01—Abstract
Summary
Summary of the 8-K filed August 6, 2025. Cited figures are marked; the original filing is the authoritative source.
Permian Resources Corporation reported second quarter 2025 results on August 6, 2025, furnished as Exhibit 99.1 press release, alongside increased full-year 2025 guidance.
Average total production was 385,118 Boe/d, including 176,533 Bbls/d of oil, and the company reported net cash provided by operating activities of $1.0 billiona, adjusted operating cash flow of $817 million, and adjusted free cash flow of $312 million. Oil and gas sales were $1,197,596 thousand for the quarter, and net income attributable to Class A Common Stock was $207,137 thousand, or $0.28 diluted income per share. The company closed the APA New Mexico bolt-on acquisition on June 16, adding about 13,000 net acres, and ended the quarter with $451 million of cash, no revolver borrowings, and total liquidity of approximately $3 billion.
Net debt-to-LQA EBITDAX was 1.0x, and the company expects year-end 2025 net debt-to-EBITDAX of approximately 0.8x assuming $60b per barrel WTI for the remainder of the year. Fitch assigned an inaugural investment grade rating of BBB- with a stable outlook after quarter-end.
Management raised its 2025 oil production midpoint to 178.5 MBbls/d and total production midpoint to 385.0 MBoe/d, and adjusted cash capital expenditures to $1,920 to $2,020 millionc. Current income tax estimates were lowered following the One Big Beautiful Bill Act, and the company declared a third quarter base dividend of $0.15 per share while repurchasing 4.1 million shares for $43 million at $10.52 per share.
02—Key points
Key Highlights
- Q2 2025 average total production of 385,118 Boe/d, including 176,533 Bbls/d of oil and 664,686 Mcf/d of natural gas
- Net cash provided by operating activities of $1.0 billion; adjusted free cash flow of $312 million for the quarter
- Closed the APA New Mexico bolt-on on June 16, adding about 13,000 net acres offset to core New Mexico operating areas
- Cash on hand of $451 million, no revolver borrowings, total liquidity of approximately $3 billion, and net debt-to-LQA EBITDAX of 1.0x
- Raised 2025 total production guidance midpoint to 385.0 MBoe/d and oil midpoint to 178.5 MBbls/d; cash capex range set at $1,920 to $2,020 million
- Lowered 2025 current income tax estimate to less than $5 million following the One Big Beautiful Bill Act
- Declared $0.15 per share third quarter base dividend; repurchased $43 million of stock at $10.52 per share in the quarter
03—Questions
Frequently Asked Questions
How did Permian Resources perform in the second quarter of 2025?
The company reported average total production of 385,118 Boe/d, oil and gas sales of $1,197,596 thousand, and net income attributable to Class A Common Stock of $207,137 thousand. Net cash provided by operating activities was $1.0 billion, and adjusted free cash flow was $312 million.
What is the company's balance sheet and liquidity position?
At June 30, 2025, cash and cash equivalents were $451 million with no amounts drawn on the revolving credit facility and total liquidity of approximately $3 billion. Net debt-to-LQA EBITDAX was 1.0x, and the company expects approximately 0.8x at year-end 2025 assuming $60 per barrel WTI for the remainder of the year.
What changed in full-year 2025 guidance?
The midpoint of oil production guidance increased by 6.0 MBbls/d to 178.5 MBbls/d and total production guidance increased by 15.0 MBoe/d to 385.0 MBoe/d. Cash capital expenditures were adjusted to $1,920 to $2,020 million, including $20 million of incremental capex associated with the APA bolt-on.
What hedging actions did the company take?
For the second half of 2025, the company added 12,000 Bbls/d of oil swaps at a weighted average fixed price of $70.18 per barrel, bringing approximately 32% of expected remaining 2025 crude oil production hedged at $71.71 per Bbl. It also added 12,000 Bbls/d of 2026 oil hedges at $66.12 per Bbl.
What shareholder returns were announced?
The board declared a third quarter 2025 base dividend of $0.15 per share, payable September 30, 2025, to holders of record as of September 16, 2025. During the quarter, the company repurchased 4.1 million shares for $43 million at a weighted average price of $10.52 per share, and $957 million remained under its $1 billion repurchase authorization.
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