01—Abstract
Summary
Summary of the 10-Q filed August 7, 2025. Cited figures are marked; the original filing is the authoritative source.
Permian Resources Corporation reported second-quarter 2025 oil and gas sales of $1.20 billiona, compared with $1.25 billion in the second quarter of 2024, a decrease the filing describes as 4%.
Net income was $245.0 millionb for the quarter, with $207.1 million attributable to Class A Common Stock, and diluted earnings per share were $0.28, versus $0.36 a year earlier. Net production rose 14% year over year to 385,118 Boe/d, offsetting a 22% decline in the average realized oil price to $62.71 per Bbl. Net gains on derivative instruments of $73.0 million also supported quarterly results.
For the first six months of 2025, net cash provided by operating activities was $1.94 billionc, up $350.7 million from the prior-year period. The company funded $1.0 billion of drilling and development capital expenditures and $650.3 million of acquisitions, paid $241.6 million in dividends and distributions, and repurchased $43.3 million of Class A stock. The largest transaction in the period was the June 16, 2025 acquisition of approximately 13,000 net leasehold acres from Apache Corporation for an unadjusted purchase price of $608 million.
The company had no borrowings under its $4.0 billiond borrowing base credit agreement, with $2.5 billion of available capacity, and total debt of $4.0 billion. Management expects 2025 drilling, completion and facilities capital expenditures of $1.92 billion to $2.02 billion, to be funded from operating cash flow. After the period end, the One Big Beautiful Bill Act was signed into law on July 4, 2025.
The company does not expect it to have a material impact on 2025 results of operations and cash flows. On August 6, 2025, the board declared a quarterly base dividend of $0.15 per share of Class A Common Stock, payable September 30, 2025.
02—Key points
Key Highlights
- Q2 2025 oil and gas sales were $1,197.6 million, down from $1,246.1 million in Q2 2024, a decrease the filing states as 4%.
- Q2 2025 net income was $245.0 million; net income attributable to Class A Common Stock was $207.1 million, and diluted EPS was $0.28 versus $0.36 a year earlier.
- Net production increased 14% year over year to 385,118 Boe/d, while the average realized oil price fell 22% to $62.71 per Bbl.
- Six-month operating cash flow was $1.94 billion, up $350.7 million from the prior-year period, and was used to fund $1.0 billion of drilling and development capital expenditures.
- The June 2025 Apache acquisition of approximately 13,000 net leasehold acres closed for an unadjusted purchase price of $608 million.
- At June 30, 2025, the company had no borrowings under its credit agreement, $2.5 billion of available borrowing capacity and $4.0 billion of total debt.
- 2025 drilling, completion and facilities capital expenditures are expected to be $1.92 billion to $2.02 billion, funded from cash flows from operations; a $0.15 base dividend was declared on August 6, 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed August 7, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $1.20B$1.25B | −3.9% |
| Operating Expenses | $900.11M$790.95M | +13.8% |
| Operating Income | $297.49M$455.14M | −34.6% |
| Net Income | $207.14M$235.10M | −11.9% |
| EPS (Basic) | $0.30$0.38 | −21.1% |
| EPS (Diluted) | $0.28$0.36 | −22.2% |
| Shares Outstanding (Basic) | 701.35M612.25M | +14.6% |
| Shares Outstanding (Diluted) | 746.02M656.37M | +13.7% |
05—Questions
Frequently Asked Questions
How did Permian Resources' profitability trend in the second quarter of 2025?
Net income for the quarter was $245.0 million, compared with $308.9 million in the second quarter of 2024. Net income attributable to Class A Common Stock was $207.1 million, versus $235.1 million a year earlier, and diluted EPS was $0.28 compared with $0.36. Lower oil prices and higher operating costs, including lease operating expenses of $188.0 million, were partly offset by higher production and a $73.0 million net gain on derivative instruments.
What drove the decline in oil and gas revenue despite higher production?
The filing attributes the drop mainly to lower realized oil prices. The average oil price fell 22% to $62.71 per Bbl, mainly due to lower NYMEX crude prices, and NGL prices fell 12%. Oil sales declined to $1,007.5 million from $1,114.3 million, even though oil production rose 15%. Higher natural gas sales, which increased to $30.2 million from a negative $23.0 million, partly offset the decline.
How is the company funding its capital program and shareholder returns?
For the six months ended June 30, 2025, the company funded its capital expenditures entirely from operating cash flow, which totaled $1.94 billion. It paid $241.6 million in dividends and distributions, redeemed $177.7 million of senior notes, and repurchased $43.3 million of Class A stock. Management expects to fund the rest of 2025 capital spending from operating cash flow and considers current hedge positions when planning.
What is the company's debt and liquidity position?
Total debt was $4.0 billion at June 30, 2025, including $286.1 million classified as current. The secured revolving credit facility had a $4.0 billion borrowing base and $2.5 billion of elected commitments, with no borrowings outstanding and $2.5 billion available, net of $2.5 million in letters of credit. The company was in compliance with its covenants. Convertible Senior Notes due 2028 became convertible by noteholders during the third quarter of 2025.
What significant events occurred after the quarter ended?
The One Big Beautiful Bill Act was signed into law on July 4, 2025. The company is evaluating its effects but does not expect a material impact on 2025 results of operations and cash flows. On August 6, 2025, the board declared a quarterly base dividend of $0.15 per Class A share, payable September 30, 2025, to holders of record as of September 16, 2025.
06—Continue