Permian Resources

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.

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

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

• Oil and gas exploration
• Crude oil production
• Natural gas liquids
• Upstream energy operations
• Delaware Basin drilling

Headquarters

HQ city

Midland

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure

Revenue model

1. 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.
2. 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.
3. 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

Core 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

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Occidental PetroleumcoreOthers · 7 August 2024Completed 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

Direct 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

• LinkedInlinkedin.com/company/permianres

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds6 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Permian Resources