01—Abstract
Summary
Summary of the 10-Q filed May 8, 2025. Cited figures are marked; the original filing is the authoritative source.
Permian Resources Corporation reported first-quarter 2025 net income of $390.6 milliona, up from $229.6 million in the first quarter of 2024, and net income attributable to Class A Common Stock of $329.3 million versus $146.6 million.
Oil and gas sales rose to $1.38 billionb from $1.24 billion, with total production of 33,589 MBoe (373,209 Boe/d). Average oil price fell to $70.48 per Bbl from $76.13, while the average natural gas price rose to $1.35 per Mcf from $0.75. Net cash provided by operating activities was $898.0 million, compared with $647.6 million a year earlier, and the company funded its first-quarter development capital spending of $500.7 million entirely from operating cash flow.
The balance sheet shows cash of $702.2 millionc at March 31, 2025, and total debt, net, of $4.0 billion. The company redeemed $175 million of its 2031 Senior Notes in January 2025 at 109.875% of principal, and it had no borrowings under its $2.5 billion elected-commitment revolving credit facility. Dividends paid in the quarter totaled $106.1 million, and the base dividend was $0.15 per share.
Subsequent events include an agreement announced in May 2025 to acquire oil and gas properties from Apache Corporation for $608 milliond, expected to close in the second quarter of 2025 and to be funded with cash on hand. The company also reaffirmed its $4.0 billion borrowing base and $2.5 billion in elected commitments in the spring 2025 redetermination, and it repurchased 4.1 million Class A shares for $43.3 million in April 2025.
02—Key points
Key Highlights
- Net income rose to $390.6 million in Q1 2025 from $229.6 million in Q1 2024; net income attributable to Class A Common Stock was $329.3 million versus $146.6 million.
- Oil and gas sales increased to $1,376.5 million from $1,243.0 million, driven by a 16% rise in total production to 33,589 MBoe.
- Average realized oil price declined 7% to $70.48 per Bbl, while average natural gas price rose 80% to $1.35 per Mcf.
- Net cash provided by operating activities was $898.0 million, up from $647.6 million, and the company funded all $500.7 million of Q1 drilling and development capital expenditures from operating cash flow.
- Total debt, net, was $4.0 billion at March 31, 2025, after an early redemption of $175 million of 2031 Senior Notes at 109.875% of principal; the $2.5 billion revolving credit facility was undrawn.
- The company agreed in May 2025 to acquire oil and gas properties from Apache Corporation for $608 million, expected to close in Q2 2025 with cash on hand.
- Q1 2025 dividends and distributions totaled $121.0 million, with a base dividend of $0.15 per share declared for the next payment.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2025filed May 8, 2025Financial Statements
Q1 FY2025 against Q1 FY2024
| Line item | Q1 FY2025Q1 FY2024 | Change |
|---|---|---|
| Revenue | $1.38B$1.24B | +10.7% |
| Operating Expenses | $871.99M$774.08M | +12.6% |
| Operating Income | $504.46M$469.04M | +7.6% |
| Net Income | $329.30M$146.57M | +124.7% |
| EPS (Basic) | $0.47$0.27 | +74.1% |
| EPS (Diluted) | $0.44$0.25 | +76.0% |
| Shares Outstanding (Basic) | 704.03M552.47M | +27.4% |
| Shares Outstanding (Diluted) | 748.20M595.35M | +25.7% |
05—Questions
Frequently Asked Questions
How did Permian Resources' profitability change in the first quarter of 2025?
Net income was $390.6 million, compared with $229.6 million in the first quarter of 2024. Income from operations rose to $504.5 million from $469.0 million, and a $57.7 million net gain on derivative instruments contrasted with a $121.1 million loss a year earlier.
What drove the increase in revenue?
Oil and gas sales rose 11% to $1,376.5 million. Net oil, natural gas and NGL production each increased (14%, 17% and 17%, respectively), which more than offset a 7% decline in the average realized oil price. Natural gas prices rose 80% to $1.35 per Mcf.
How is the company's debt position and liquidity?
Total debt, net, was $4.0 billion at March 31, 2025, down from $4.18 billion at December 31, 2024, after the $175 million redemption of 2031 Senior Notes. The company had $702.2 million of cash and $2.5 billion of available borrowing capacity under its revolving credit facility, and it was in compliance with its covenants.
What are the company's capital return plans?
The company paid a base dividend of $0.15 per Class A share in the quarter and declared the same base dividend in May 2025, payable June 30, 2025. Its $1 billion repurchase program was used for $43.3 million of Class A share repurchases in April 2025, at a weighted average price of $10.52 per share.
What is the company's 2025 capital expenditure outlook?
The company expects total drilling, completion and facilities capital expenditures for 2025 of between $1.9 billion and $2.0 billion. It expects to fund the remainder of that budget entirely from cash flows from operations.
06—Continue