01—Abstract
Summary
Summary of the 10-Q filed November 6, 2025. Cited figures are marked; the original filing is the authoritative source.
Permian Resources Corporation's Form 10-Q for the quarter ended September 30, 2025 shows oil and gas sales of $1,321.8 milliona for the three months ended September 30, 2025, up from $1,215.6 million a year earlier, and net income of $81.5 million versus $456.5 million, reflecting a $264.3 million loss on extinguishment of debt tied to the redemption of its 3.25% Convertible Senior Notes.
For the nine months, net cash provided by operating activities was $2.70 billionb, and drilling and development capital expenditures were $1.49 billion, with $830.3 million spent on acquisitions of oil and natural gas properties. The company reported net production of 389,653 Boe/d for the nine months ended September 30, 2025, up from 335,166 Boe/d a year earlier. Average realized oil price fell to $65.93 per Bbl for the nine months from $76.80, while the average realized natural gas price rose to $0.78 per Mcf from a negative $0.13.
At September 30, 2025, the company had no borrowings under its $4.0 billionc borrowing base credit facility, $2.5 billion of available borrowing capacity, and $3.54 billion of senior notes, net. Dividends and distributions paid totaled $366.8 million for the nine months, and $73.7 million was spent on share repurchases. Subsequent to quarter end, the company amended its Credit Agreement in connection with the October 24, 2025 fall borrowing base redetermination, reaffirming the borrowing base at $4.0 billion and elected commitments at $2.5 billion, and declared a quarterly base dividend of $0.15 per share of Class A Common Stock on November 5, 2025.
02—Key points
Key Highlights
- Oil and gas sales were $1.32 billion for the third quarter of 2025, up 9% from $1.22 billion in the same 2024 period, while net income fell to $81.5 million from $456.5 million.
- A $264.3 million loss on extinguishment of debt in the third quarter was primarily related to the redemption of the Convertible Senior Notes, which were settled mainly by issuing 30.6 million shares of Class A Common Stock.
- Net production for the nine months ended September 30, 2025 was 389,653 Boe/d, up 16% from 335,166 Boe/d in the prior-year period.
- Net cash provided by operating activities was $2.70 billion for the nine months, compared with $2.54 billion in 2024, funding $1.49 billion of drilling and development capital expenditures.
- As of September 30, 2025, the company had no credit facility borrowings, $2.5 billion of available borrowing capacity, and $3.54 billion of senior notes, net, outstanding.
- The company acquired approximately 13,000 net leasehold acres from Apache Corporation on June 16, 2025 for an unadjusted purchase price of $608 million.
- The Board declared a quarterly base dividend of $0.15 per Class A share on November 5, 2025, payable December 31, 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 6, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $1.32B$1.22B | +8.7% |
| Operating Expenses | $930.85M$820.75M | +13.4% |
| Operating Income | $390.94M$395.15M | −1.1% |
| Net Income | $59.23M$386.38M | −84.7% |
| EPS (Basic) | $0.08$0.56 | −85.7% |
| EPS (Diluted) | $0.08$0.53 | −84.9% |
| Shares Outstanding (Basic) | 712.28M693.69M | +2.7% |
| Shares Outstanding (Diluted) | 727.69M736.24M | −1.2% |
05—Questions
Frequently Asked Questions
Why did net income decline so sharply in the third quarter of 2025?
Net income was $81.5 million for the three months ended September 30, 2025, compared with $456.5 million a year earlier. The filing attributes the main drag to a $264.3 million loss on extinguishment of debt tied to the Convertible Senior Notes redemption, and income tax expense of $87.4 million, which the filing says was increased by the tax impact of that redemption. Net gain on derivative instruments was $105.7 million, down from $238.5 million.
How did commodity prices affect results?
For the nine months ended September 30, 2025, the average realized oil price was $65.93 per Bbl, down 14% from $76.80, mainly due to lower NYMEX crude prices. The average realized natural gas price was $0.78 per Mcf, compared with a negative $0.13 per Mcf in 2024, reflecting higher regional and national index gas prices. The filing notes that Waha Hub gas prices were depressed by pipeline constraints.
What is the company's liquidity position?
As of September 30, 2025, the company had cash and cash equivalents of $111.8 million, no borrowings under its Credit Agreement, and $2.5 billion of available borrowing capacity net of $2.5 million in letters of credit. The Credit Agreement has a $4.0 billion borrowing base and $2.5 billion in elected commitments, maturing in February 2028. The filing states the company expects to fund its remaining 2025 capital expenditures from operating cash flows.
How is the company returning capital to shareholders?
During the nine months ended September 30, 2025, the company declared and paid base dividends totaling $0.45 per Class A share, and cash dividends and distributions to common unitholders totaled $366.8 million. It also repurchased 4.4 million Class A shares and 2.0 million Class C shares for a total of $73.7 million under its $1 billion repurchase program. The company also declared a $0.15 base dividend on November 5, 2025.
What debt changes occurred during 2025?
The company redeemed all $170 million of its 3.25% Convertible Senior Notes due 2028 in September 2025, mainly by issuing 30.6 million Class A shares. It also redeemed all remaining 5.375% Senior Notes due 2026 for $286.7 million in principal plus accrued interest, and redeemed $175 million of its 9.875% Senior Notes due 2031 in January 2025. Total long-term debt, net, decreased to $3.54 billion at September 30, 2025 from $4.18 billion at December 31, 2024.
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