Permian Resources Corporation · NYSE:PR
Permian Resources — Q4 2025 Earnings Presentation
25 slides from Permian Resources's earnings presentation, Feb 26, 2026
Slide 1: Q4’25 Earnings Presentation
February 25, 2026 Q4’25 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 ~480,000 net acres, >105,000 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 Q4’25 Highlights Key Metrics Q4’25 FY’25 • Reported total average production of 401.5 MBoe/d, including 188.6 MBbls/d of Oil (MBbls/d) 188.6 181.8 oil, 102.1 MBbls/d of NGLs and 664.3 MMcf/d of natural gas NGLs (MBbls/d) 102.1 98.0 • Announced c
Slide 5: 2025 Review – Another Year of Consistent Execution
2025 Review – Another Year of Consistent Execution Permian Resources delivered its third consecutive year of strong operational execution, continuing its track-record of driving value for shareholders in the field Oil Production D&C Cost Controllable Cash Costs Other Initiatives (MBbls/d) ($ per Lat
Slide 6: Leading Execution and Relentless Focus on Costs Drive Peer-Leading Cost Structure
Leading Execution and Relentless Focus on Costs Drive Peer-Leading Cost Structure Drilling Completions Drilled Feet / Day (Avg.) Completed Feet / Day (Avg.) D&C Cost ($ / Ft.) Operational efficiencies have driven sustainable reduction in D&C costs per ft. • Fastest drilling year in company history •
Slide 7: Continued Progress on Natural Gas Marketing Portfolio
Continued Progress on Natural Gas Marketing Portfolio Last several years’ efforts are beginning to yield a material Firm Transport – Gulf Coast + DFW Markets (MMcf/d) uplift to PR’s all-in natural gas netbacks and cash flow ~700+ Built-out PR’s midstream and marketing team Optimized existing agr
Slide 8: Q4’25 Acquisitions Focused on High-Return Core Operating Areas
Q4’25 Acquisitions Focused on High-Return Core Operating Areas Q4’25 Acquisitions Overview Acquisition Summary Locator Map • Closed ~140 transactions for total of ~$240 MM New Mexico ‒ ~7,700 net acres and ~1,300 net royalty acres (“NRAs”) ‒ ~400 Boe/d (~43% oil) of production • Q4’25 activity focus
Slide 9: M&A Strategy Increases Inventory Life, Creates Long-Term Shareholder Value
M&A Strategy Increases Inventory Life, Creates Long-Term Shareholder Value 2025 M&A Overview PR replaced >100% of inventory developed with high-return • Continued execution on PR’s disciplined acquisition strategy, centered around locations for the 3rd consecutive year making the business better and
Slide 10: 2026 Guidance Highlights
2026 Guidance Highlights 2025 2026 Key 2026 Guidance Drivers Metric Results Guidance Change YoY Total Production 393 ~415 +6% (MBoe/d) Consistent Well Productivity Oil Production 182 ~189 +4% (MBbls/d) Enhanced Cost Structure Cash Capex $1.97 B ~$1.85 B (6)% (Includes non-D&C) Consistent Capital All
Slide 11: 2026 is the Most Capital Efficient Year Yet
2026 is the Most Capital Efficient Year Yet Consistent Well Productivity & Lower Cost Structure Drive Better Capital Efficiency Avg. Cumulative Oil Production D&C Costs Oil Production per $MM of Capex1 (MBbls per 1,000’ Lateral) ($ per Lateral Foot) (MBbls / $MM Capex) 37.3 ~$815 33.8 ~$730 28.3 ~$6
Slide 12: Continued Operational Excellence Drives Long-Term FCF per Share Growth
Continued Operational Excellence Drives Long-Term FCF per Share Growth Oil Production (MBbls/d) Oil production growth driven by strong asset Per Debt- Adjusted Share1 Capital Expenditures ($B)2 Reducing capex profile despite significantly performance and accretive acquisitions higher production
Slide 13: PR’s Track Record of Free Cash Flow per Share Growth Drives Outsized Returns
PR’s Track Record of Free Cash Flow per Share Growth Drives Outsized Returns Free Cash Flow per Share Growth Total Shareholder Return Trading Multiples (2023 – 2025) (1/1/23 to Today) (EV / 2026E EBITDAX) Permian Pure-Plays 107% 15.0x 72% 79% 7.5x 44% 6.8x 6.5x 5.9x 5.9x 26% 41% 23% 5.2x 5.1x 19% 14
Slide 14: Appendix
Appendix
Slide 15: Permian Resources Q4’25 & FY’25 Operational and Financial Overview
Permian Resources Q4’25 & FY’25 Operational and Financial Overview Market Statistics (Data in MM, except per share data) Key Statistics ($’s in MM, except per share data)` Q4’25 FY’25 Diluted Shares Outstanding1 847.6 Total Oil and Gas Revenue $1,169.4 $5,065.2 Share Price (2/24/26) $17.79 Adjusted
Slide 16: 2026 Guidance Detail
2026 Guidance Detail FY’26 Guidance Commentary Additional Commentary Activity to be allocated ~65% NM, ~30% TX Delaware Production • Delivers ~4% YoY oil growth and ~5% Midland Net Average Daily Production (Boe/d) 400,000 - 430,000 • Consistent well productivity YoY • Capital allocation weighted t
Slide 17: Strong Balance Sheet Supports “All of the Above” Capital Allocation Strategy
Strong Balance Sheet Supports “All of the Above” Capital Allocation Strategy Peer-Leading Base Dividend Accretive Acquisitions Debt Repayment Share Buybacks • Dividend supported at ~$40 / Bbl WTI • Redeemed ESTE 9.875% Sr. Notes, • Added ~30,000 net acres through ~700 • Opportunistic strateg
Slide 18: Year-End 2025 Reserves Summary
Year-End 2025 Reserves Summary Reserves Overview Total Proved Reserves (Net MMBoe) Proved Reserves increased 9% YoY 1,116 1,027 925 Proved Developed Reserves increased 6% YoY 582 Reserves Category Commodity Category YE'22 YE'23 YE'24 YE'25 Total Proved Developed Reserves (Net MMBoe) 29% 31% 43%
Slide 19: Hedge Book Overview
Hedge Book Overview Hedging Philosophy Crude Oil Hedge Position (Bbls/d) 69,500 59,500 • Protect the balance sheet, cash flow and shareholder 49,500 49,500 returns WTI Swaps • Ensure business is in a position to be opportunistic during downcycles Q1’26 Q2’26 Q3’26 Q4’26 Total Oil Hedged (Excl Basis)
Slide 20: Hedge Book Overview (as of February 20, 2026)
Hedge Book Overview (as of February 20, 2026) FY 2026 FY 2027 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 2027 WTI Fixed Price Swaps Total Volume (Bbl) 5,355,000 6,324,500 4,554,000 4,554,000 20,787,500 -- -- -- -- -- Daily Volume (Bbl/d) 59,500 69,500 49,500 49,500 56,952 -- -- -- -- -- Weighted Average Price ($
Slide 21: Reconciliation of Adjusted EBITDAX to Net Income
Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX Reconciliation1 For the Three Months Ended, (in thousands) 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Net income attributable to Class A Common Stock $339,505 $59,234 $207,137 $329,298 $216,650 Net income attributable to nonc
Slide 22: 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 December 31, Year Ended December 31, (in thousands) 2025 2024 2025 2024 Net cash provided by opera
Slide 23: Reconciliation of Adjusted Net Income
Reconciliation of Adjusted Net Income Adjusted Net Income Reconciliation1 Three Months Ended December 31, Year Ended December 31, (in thousands, except per share data) 2025 2024 2025 2024 Net income attributable to Class A Common Stock $339,505 $216,650 $935,174 $984,701 Net income attributable to n
Slide 24: Reconciliation of Net Debt-to-LQA EBITDAX
Reconciliation of Net Debt-to-LQA EBITDAX Net Debt-to-LQA EBITDAX Reconciliation1 ($ in thousands) December 31, 2025 Total debt, net $3,545,598 Unamortized debt discount, premium and issuance costs on senior notes 29,402 Total debt 3,575,000 Less: cash and cash equivalents (153,690) Net debt (non-GA
Slide 25: Reconciliation of Adjusted Basic and Diluted Shares
Reconciliation of Adjusted Basic and Diluted Shares Adjusted Shares Reconciliation1 Three Months Ended December 31, Year Ended December 31, (in thousands) 2025 2024 2025 2024 Basic weighted average shares of Class A Common Stock outstanding 745,004 702,968 715,772 640,662 Weighted average shares of