Slide 1: Q2’26 Earnings Presentation
August 5, 2026 Q2’26 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 ~535,000 net acres, ~125,000 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 Q2’26 Highlights Key Metrics Q2’26 • Reported total average production of 376.4 MBoe/d, including 198.1 MBbls/d of Oil (MBbls/d) 198.1 oil, 86.2 MBbls/d of NGLs and 552.9 MMcf/d of natural gas NGLs (MBbls/d) 86.2 − Higher working interest and in
Slide 5: Higher Working Interest and Increased Workovers Drive Higher Oil Production
Higher Working Interest and Increased Workovers Drive Higher Oil Production Incremental Capital Spent in Q2’26 Drives Immediate Production Impact that Generates Rapid Payback and Return Working Interest Workovers Oil Production Capex (% Avg. of Completed Wells) (# of Projects) (MBbls/d) ($MM) 198.1
Slide 6: Optimizing FCF By Limiting Dry Gas Volumes During Low Price Environments
Optimizing FCF By Limiting Dry Gas Volumes During Low Price Environments Q2’26 Going Forward • Benchmark Waha prices averaged $(3.14) per Mcf in Q2’26 • >700 MMcf/d of firm transport to Gulf Coast / DFW markets in 2027 • PR proactively curtailed production on high-GOR wells to maximize FCF rather ‒
Slide 7: Proactive Response and Leading Cost Structure Maximize Free Cash Flow
Proactive Response and Leading Cost Structure Maximize Free Cash Flow 1 Adj. Free Cash Flow ($ MM)2 • Responded quickly to accelerate oil production Per Diluted Share Maximized Oil • Increased high-return workovers, driving improved runtime $751 Production and • Accelerated POP dates to deliver incr
Slide 8: 2026 Acquisitions Demonstrate Continued Momentum For PR’s Ground Game and A&D Efforts
2026 Acquisitions Demonstrate Continued Momentum For PR’s Ground Game and A&D Efforts YTD’26 Acquisitions Overview Acquired Acreage Locator Map • Acquired ~54,000 net acres in the core of the Delaware Basin for total consideration of New Mexico ~$1.05 B through ~190 transactions Ward County − Acquir
Slide 9: Ward County Bolt-On – Growing Core Texas Position
Ward County Bolt-On – Growing Core Texas Position Bolt-On Overview Ward County Bolt-On Acreage Map Texas Loving Winkler • On July 31st, PR closed the acquisition of largely non-operated acreage located in the Texas Delaware Basin for total consideration of ~$520 MM Reeves Ward • ~20,500 net acres an
Slide 10: Recently Signed Significant Acreage Trade, Further Optimizing Texas Position
Recently Signed Significant Acreage Trade, Further Optimizing Texas Position Trade Overview Pro Forma Acreage Map • On August 3rd, PR entered into an agreement for an acreage trade with an offset operator utilizing a Trade In NM Trade Out combination of recently acquired bolt-on acreage and legacy P
Slide 11: Parkway Bolt-Ons – Utilizing Proprietary Data and Midland Relationships
Parkway Bolt-Ons – Utilizing Proprietary Data and Midland Relationships to Add High-Quality Inventory Test Well January BLM Sale Tascosa Energy Partners, a local operator with a longstanding PR 1 Oct. 2025 2 Jan. 2026 Identified the relationship, proposed partnering on a test well offset PR’s existi
Slide 12: Differentiated Acquisition Strategy Creates Long-Term Shareholder Value
Differentiated Acquisition Strategy Creates Long-Term Shareholder Value • Continue to execute PR’s differentiated acquisition strategy, Permian Resources’ “Secret Sauce” leveraging Midland-based Business Development and Land teams ‒ ~85% of YTD’26 transactions represent proprietary / off-market deal
Slide 13: Balance Sheet Supports “All of the Above” Capital Allocation Strategy
Balance Sheet Supports “All of the Above” Capital Allocation Strategy Investment Grade Balance Sheet Investment Grade YE 2026E Net Debt / 2026E EBITDAX – $70 / Bbl Oil2 Credit Ratings ~0.5x Net Debt to LQA EBITDAX1 1.8x at YE’26 BBB- Fitch $ >$3.0 billion of total liquidity BBB- 0.6x 0.6x 0.7x S&P 0
Slide 14: Improved 2026 Plan
Improved 2026 Plan FY’26 Commentary Oil Production (MBbls/d) Cash Capex ($ MM) • Oil production guidance increased to ~199 MBbls/d ‒ Production driven by higher working interest and ~199 increased workover activity $1,966 ~$1,950 ‒ Ward County bolt-on produced ~2.5 MBbls/d at closing1 • Cash capital
Slide 15: PR Is Well Positioned For Continued Outsized Value Creation
PR Is Well Positioned For Continued Outsized Value Creation Free Cash Flow per Share Growth (2023 – 2025) Permian 72% Pure-Plays 55% ✓ Robust free cash flow per share generation 25% 20% 11% ✓ Premier asset quality and inventory depth in the best U.S. shale basin (2)% (9)% (10)% (25)% (30)% ✓ Proven
Slide 16: Appendix
Appendix
Slide 17: Permian Resources Q2’26 Operational and Financial Overview
Permian Resources Q2’26 Operational and Financial Overview Market Statistics (Data in MM, except per share data) Key Statistics ($’s in MM, except per share data) Q2’26 Diluted Shares Outstanding1 850.0 Total Oil and Gas Revenue $1,858.0 Share Price (8/4/26) $20.50 Market Capitalization $17,425 Adju
Slide 18: 2026 Revised Guidance Detail
2026 Revised Guidance Detail FY’26 Summary Revised Commentary FY’26 Guidance Increased full year oil production range by 10 MBbls/d compared to initial guidance in February Production • Total production unchanged due to Net Average Daily Production (Boe/d) 400,000 - 430,000 Q2’26 curtailment of hi
Slide 19: Hedge Book Overview (as of July 31, 2026)
Hedge Book Overview (as of July 31, 2026) Remaining 2026 FY 2027 FY 2028 Q3 Q4 2026 Q1 Q2 Q3 Q4 2027 Q1 Q2 Q3 Q4 2028 WTI Fixed Price Swaps Total Volume (Bbl) 6,440,000 6,440,000 12,880,000 900,000 910,000 920,000 920,000 3,650,000 -- -- -- -- -- Daily Volume (Bbl/d) 70,000 70,000 70,000 10,000 10,0
Slide 20: Reconciliation of Adjusted EBITDAX to Net Income
Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX Reconciliation1 For the Three Months Ended, (in thousands) 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Net income attributable to Class A Common Stock $792,464 $43,620 $339,505 $59,234 $207,137 Net income attributable to noncon
Slide 21: 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 Three Months Ended June 30, (in thousands) 2026 2025 Net cash provided by operating activities $1,505,688 $1,038,696 Changes in working capital: Account
Slide 22: Reconciliation of Adjusted Net Income
Reconciliation of Adjusted Net Income Adjusted Net Income Reconciliation1 Three Months Ended June 30, (in thousands, except per share data) 2026 2025 Net income attributable to Class A Common Stock $792,464 $207,137 Net income attributable to noncontrolling interest — 37,884 (Gain) loss on extinguis
Slide 23: Reconciliation of Net Debt-to-LQA EBITDAX
Reconciliation of Net Debt-to-LQA EBITDAX Net Debt-to-LQA EBITDAX Reconciliation1 ($ in thousands) June 30, 2026 Total debt, net $2,993,050 Unamortized debt discount, premium and issuance costs on senior notes 31,950 Total debt 3,025,000 Less: cash and cash equivalents (131,722) Net debt (non-GAAP)
Slide 24: Reconciliation of Adjusted Basic and Diluted Shares
Reconciliation of Adjusted Basic and Diluted Shares Adjusted Shares Reconciliation1 Three Months Ended June 30, (in thousands) 2026 2025 Basic weighted average shares of Class A Common Stock outstanding 837,369 701,353 Weighted average shares of Class C Common Stock outstanding — 99,051 Adjusted bas