Permian Resources Corp has recently released its 10-Q report. The company is an independent oil and natural gas producer focused on crude oil and liquids-rich natural gas development in the United States, with most of its operations in the Delaware Basin, a sub-basin of the Permian Basin. Its acreage is concentrated in Reeves County, Texas, and Lea County, New Mexico; the company was formerly Centennial Resource Development, Inc., adopted the Permian Resources name in September 2022, was incorporated in 2015, and is headquartered in Midland, Texas.
In Item 2, Management’s Discussion and Analysis, Permian Resources said its first-quarter 2026 results were shaped by higher production volumes, weaker gas pricing in the Permian Basin, and a series of financing and corporate actions. The company completed a corporate reorganization on January 7, 2026, then fully eliminated its noncontrolling interest by March 31, 2026 after remaining Class C stockholders exchanged their units for Class A shares.
During the first quarter, Permian Resources completed multiple oil and gas property acquisitions with a cumulative adjusted purchase price of about $204.9 million. It also paid quarterly base dividends of $0.16 per Class A share, totaling $134.9 million for the quarter.
Production rose across all major streams. Oil output increased 10% to 17.311 million barrels from 15.747 million barrels a year earlier, NGL production rose 20% to 9.300 million barrels, and natural gas production increased 4% to 63.268 billion cubic feet. Total production climbed 11% to 37.156 million barrels of oil equivalent, or 412,850 barrels per day.
Total oil and gas sales were $1.388 billion, up 1% from $1.376 billion in the first quarter of 2025. Oil sales increased 11% to $1.228 billion, while NGL sales fell 17% to $154.4 million and natural gas sales swung to a loss of $18.5 million from $81.7 million of revenue a year earlier. Permian Resources said its average realized natural gas price fell to negative $0.29 per Mcf, reflecting negative regional pricing at the Waha Hub, while NGL pricing dropped 31% to $16.60 per barrel.
Average oil prices were nearly flat at $70.91 per barrel versus $70.48 a year earlier, but after derivative settlements the company realized $68.10 per barrel, down 5% from $71.45. Natural gas including hedging averaged $1.33 per Mcf, down 8% from $1.45.
Operating costs moved higher in dollar terms. Lease operating expenses rose to $192.9 million from $179.6 million, though LOE per Boe improved to $5.19 from $5.35. Severance and ad valorem taxes declined to $101.3 million from $108.0 million, and gathering, processing and transportation expenses increased to $50.6 million from $46.7 million.
Depreciation, depletion and amortization rose to $526.3 million from $474.2 million, with DD&A per Boe essentially unchanged at $14.16 versus $14.12. The company said the increase was mainly tied to higher production volumes.
On financing, Permian Resources said it achieved investment-grade corporate and issuer ratings from S&P in the first quarter and from Moody’s on April 1, 2026, after receiving Fitch investment-grade ratings in July 2025. It also redeemed all $550.0 million of its 8.00% senior notes due 2027 on April 15, 2026, and on April 30, 2026, OpCo entered into a new unsecured revolving credit facility maturing in April 2031, replacing its prior secured revolver. Today the company's shares have moved -6.01% to a price of $19.935. For the full picture, make sure to review Permian Resources Corp's 10-Q report.
