01—Abstract
Summary
Summary of the 10-Q filed August 6, 2026. Cited figures are marked; the original filing is the authoritative source.
Permian Resources Corporation's 10-Q for the quarter ended June 30, 2026 shows strong top-line growth.
Oil and gas sales were $1.86 billiona for the three months ended June 30, 2026, up 55% from $1.20 billion a year earlier, driven mainly by an oil realized price of $97.81 per Bbl (up 56%) and 12% higher oil production. Net income was $792.5 million for the quarter versus $245.0 million, and diluted EPS was $0.93 versus $0.28. For the six months, net income was $842.9 million and net cash provided by operating activities was $2.32 billion.
Realized natural gas prices were negative, at negative $2.40b per Mcf for the quarter, reflecting negative regional Waha pricing, which the company says it partly offset through purchased gas sales and curtailments. The balance sheet and capital structure changed significantly. The company completed a corporate reorganization on January 7, 2026, and by March 31, 2026 the noncontrolling interest was fully eliminated.
Long-term debt, net, fell to $2.99 billionc from $3.55 billion at year-end 2025, after the redemption of $550.0 million of 8.00% senior notes due 2027 in April 2026. The company entered a new $3.0 billion senior unsecured revolving credit facility maturing April 30, 2031, with no borrowings outstanding at June 30, 2026. The filing states that the company achieved investment grade ratings from S&P, Moody's and Fitch.
Cash dividends were $0.16d per share for the quarter, totaling $269.1 million for the six months. Subsequent events include the July 15, 2026 redemption of the 9.875% senior notes due 2031 at 104.938% of their $325.0 million principal, and the July 31, 2026 acquisition of approximately 20,500 net leasehold acres in Ward County, Texas, for an unadjusted base purchase price of $520.0 million, funded with cash on hand and Credit Agreement borrowings.
02—Key points
Key Highlights
- Oil and gas sales rose to $1,858.0 million in Q2 2026 from $1,197.6 million in Q2 2025, a 55% increase, with average realized oil price of $97.81 per Bbl compared with $62.71.
- Natural gas realized prices were negative at $(2.40) per Mcf in Q2 2026, versus $0.50 per Mcf a year earlier, due to negative Waha regional pricing; the Waha hub averaged negative $3.14 per Mcf in the quarter.
- Net income for Q2 2026 was $792.5 million (diluted EPS $0.93), compared with $245.0 million (diluted EPS $0.28) in Q2 2025, helped by a $139.1 million net gain on derivative instruments.
- Long-term debt, net, decreased to $2,993.1 million at June 30, 2026, from $3,545.6 million at December 31, 2025, following the April 2026 redemption of $550.0 million of 8.00% senior notes due 2027.
- A new $3.0 billion senior unsecured revolving credit facility maturing April 30, 2031 was entered into with no borrowings outstanding as of June 30, 2026, and the company reports investment grade ratings from S&P, Moody's and Fitch.
- Cash provided by operating activities was $2,320.8 million for the six months ended June 30, 2026, versus $1,936.7 million a year earlier, and dividends paid were $269.1 million.
- Subsequent to quarter end, the company acquired about 20,500 net leasehold acres in Ward County, Texas for an unadjusted base price of $520.0 million on July 31, 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 6, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $1.86B$1.20B | +55.1% |
| Operating Expenses | $929.86M$900.11M | +3.3% |
| Operating Income | $928.18M$297.49M | +212.0% |
| Net Income | $792.46M$207.14M | +282.6% |
| EPS (Basic) | $0.95$0.30 | +216.7% |
| EPS (Diluted) | $0.93$0.28 | +232.1% |
| Shares Outstanding (Basic) | 837.37M701.35M | +19.4% |
| Shares Outstanding (Diluted) | 855.24M746.02M | +14.6% |
05—Questions
Frequently Asked Questions
How did Permian Resources' revenue and earnings change in the second quarter of 2026?
Oil and gas sales were $1,858.0 million for the three months ended June 30, 2026, up from $1,197.6 million a year earlier, and net income attributable to Class A Common Stock was $792.5 million versus $207.1 million. The increase was driven mainly by higher oil prices and production, partly offset by negative natural gas realizations. Net income also benefited from a $139.1 million net gain on derivative instruments in the quarter.
Why were natural gas realized prices negative?
The filing attributes negative realized natural gas prices to low demand from pipeline capacity constraints out of the Permian Basin, pipeline maintenance and higher production levels, which led to negative regional prices at the Waha Hub. Waha natural gas averaged negative $3.14 per Mcf in the second quarter of 2026 and traded as low as negative $9.52 per Mcf on April 16, 2026. The company says purchased gas sales of $33.3 million in the quarter and curtailments of higher gas-to-oil wells partly mitigated the effect.
What changed in the company's capital structure and debt?
The company completed a corporate reorganization on January 7, 2026, after which its noncontrolling interest was fully eliminated as of March 31, 2026. It redeemed $550.0 million of 8.00% senior notes due 2027 in April 2026 and entered a new $3.0 billion unsecured revolving credit facility maturing April 30, 2031, with no borrowings outstanding at June 30, 2026. Total long-term debt, net, was $2,993.1 million at June 30, 2026. Subsequently, on July 15, 2026, it redeemed the 9.875% senior notes due 2031 at 104.938% of the $325.0 million principal.
What is the company's shareholder return policy in this period?
The company declared and paid quarterly base dividends of $0.16 per Class A share in each quarter of 2026, totaling $0.32 per share for the six months ended June 30, 2026, or $269.1 million in cash dividends. The filing states it plans to return capital primarily through its base dividend with opportunistic share repurchases. No shares were repurchased in the open market during the three months ended June 30, 2026, and the board's $1 billion repurchase program remains in place.
What acquisitions did the company complete, and how are they being funded?
During the six months ended June 30, 2026, the company completed multiple bolt-on acquisitions for a cumulative adjusted purchase price of approximately $482.3 million. On July 31, 2026, it completed the Ward County Bolt-On Acquisition of about 20,500 net leasehold acres and 950 net royalty acres for an unadjusted base purchase price of $520.0 million, funded with cash on hand and borrowings under the Credit Agreement. The company said it expects to fund the remainder of its 2026 capital budget entirely from operating cash flows.
06—Continue