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Permian Resources 8-K Report, Financial Results (Feb 25, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 25, 2025
Period End
February 25, 2025
Security
PR
In the record · 2016–202610-K1010-Q328-K167

PR filed 10 annual reports (10-K), 32 quarterly reports (10-Q) and 167 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’18May ’18
  2. Material agreement8-K · May ’20May ’20
  3. Deal closed8-K · Sep ’22Sep ’22
  4. Leadership change8-K · May ’26May ’26

01—Abstract

Summary

Summary of the 8-K filed February 25, 2025. Cited figures are marked; the original filing is the authoritative source.

Permian Resources Corporation reported fourth-quarter and full-year 2024 results on February 25, 2025, and issued full-year 2025 guidance, as furnished in Exhibit 99.1.

For Q4 2024, the company reported total production of 368.4 MBoe/d, cash capital expenditures of $504 milliona, cash provided by operating activities of $872 million, and adjusted free cash flow of $400 million. Full-year 2024 production averaged 343.5 MBoe/d, cash provided by operating activities was $3.4 billion, and adjusted free cash flow was $1.4 billion. Year-end 2024 total proved reserves were 1,027 MMBoe, up from 925 MMBoe at prior year-end.

Leverage was 0.95x net debt-to-LQA EBITDAX, and total liquidity was $3.0 billionb. For 2025, the company guided to oil and total production of 170 to 175 MBbls/d and 360 to 380 MBoe/d, respectively, with a total cash capital expenditure budget of $1.9 to $2.1 billion and total controllable cash costs of $7.25 to $8.25 per Boe. The company also declared a first-quarter 2025 base dividend of $0.15 per share, or $0.60 annualized, which the release says represents a 4.3% yield.

Management emphasized maximizing free cash flow and capital efficiency, with the release noting a D&C cost reduction of approximately 8% per foot compared to 2024. Subsequent events disclosed include the closing of the Reeves County gathering systems divestiture for $180 millionc gross proceeds in the first quarter of 2025, and a partial redemption of $175 million of 9.875% Senior Notes due 2031 using cash on hand. The company expects to file its Form 10-K for 2024 on February 26, 2025.

02—Key points

Key Highlights

  1. Q4 2024 total production averaged 368.4 MBoe/d, and full-year 2024 production averaged 343.5 MBoe/d, with full-year production up 77% over the prior year.
  2. Full-year 2024 cash provided by operating activities was $3.4 billion and adjusted free cash flow was $1.4 billion, versus $721.7 million of adjusted free cash flow in 2023.
  3. 2025 guidance calls for 360 to 380 MBoe/d of total production, approximately 8% higher than 2024, on a cash capex budget of $1.9 to $2.1 billion, roughly unchanged from 2024.
  4. Total controllable cash costs are guided to $7.25 to $8.25 per Boe for 2025, with the midpoint about $0.10 per Boe lower than 2024.
  5. Year-end 2024 total proved reserves rose to 1,027 MMBoe from 925 MMBoe, with 73% classified as proved developed.
  6. The base quarterly dividend increased to $0.15 per share from $0.05 during 2024, and the first-quarter 2025 dividend of $0.15 was declared.
  7. Balance sheet remains low-levered at 0.95x net debt-to-LQA EBITDAX, with $479 million of cash and $3.0 billion of total liquidity at December 31, 2024.

03—Questions

Frequently Asked Questions

  1. How much did Permian Resources produce and generate in cash flow in 2024?

    Full-year 2024 total production averaged 343.5 MBoe/d, with oil at 159.2 MBbls/d. The company generated $3.4 billion of cash provided by operating activities and $1.4 billion of adjusted free cash flow for the year.

  2. What are the company's 2025 production and capital guidance?

    The company guided to total production of 360 to 380 MBoe/d and oil production of 170 to 175 MBbls/d for 2025. The total cash capital expenditure budget is $1.9 to $2.1 billion, with approximately 80% allocated to drilling and completions.

  3. What is the dividend and how does it compare to prior levels?

    The Board declared a first-quarter 2025 base dividend of $0.15 per share of Class A common stock, payable March 31, 2025 to holders of record on March 17, 2025. The release states this equals $0.60 annualized and a 4.3% yield as of February 24, 2025. The quarterly base dividend was $0.05 before the 2024 increase.

  4. What significant events occurred after year-end 2024?

    During the first quarter of 2025, the company closed the divestiture of its oil and gas gathering systems in Reeves County, Texas for $180 million gross proceeds. It also used cash on hand to partially redeem $175 million of its 9.875% Senior Notes due 2031.

  5. How did proved reserves and leverage change?

    Year-end 2024 total proved reserves were 1,027 MMBoe, compared with 925 MMBoe at prior year-end, with reserves consisting of 45% oil, 30% natural gas and 25% natural gas liquids. Net debt-to-LQA EBITDAX was 0.95x at December 31, 2024, and the revolving credit facility was undrawn at year-end.

04—Continue

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