Permian Resources Q3 2024 Earnings Report
Key Takeaways
Permian Resources announced strong Q3 2024 results, with average daily crude oil production of 160,801 Bbls/d and total production of 347,091 Boe/d. The company reduced D&C costs to approximately $800 per lateral foot and increased its full-year production guidance. They generated $954 million in net cash from operating activities and $303 million in adjusted free cash flow.
Crude oil production averaged 160,801 Bbls/d and total production averaged 347,091 Boe/d.
D&C costs reduced to ~$800 per lateral foot, a 16% decrease from 2023.
Quarterly base dividend increased by 150% to $0.15 per share.
Full year oil and total production guidance increased by over 4%.
Permian Resources
Permian Resources
Permian Resources Revenue by Segment
Forward Guidance
Permian Resources increased its 2024 oil production target to 158.5 MBbls/d and raised its total production target to 341.0 MBoe/d. The company is also adjusting the expected number of turn-in-lines (“TILs”) for 2024 to approximately 270 gross wells.
Positive Outlook
- Increased oil production target by 6.5 MBbls/d to 158.5 MBbls/d.
- Raised total production target by 16.0 MBoe/d to 341.0 MBoe/d.
- Adjusting the expected number of turn-in-lines (“TILs”) for 2024 to approximately 270 gross wells.
- Majority of the increase in full year production guidance is driven by continued strong well performance and operational efficiencies.
- The balance of the increase is coming from the recently closed Barilla Draw acquisition.
Challenges Ahead
- No specific negatives were mentioned in the provided text.
- No specific negatives were mentioned in the provided text.
- No specific negatives were mentioned in the provided text.
- No specific negatives were mentioned in the provided text.
- No specific negatives were mentioned in the provided text.
Revenue & Expenses
Visualization of income flow from segment revenue to net income