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Dec 31, 2025
Permian Resources Q4 2025 Earnings Report
Permian Resources Q4 2025 Earnings Report
Key Takeaways
Permian Resources delivered a strong fourth quarter with total production reaching 401.5 MBoe/d and significant operational efficiency gains, reducing drilling and completion costs to $700 per lateral foot. The company generated $403 million in adjusted free cash flow and continued its aggressive 'ground game' acquisition strategy, adding approximately 9,000 net and royalty acres. For 2026, the company plans to increase oil production by 4% while reducing capital expenditures by 6%.
Achieved record total average production of 401.5 MBoe/d, a 9% increase over the prior year's quarter.
Reduced drilling and completion costs to approximately $700 per lateral foot, a 14% reduction compared to 2024 averages.
Generated $403 million in adjusted free cash flow and increased the quarterly base dividend by 7% to $0.16 per share.
Executed approximately 140 bolt-on transactions in Q4 for $240 million, primarily in the Northern Delaware Basin.
Revenue by Segment
Forward Guidance
Permian Resources expects 2026 to be a year of high capital efficiency with production growth and lower spending.
Positive Outlook
- Annual oil production growth of approximately 4% compared to 2025.
- Total cash capital expenditure budget reduced by 6% year-over-year.
- Expected 8% reduction in D&C costs per foot compared to 2025.
- Quarterly base dividend increased by 7% to $0.16 per share.
- Average lateral length expected to increase to 11,000 feet.
Challenges Ahead
- Natural gas realizations expected to remain low at $0.25 to $0.75 premium to Waha.
- NGL realizations projected at only 23% to 25% of WTI.
- Total controllable cash costs guidance range up to $8.15 per Boe.
- Severance and ad valorem taxes could reach up to 8.5% of revenue.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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