 million in 2018 versus $75.6 million in 2017, and operating cash flow was $670.0 million. Capital expenditures totaled $997.2 million in 2018, and the 2019 capital budget is set at $765 million to $925 million. Long-term debt, net, was $691.6 million at year end, comprising $300.0 million drawn on the revolving credit facility and $400.0 million of 5.375% senior notes due 2026, with $499.2 million of available borrowing capacity. The company notes that Permian takeaway constraints widened differentials in 2018, which reduced realized natural gas prices by 28%. Investors should weigh the strong production and revenue growth against heavy reliance on a single basin, a high proportion of undeveloped reserves, pipeline-driven price differentials, and a concentrated shareholder base in which Riverstone and its affiliates held approximately 28% of voting common stock.
Feb 25, 2019
2017
Permian Resources Annual Report, Year Ended Dec 31, 2017
Centennial Resource Development, Inc. (now Permian Resources Corporation) reported that for the year ended December 31, 2017 it generated total net revenues of $429.9 million, up from a combined $98.8 million in 2016, with net income attributable to common shareholders of $75.6 million. The company is an independent oil and gas producer focused on the Delaware Basin in the Permian Basin, with 181 producing horizontal wells, approximately 84,718 net acres, and total proved reserves of 186,454 MBoe at December 31, 2017, of which 60% were proved undeveloped. Pre-tax PV 10% of proved reserves was $1,748.1 million, and the standardized measure of discounted future net cash flows was $1,503.3 million. Total 2017 capital expenditures were $696.4 million, including $624.1 million for drilling and completion. The company's 2018 capital budget is $885 million to $1,050 million, funded by operating cash flow and borrowings. Operating cash flow was $259.9 million in 2017. Long-term debt was $390.8 million, consisting of $400.0 million of 5.375% senior notes due 2026, and $474.1 million of availability remained under CRP's revolving credit facility at year end. The company acquired GMT Exploration properties for $350.0 million in June 2017 and agreed to sell 8,600 undeveloped net acres and 12 gross producing wells in Reeves County for $140.7 million, expected to close March 1, 2018. The company reported that it does not pay dividends and intends to retain earnings. Its largest purchasers were Shell Trading (US) Company at 33%, BP America at 16%, and Eagleclaw Midstream Ventures at 14% of 2017 revenue.
Feb 26, 2018
2016
Permian Resources Annual Report, Year Ended Dec 31, 2016
Centennial Resource Development, Inc. completed its Business Combination with Centennial Resource Production, LLC (CRP) on October 11, 2016, acquiring approximately 89% of CRP's membership interests, and its only significant asset is an approximate 92% membership interest in CRP following the December 28, 2016 Silverback Acquisition. The company is an independent oil and natural gas company focused on unconventional oil and liquids-rich natural gas in the Delaware Basin of the Permian Basin in Reeves, Ward and Pecos counties, Texas. As of December 31, 2016, it had 106 operated producing horizontal wells, approximately 76,067 net acres, and total proved reserves of 82,959 MBoe, of which 70% were proved undeveloped, with a PV-10 of $427.5 million. The Silverback Acquisition, closed December 28, 2016 for a cash purchase price of approximately $855.0 million, added 31 operated producing horizontal wells and approximately 35,500 net acres, funded by private placements with gross proceeds of approximately $910.0 million. Results are split into a Successor period (October 11 through December 31, 2016) showing a net loss attributable to the company of $8.1 million on total revenues of $29.7 million, and a Predecessor period (January 1 through October 10, 2016) showing a net loss of $218.7 million that includes $165.4 million of incentive unit compensation. Year-end 2016 cash was $134.1 million, with no borrowings under the revolving credit facility and a borrowing base of $250.0 million. The company disclosed that its 2017 capital expenditure program is guided at $500 million to $585 million, and it announced a redemption of its Public Warrants on March 31, 2017. Riverstone and its affiliates own approximately 44.0% of voting common stock, rising to approximately 49.96% upon conversion of the Series B Preferred Stock, which requires stockholder approval. The company stated it no longer qualifies as a controlled company under NASDAQ rules.
Mar 23, 2017