Permian Resources
Permian Resources is an independent oil and natural gas exploration and production company operating as the second largest pure-play E&P in the Permian Basin, focused on crude oil, NGL, and natural gas production from approximately 480,000 net acres in the core Delaware Basin, selling directly to refiners, midstream processors, and utilities.
- Company typePublic
- Founded2022
- HeadquartersMidland, United States
- Headcount251–500
- GTM typeB2B
- OfferingServices
What Permian Resources does
Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas exploration and production company headquartered in Midland, Texas, and the second largest pure-play E&P in the Permian Basin. The company was formed in September 2022 through the merger of Centennial Resource Development and Colgate Energy, subsequently acquiring Earthstone Energy in November 2023 for approximately $4.5 billion and Occidental Petroleum's Barilla Draw assets in August 2024 for $818 million. Operations are concentrated in the core of the Delaware Basin across approximately 480,000 net leasehold acres and over 105,000 net royalty acres in Eddy and Lea Counties, New Mexico, and Reeves and Ward Counties, Texas, using horizontal drilling with approximately 11,000-foot laterals and hydraulic fracturing. Q1 2026 production averaged 412,850 Boe/d comprising 192,349 Bbls/d of crude oil, 103,338 Bbls/d of NGLs, and 702,979 Mcf/d of natural gas, with year-end 2025 proved reserves of 1,116 MMBoe.
The company generates revenue through direct B2B sales of crude oil, NGLs, and natural gas to refiners, midstream processors, utilities, and industrial buyers via long-term contracts and spot-market transactions priced at WTI and Henry Hub indices net of differentials. Q1 2026 realized prices included approximately $70.91 per barrel of oil and a $1.21 per Mcf premium over Waha gas pricing realized through firm transportation to Gulf Coast and DFW markets. Distribution is supported by approximately 700 MMcf/d of contracted pipeline takeaway capacity by 2027. The cost structure is the primary operational differentiator, with record-low D&C costs of approximately $685-$700 per lateral foot and controllable cash costs of $7.15-$8.15 per Boe.
The capital structure was simplified in Q1 2026 to a traditional single-class C-Corp, sponsor ownership was reduced from approximately 45% in 2023 to 0%, and the company achieved investment grade ratings from S&P (BBB-), Fitch (BBB-), and Moody's (Baa3) in March-April 2026. Net debt-to-LQA EBITDAX stood at approximately 0.8x in Q1 2026 with full-year 2025 revenue of approximately $5.07 billion. A continuous ground game acquisition program completed over 700 transactions totaling more than $1.1 billion in 2025 and an additional $205 million in Q1 2026, replacing 100% of developed inventory for the third consecutive year.
Permian Resources firmographics
Firmographics- Name
- Permian Resources
- Legal name
- Permian Resources Corporation
- Website
- https://permianres.com
- Company type
- Public
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Permian Resources is an independent oil and natural gas exploration and production company operating as the second largest pure-play E&P in the Permian Basin, focused on crude oil, NGL, and natural gas production from approximately 480,000 net acres in the core Delaware Basin, selling directly to refiners, midstream processors, and utilities.
- Ownership category
- akta.pro rank
Permian Resources industry classification
Industry- Product category
- Upstream Oil and Gas Exploration & Production
- NAICS
- Crude Petroleum Extraction (21112), Natural Gas Extraction (21113)
- SIC
- Crude Petroleum & Natural Gas (1311)
- akta.pro primary industry
- Unconventional Resources Development (Shale/Tight, CBM) (EUALAAAH)
- akta.pro secondary industries
- Well Completions & Stimulation (Hydraulic Fracturing, Sand Control) (EUALAAAE), Mineral Rights, Leasing & Land Management (EUALAAAB)
Keywords
Where Permian Resources is headquartered
LocationHeadquarters
- HQ city
- Midland
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Permian Resources business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure
Revenue model
- Crude Oil Sales: Sale of crude oil production at realized prices (e.g., $70.91 per barrel in Q1 2026). Oil production represents the majority of revenue at approximately 192,349 Bbls/d in Q1 2026.
- NGL Sales: Sale of natural gas liquids produced alongside crude oil and gas production. NGL volumes of approximately 103,338 Bbls/d at realized prices of $16.60 per barrel in Q1 2026.
- Natural Gas Sales: Sale of natural gas production, though negatively impacted by Waha Hub pricing volatility. Realized gas prices showed $1.21 per Mcf premium to Waha pricing due to improved transportation portfolio.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
Permian Resources product offering
Product offeringCore offering
Permian Resources is an independent oil and natural gas exploration and production company that acquires, optimizes, and develops high-return hydrocarbon properties concentrated in the core of the Delaware Basin in the Permian Basin. The company produces and sells crude oil, natural gas liquids (NGLs), and natural gas from approximately 480,000 net leasehold acres across West Texas and Southeast New Mexico, generating revenue through direct sales to refiners, midstream processors, utilities, and other commodity purchasers.
Product overview
Permian Resources is an independent oil and natural gas exploration and production company operating as the second largest pure-play E&P in the Permian Basin. The company operates a unified business model focused on three core products: crude oil, natural gas, and natural gas liquids (NGLs) produced from its approximately 480,000 net leasehold acres in the Delaware Basin. Supporting the production business, the company offers acquisition and ground game transaction services to continuously replenish drilling inventory, and operates drilling and completions services to develop its acreage position. The portfolio is integrated through a low-cost operating model designed to maximize return of capital to shareholders.
Differentiator
Problem solved
Functional benefit
Products and services
- Crude Oil Production
Quantifiable outcome
- Record-low D&C costs of ~$685 per lateral foot, representing 6% reduction from 2025
- +3 more outcomes
Companies that use Permian Resources
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Permian Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Permian Resources partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Occidental PetroleumcoreCompleted acquisition of approximately 29,500 net acres in the Delaware Basin's Barilla Draw region from Occidental Petroleum for $818 million, with assets producing around 24,400 Boe/d. This was part of Occidental's strategic plan to reduce its $18.5 billion debt burden following its CrownRock acquisition.
Scale indicators8 records
Recent moves10 records
Expansion highlights5 records
Permian Resources competitors and assessment
Company assessmentDirect peers
- Devon Energy: Devon is a major Delaware Basin operator with a focused Permian footprint in New Mexico's Delaware sub-basin, comparable well economics, and a similar pure-play E&P model after the WPX Energy merger. Like Permian Resources, it emphasizes free cash flow returns, investment-grade metrics, and bolt-on acreage consolidation.
- Coterra Energy: Coterra (formerly Cabot Oil & Gas + Cimarex) is a Permian-focused E&P with concentrated Delaware Basin acreage in the same sub-play as Permian Resources, comparable production mix, and similar emphasis on capital returns to shareholders, making it a near-direct peer on operating metrics and capital allocation philosophy.
- Matador Resources: Matador is a pure-play Delaware Basin E&P with concentrated acreage in the southern Delaware and a comparable operational scale and horizontal drilling focus; it has overlapping service providers, similar product mix, and the same exposure to Waha Hub gas pricing.
- EOG Resources: EOG is one of the largest and most efficient U.S. shale producers with significant Delaware Basin operations in New Mexico and Texas. It shares Permian Resources' premium-acreage, low-break-even philosophy and direct exposure to WTI-priced crude and HH-priced gas realizations.
- Diamondback Energy: Diamondback is the largest pure-play Permian Basin E&P and the most direct comparable to Permian Resources, with concentrated operations across both the Midland and Delaware sub-basins, similar horizontal drilling and hydraulic fracturing programs, and an identical upstream-only business model selling crude, NGLs, and gas at WTI-/HH-linked prices.
- Ovintiv: Ovintiv (formerly Encana) operates a meaningful Permian Delaware position alongside its broader multi-basin portfolio. While more diversified geographically, its Permian operations are directly comparable on completion design, lateral length, and per-foot cost metrics.
- Pioneer Natural Resources: Pioneer was the largest pure-play Permian E&P prior to its acquisition by ExxonMobil, and defined the operational template (long laterals, simul-fracs, low D&C) that Permian Resources emulates. Its historical disclosures are the most direct comp set for the company's production and cost metrics.
Broad incumbents
- ConocoPhillips: ConocoPhillips acquired Concho Resources and Marathon Oil to become a major Permian operator (Lower 48 segment). It competes with Permian Resources for the same acreage and service providers but is diversified across multiple basins and integrated midstream/downstream.
- Chevron: Chevron operates significant Permian (primarily Midland Basin) assets and competes for acreage, capital, and service capacity in the same regional labor and supply market. Permian Resources' Delaware Basin output competes for the same takeaway and refining destinations.
- ExxonMobil: ExxonMobil acquired Pioneer Natural Resources in 2024 and is now the largest operator in the Permian Basin. While integrated and globally diversified, its Permian upstream segment is a direct comp on well design, takeaway, and basin operating metrics.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Permian Resources social profiles
Digital presencePermian Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Permian Resources leadership team
Management profileNumber of profiles
Profiles9 records
Permian Resources subsidiaries and ownership
Company hierarchySubsidiaries2 records
Permian Resources funding detail
Funding detailFunding overview
Funding rounds6 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Permian Resources M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Permian Resources
What does Permian Resources do?
Permian Resources is an independent oil and natural gas exploration and production company that acquires, optimizes, and develops high-return hydrocarbon properties concentrated in the core of the Delaware Basin in the Permian Basin. The company produces and sells crude oil, natural gas liquids (NGLs), and natural gas from approximately 480,000 net leasehold acres across West Texas and Southeast New Mexico, generating revenue through direct sales to refiners, midstream processors, utilities, and other commodity purchasers.
Is Permian Resources a public or private company?
Permian Resources is a public company. It is classified as public and is currently operating.
When was Permian Resources founded?
Permian Resources was founded in 2022. It employs 251 to 500 people.
Where is Permian Resources based?
Permian Resources is headquartered in Midland, United States, in the North America region.
How does Permian Resources make money?
Three revenue lines are on record. Crude Oil Sales are the primary driver. The others are NGL Sales and natural Gas Sales.
Who are Permian Resources's main competitors?
Direct peers on record are Devon Energy, Coterra Energy, Matador Resources, EOG Resources, Diamondback Energy, Ovintiv and Pioneer Natural Resources. Broad incumbents are ConocoPhillips, Chevron and ExxonMobil.
Does Permian Resources have an API?
No public API is recorded for Permian Resources.
What industry is Permian Resources in?
Permian Resources's product category is Upstream Oil and Gas Exploration & Production. Its primary akta.pro industry code is EUALAAAH, Unconventional Resources Development (Shale/Tight, CBM), with a secondary code of EUALAAAE, Well Completions & Stimulation (Hydraulic Fracturing, Sand Control). Its NAICS code is 21112 and its SIC code is 1311.