Slide 1: Q1'26 Earnings Presentation
May 6, 2026 Q1’26 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 Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than stat
Slide 3: Permian Resources – Company Overview
Permian Resources – Company Overview Largest pure-play Delaware Basin E&P company with ~500,000 net acres, >100,000 net royalty Premier Delaware Basin acres and ~415 MBoe/d of FY’26E total production Pure-Play Acreage located in the core of the best U.S. oil shale basin, with stacked pay and low
Slide 4: Permian Resources Financial and Operational Highlights
Permian Resources Financial and Operational Highlights Q1’26 Highlights Key Metrics Q1’26 • Reported total average production of 412.9 MBoe/d, including 192.3 MBbls/d Oil (MBbls/d) 192.3 of oil, 103.3 MBbls/d of NGLs and 703.0 MMcf/d of natural gas NGLs (MBbls/d) 103.3 − Production outperformance dr
Slide 5: Q1'26 Snapshot – Execution Across the Board
Q1’26 Snapshot – Execution Across the Board Oil Production (MBbls/d) LOE ($ / Boe) D&C Cost ($ per Lateral Foot) 192.3 ~$700 188.6 $5.26 ~$685 $5.19 Q4'25 Q1'26 Q4'25 Q1'26 Q4'25 Q1'26 Increased production driven by strong runtime, recent Continued operational efficiencies driving Relentless focus o
Slide 6: Relentless Focus on Cost Control Continues to Drive Peer Leading Cost Structure
Relentless Focus on Cost Control Continues to Drive Peer Leading Cost Structure Drilling Total Controllable Cash Costs ($ / Boe) Full Year 2026E1 $16.00 • Delivered record quarterly drilling cost per foot Permian $13.25 $13.25 Pure-Plays • Drilled fastest well in company history, averaging >2,500’ p
Slide 7: PR Continues to Optimize Its Natural Gas Portfolio
PR Continues to Optimize Its Natural Gas Portfolio Today 2027+ • Majority of residue natural gas sold at Gulf Coast / DFW markets • Full impact of long-haul transportation agreements will be realized in 2027 ‒ Increased non-Waha exposure with three new agreements in 2025 ‒ >700 MMcf/d of transport t
Slide 8: Investment Grade Status + Incremental FCF = Enhanced 'All of the Above' Capital Allocation
Investment Grade Status + Incremental FCF = Enhanced ‘All of the Above’ Capital Allocation Received investment grade credit ratings Higher commodity prices and leading cost Focus on acquisitions and debt reduction from all three ratings agencies structure driving increased FCF in current environment
Slide 9: PR – Simplified Corporate Structure, Uniquely Aligned with Shareholders
PR – Simplified Corporate Structure, Uniquely Aligned with Shareholders PR Has Taken Additional Steps to Further Strengthen Its Best-in-Class Corporate Governance and Shareholder Alignment 1 • Eliminated previous Up-C structure Class C Shares Outstanding (MM) and moved to a single share class, 231 s
Slide 10: Responding to Current Market Conditions and Retaining Maximum Flexibility
Responding to Current Market Conditions and Retaining Maximum Flexibility Priorities in the Current Environment Go Forward Outlook 1• Accelerating barrels where possible Q2’26 − Minimizing base downtime • Maximize oil production at higher prices through improved runtime and POP acceleration − Increa
Slide 11: PR's Business Model Remains Consistent In All Environments
PR’s Business Model Remains Consistent In All Environments PR Playbook for Delivering Leading FCF per Share Growth PR Free Cash Flow Per Share ($) 1 2 3 D&C Efficiencies & Cost Organic Production On-track to deliver third Accretive Acquisitions Reductions Growth consecutive year of >15% annual FCF p
Slide 12: Appendix
Appendix
Slide 13: Permian Resources Q1'26 Operational and Financial Overview
Permian Resources Q1’26 Operational and Financial Overview Market Statistics (Data in MM, except per share data) Key Statistics ($’s in MM, except per share data) Q1’26 Diluted Shares Outstanding1 850.0 Total Oil and Gas Revenue $1,388.1 Share Price (5/5/26) $22.41 Adjusted EBITDAX3 $1,047.7 Market
Slide 14: 2026 Revised Guidance Detail
2026 Revised Guidance Detail Revised Commentary Updated Guidance FY’26 Guidance Increased full year oil production range by 3.5 MBbls/d Production to 190 – 195 MBbls/d Net Average Daily Production (Boe/d) 400,000 - 430,000 • Total production unchanged due to low Waha natural gas prices Anticipat
Slide 15: Hedge Book Overview (as of April 30, 2026)
Hedge Book Overview (as of April 30, 2026) Hedging Philosophy Crude Oil Hedge Position (Bbls/d) 80,000 • Protect the balance sheet, cash flow and shareholder 70,000 returns WTI Swaps 10,000 10,000 • Ensure business is in a position to be opportunistic Q2’26 H2’26 H1’27 H2’27 during downcycles Total
Slide 16: Hedge Book Overview (as of April 30, 2026)
Hedge Book Overview (as of April 30, 2026) Remainder 2026 FY 2027 FY 2028 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 2027 Q1 Q2 Q3 Q4 2028 WTI Fixed Price Swaps Total Volume (Bbl) 7,280,000 6,440,000 6,440,000 20,160,000 900,000 910,000 920,000 920,000 3,650,000 -- -- -- -- -- Daily Volume (Bbl/d) 80,000 70,000 70,0
Slide 17: Reconciliation of Adjusted EBITDAX to Net Income
Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX Reconciliation1 For the Three Months Ended, (in thousands) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Net income attributable to Class A Common Stock $43,620 $339,505 $59,234 $207,137 $329,298 Net income attributable to noncon
Slide 18: Reconciliation of Adjusted Operating Cash Flow and Adjusted Free Cash Flow
Reconciliation of Adjusted Operating Cash Flow and Adjusted Free Cash Flow Adjusted Operating Cash Flow and Adjusted Free Cash Flow Reconciliation1 Based on Cash Capital Expenditures Three Months Ended March 31, (in thousands) 2026 2025 Net cash provided by operating activities $815,076 $898,032 Cha
Slide 19: Reconciliation of Adjusted Net Income
Reconciliation of Adjusted Net Income Adjusted Net Income Reconciliation1 Three Months Ended March 31, (in thousands, except per share data) 2026 2025 Net income attributable to Class A Common Stock $43,620 $329,298 Net income attributable to noncontrolling interest 6,774 61,265 Loss on extinguishme
Slide 20: Reconciliation of Net Debt-to-LQA EBITDAX
Reconciliation of Net Debt-to-LQA EBITDAX Net Debt-to-LQA EBITDAX Reconciliation1 ($ in thousands) March 31, 2026 Total debt, net $3,546,370 Unamortized debt discount, premium and issuance costs on senior notes 28,630 Total debt 3,575,000 Less: cash and cash equivalents (170,780) Net debt (non-GAAP)
Slide 21: Reconciliation of Adjusted Basic and Diluted Shares
Reconciliation of Adjusted Basic and Diluted Shares Adjusted Shares Reconciliation1 Three Months Ended March 31, (in thousands) 2026 2025 Basic weighted average shares of Class A Common Stock outstanding 812,208 704,035 Weighted average shares of Class C Common Stock outstanding 24,343 99,594 Adjust