Slide 1: Q4'23 Earnings Presentation
F E B RUA RY 2 7 , 2 0 2 4 Q4’23 Earnings Presentation
Slide 2: Important Information
Important Information Forward-Looking Statements The information in this presentation includes “forward-looking statements” within the meaning of Section 27A of the S ecurities Act of 1933, as amended, and Section 21E of the S ecurities Exchange Act of 1934, as amended. All statements, other than st
Slide 3: Permian Resources – Company Overview
Permian Resources – Company Overview Largest pure-play Delaware Basin E&P company with >400,000 net acres, ~70,000 net royalty acres and PR Key Statistics Premier Delaware ~315 MBoe/d of FY’24E production1 Basin Pure-Play Scale and balance sheet strength provide flexibility to E&P Company quickl
Slide 4: PR Delivers Industry Leading Per Share Growth and Value Creation
PR Delivers Industry Leading Per Share Growth and Value Creation 2024E Total Production / Share Growth 2024E Cash Flow / Share Growth 2024E Free Cash Flow / Share Growth 23% 22% 40% 21% 13% 2% 5% 1% (7)% (8)% (8)% (8)% 20% (2)% (5)% (23)% 9% (7)% 7% 7% (8)% 3% (12)% (13)% 0% 0% 0% (43)% (3)% (22)% (
Slide 5: Permian Resources Financial and Operational Highlights
Permian Resources Financial and Operational Highlights Q4’23 Highlights Permian Resources Q4’23 Activity and Financial Summary • Closed $4.5 B Earthstone acquisition on November 1, enhancing Permian Resources’ Production Overview Actual position as the second largest Permian pure-play E&P with a >$1
Slide 6: Continued Execution on Capital Return Strategy
Continued Execution on Capital Return Strategy Q4’23 Return of Capital P BASE DIVIDEND PR Total Return of Capital Q4’23 • Base dividend paid quarterly at $0.05 per share ($’s in millions, except per share data) • Committed to sustainable base dividend growth, increasing 20% to $0.06 per PR Adj. Free
Slide 7: Earthstone Synergy Capture Ahead of Schedule
Earthstone Synergy Capture Ahead of Schedule Category Update Significant D&C Cost Reductions Realized in Three Drilling Efficiencies1 Months Post-Merger P • PR’s peer-leading costs Drilled Feet per Day (Avg.) implemented across ESTE ~1,280 D&C Cost For Legacy ESTE Delaware Basin Asset ($ MM / 2-Mile
Slide 8: Relentless Cost Control Drives Peer Leading Cash Costs
Relentless Cost Control Drives Peer Leading Cash Costs Overview 2024E Total Controllable Cash Costs1,3 ($ / Boe) Permian Pure-Plays Continued focus on low-cost leadership Demonstrated strong cost control in Q4’23, while $18.50 successfully integrating Earthstone $17.75 Maintain optimized, lean
Slide 9: 2024 Guidance Highlights
2024 Guidance Highlights Metric Guidance Range Commentary • 2024 plan focused on high-return developments Total Production 300 – 325 in the Delaware Basin, consistent with 2023 (MBoe/d) – Large scale packages designed to maximize returns while minimizing parent- Oil Production 145 – 150 child impact
Slide 10: Multiple Drivers of Improved 2024 Capital Efficiency
Multiple Drivers of Improved 2024 Capital Efficiency 2024 Plan Commentary Avg. D&C Costs ($ / LL ft) Avg. Delaware 12-mo. Oil Cum. (Bo / 1,000’ LL) • Reduction in drilling and completions costs year-over-year, driving incremental returns ~$950 ‒ Anticipate ~10% decrease in D&C cost per foot ~$860 ‒
Slide 11: 2024 Plan Underpinned by Strong Well Productivity
2024 Plan Underpinned by Strong Well Productivity YoY Average Cumulative Oil Production1 2024 Well Productivity • Production profile supported by repeatable, high-quality Delaware Basin development philosophy ‒ Increased package sizes and co-development of multiple zones maximizes capital efficiency
Slide 12: Compelling Value Proposition Continues with Premier Assets & Increased Scale
Compelling Value Proposition Continues with Premier Assets & Increased Scale PR equity has outperformed key indices and Permian …And still provides significant upside to its valuation peers with >$10 B market cap since its formation… versus peers 14.2x 88% Total Shareholder Return Since MOE EV / 202
Slide 13: Appendix
Appendix
Slide 14: Permian Resources Q4'23 Operational and Financial Overview
Permian Resources Q4’23 Operational and Financial Overview M arket Statistics ($’s in MM, except per share data) Per Share Key Statistics ($’s in MM, except per share data) Total (Basic) Common Shares Outstanding (2/23/24) 771.9 Share Price (2/23/24) $15.05 Total Oil and Gas Revenue $1,122.7 - Marke
Slide 15: 2024 Guidance Detail
2024 Guidance Detail FY’24 Guidance FY’24 Overview Commentary Expect to deliver ~250 gross TILs Production • Consistent well productivity year-over- Development program focused on high-return locations Net Average Daily Production (Boe/d) 300,000 - 325,000 year with activity to be allocated ~70%
Slide 16: Year-End 2023 Reserves Summary
Year-End 2023 Reserves Summary Reserves Overview Total Proved Reserves (Net MMBoe) 925 Proved Reserves increased 59% YoY Proved Reserves per share increased 15% YoY 582 Proved Developed Reserves increased 107% YoY 305 Proved Developed Reserves per share increased 49% YoY YE'21 YE'22 YE'23 Re
Slide 17: Strong Balance Sheet Supports Business Plan and Shareholder Returns
Strong Balance Sheet Supports Business Plan and Shareholder Returns Overview Capital Structure Overview ($ MM) Committed to maintaining a strong balance sheet with significant financial Actual flexibility Capitalization2 12/31/23 Cash and cash equivalents $73 – Total Borrowing Base of $4.0 B Revol
Slide 18: Portfolio Optimization Drives Shareholder Value
Portfolio Optimization Drives Shareholder Value As previously announced, Permian Resources added ~14,000 net acres and Majority of recent inventory additions are offset PR’s highly ~5,300 net royalty acres in the core of the Delaware Basin since closing efficient NM assets in Eddy and Lea Counties a
Slide 19: Focus on ESG Excellence
Focus on ESG Excellence ENVIRONMENTAL SOCIAL GOVERNANCE REDUCING EMISSIONS BENEFITING COMMUNITIES SHAREHOLDER ALIGNMENT Continued focus on further reduction in GHG emissions We are dedicated to making positive impacts in the Our performance-focused compensation intensity through the elimination of r
Slide 20: Hedge Book Overview (as of February 23, 2024)
Hedge Book Overview (as of February 23, 2024) FY 2024 FY 2025 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 WTI Fixed Price Sw aps Total Volume (Bbl) 2,919,100 2,975,500 2,990,000 2,990,000 11,874,600 1,575,000 1,592,500 1,610,000 1,610,000 6,387,500 Daily Volume (Bbl/d) 32,078 32,698 32,500 32,500 32,444 17,50
Slide 21: Reconciliation of Adjusted EBITDAX to Net Income
Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX Reconciliation 1 FY’23 ($ in thousands, unless specified) FY’22 Q1 Q2 Q3 Q4 FY’23 Net income attributable to Class A Common Stock $515,037 $102,120 $73,399 $45,433 $255,354 $476,306 Net income attributable to noncontrolling interest 2
Slide 22: Reconciliation of Free Cash Flow and Adjusted Free Cash Flow
Reconciliation of Free Cash Flow and Adjusted Free Cash Flow Free Cash Flow Reconciliation 1 Free Cash Flow Reconciliation1 Based on Accrued Capital Expenditures Based on Cash Capital Expenditures Three Months Ended December 31, Three Months Ended December 31, ($ in thousands) 2023 2022 ($ in thousa
Slide 23: Reconciliation of Adjusted Net Income
Reconciliation of Adjusted Net Income Adjusted Net Income Reconciliation1 Three Months Ended December 31, ($ in thousands) 2023 2022 Net income attributable to Class A Common Stock $255,354 $83,050 Net income attributable to noncontrolling interest 157,265 115,658 Non-cash derivative (gain) loss (18
Slide 24: Reconciliation of Net Debt-to-LQA EBITDAX
Reconciliation of Net Debt-to-LQA EBITDAX Net Debt-to-LQA EBITDAX Reconciliation 1 ($ in thousands) December 31, 2023 Long-term debt, net $3,848,781 Unamortized debt discount and debt issuance costs on senior notes 17,018 Long-term debt 3,865,799 Less: cash and cash equivalents (73,290) Net debt (No