Permian Resources Corporation · NYSE:PR
Permian Resources — Q4 2024 Earnings Presentation
25 slides from Permian Resources's earnings presentation, Feb 25, 2025
Slide 1: Q4'24 Earnings Presentation
February 25, 2025 Q4’24 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 ~450,000 net acres, ~88,000 net royalty acres and Premier Delaware PR Key Statistics ~370 MBoe/d of FY’25E production Basin Pure-Play Scale and balance sheet strength provide flexibility to E&P Company quickly
Slide 4: Permian Resources Financial and Operational Highlights
Permian Resources Financial and Operational Highlights Key Metrics Q4’24 FY’24 Q4’24 Highlights • Reported crude oil and total average production of 171.3 MBbls/d and 368.4 MBoe/d Oil (MBbls/d) 171.3 159.2 • Announced cash capital expenditures of $504 MM, cash provided by operating activities of Nat
Slide 5: 2024 Highlights – Execution Across the Board
2024 Highlights – Execution Across the Board 2024 Oil Production Guidance (MBbls/d) Increased FY guidance three consecutive quarters, D&C Cost ($ per Lateral Foot) Higher operational efficiencies and reduced cycle driven primarily by base business outperformance times drove well costs per foot l
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 Overview Total Controllable Cash Costs ($ / Boe) First Nine Months of 20242 Continued focus on low-cost leadership Permian Pure-Plays Higher operational efficiencies have resulted in faster D&C cycle times and lower
Slide 7: Successful M&A Strategy Creates Long-Term Shareholder Value
Successful M&A Strategy Creates Long-Term Shareholder Value 2024 M&A Review: HIGHLIGHTS PR replaced >100% of inventory developed with high-return locations for 2nd consecutive year 1 BARILLA DRAW >5% 10-year • Purchase price of $817.5 million FCF / share accretion Inventory Replacement • Core positi
Slide 8: Operational Synergies Drive Outsized Acquisition Returns
Operational Synergies Drive Outsized Acquisition Returns In 2024, PR continued its proven track record of pursuing accretive M&A and utilizing PR 2024 Acquisition Map its low-cost leadership to extract additional value 2024 Acquisition Performance – Before vs. After (4 Bolt-Ons with 3 Counterparties
Slide 9: 2025 Guidance Highlights
2025 Guidance Highlights Metric Guidance Range Commentary Total Production 360 – 380 • Delivering ~8% annual oil production growth (MBoe/d) • Significant reduction in well costs per lateral foot Oil Production 170 – 175 • Continued cost discipline driving lower total cash costs (MBbl/d) • Consistent
Slide 10: Strong Balance Sheet Supports Leading Returns Across Cycles
Strong Balance Sheet Supports Leading Returns Across Cycles • Maximize liquidity through cycles Financial Highlights Consistent • 0.5-1.0x leverage target Conservative On path to ~0.5x Net Debt to Strategy • Retain free cash flow to deploy opportunistically and Investment Grade EBITDAX at YE’251 max
Slide 11: Improving Business Fundamentals Drive Higher Free Cash Flow per Share
Improving Business Fundamentals Drive Higher Free Cash Flow per Share Track record of FCF per share growth through efficient development of high-return inventory, focus on low-cost structure and execution on accretive M&A Oil Production1 Per Debt-Adjusted D&C Costs FCF per Share3 (MBbls/d) Diluted S
Slide 12: Focus on Per Share Value Creation Has Driven Years of Industry-leading TSR
Focus on Per Share Value Creation Has Driven 3 Years of Industry-leading TSR 2022 Total Shareholder Return 2023 Total Shareholder Return Since Colgate / Centennial Merger Announcement (5/18/22 - 12/31/22) FY 2023 26% 25% 24% 49% 18% 17% 17% 16% 14% 31% 30% 11% 11% 8% 19% 2% 2% 9% 3% 3% 2% 0% (1)% (6
Slide 13: PR Is Well Positioned For Continued Outsized Value Creation
PR Is Well Positioned For Continued Outsized Value Creation Permian Resources provides significant upside to its valuation versus peers EV / 2025E EBITDAX1 Permian 15.1x ✓ Robust free cash flow per share generation Pure-Plays ✓ Premier asset quality and inventory depth located in the best U.S. shale
Slide 14: Appendix
Appendix
Slide 15: Permian Resources Q4'24 Operational and Financial Overview
Permian Resources Q4’24 Operational and Financial Overview Market Statistics (Data in MM, except per share data) Per Share Key Statistics ($’s in MM, except per share data) Total (Diluted) Diluted Shares Outstanding1 841.9 Share Price (2/24/25) $14.06 Total Oil and Gas Revenue $1,296.1 Market Capita
Slide 16: 2025 Guidance Detail
2025 Guidance Detail FY’25 Guidance Commentary FY’25 Overview Production • Delivers ~8% YoY oil growth Expect to deliver ~285 gross TILs • Consistent well productivity YoY Net Average Daily Production (Boe/d) 360,000 - 380,000 Activity to be allocated ~65% NM, ~30% TX • Capital allocation weight
Slide 17: Hedge Book Overview
Hedge Book Overview Hedging Philosophy Crude Oil Hedge Position (Bbls/d) • Protect the balance sheet, cash flow and 45,000 45,000 shareholder returns WTI Swaps • Ensure business is in a position to be opportunistic 17,500 17,500 during downcycles • Balance downside protection with appropriate H1’25
Slide 18: Year-End 2024 Reserves Summary
Year-End 2024 Reserves Summary Reserves Overview Total Proved Reserves (Net MMBoe) Proved Reserves increased 11% YoY 1,027 925 Proved Developed Reserves increased 6% YoY 582 Reserves Category Commodity Category YE'22 YE'23 YE'24 Total Proved Developed Reserves (Net MMBoe) 27% 25% 746 704 45% 73%
Slide 19: Committed to ESG and Sustainability
Committed to ESG and Sustainability ESG Highlights1 • Reduced methane intensity by 13% through improved facility designs, robust emissions monitoring program and collaboration with our midstream providers • Reduced our percentage of freshwater used to less than 1%, representing an 89% reduction YoY
Slide 20: Hedge Book Overview (as of February 21, 2025)
Hedge Book Overview (as of February 21, 2025) FY 2025 FY 2026 FY 2027 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 2027 WTI Fixed Price Swaps Total Volume (Bbl) 4,050,000 4,095,000 4,140,000 4,140,000 16,425,000 1,575,000 1,592,500 1,610,000 1,610,000 6,387,500 -- -- -- -- -- Daily Volume (Bbl/d) 4
Slide 21: Reconciliation of Adjusted EBITDAX to Net Income
Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX Reconciliation1 FY’23 FY’24 ($ in thousands, unless specified) Q1 Q2 Q3 Q4 FY’23 Q1 Q2 Q3 Q4 FY’24 Net income attributable to Class A $102,120 $73,399 $45,433 $255,354 $476,306 $146,575 $235,100 $386,376 $216,650 $984,701 Common Stock
Slide 22: Reconciliation of Adjusted Operating Cash Flow and Adjusted Free Cash Flow
Reconciliation of Adjusted Operating Cash Flow and Adjusted Free Cash Flow Adjusted Operating Cash Flow and Adjusted Free Cash Flow Reconciliation1 Based on Cash Capital Expenditures Three Months Ended December 31, Year Ended December 31, (in thousands) 2024 2023 2024 2023 Net cash provided by opera
Slide 23: Reconciliation of Adjusted Net Income
Reconciliation of Adjusted Net Income Adjusted Net Income Reconciliation1 Three Months Ended December 31, Year Ended December 31, ($ in thousands, except per share data) 2024 2023 2024 2023 Net income attributable to Class A Common Stock $216,650 $255,354 $984,701 $476,306 Net income attributable to
Slide 24: Reconciliation of Net Debt-to-LQA EBITDAX
Reconciliation of Net Debt-to-LQA EBITDAX Net Debt-to-LQA EBITDAX Reconciliation1 ($ in thousands) December 31, 2024 Long-term debt, net $4,184,233 Unamortized debt discount, debt issuance costs and debt premium on senior notes 25,215 Long-term debt 4,209,448 Less: cash and cash equivalents (479,343
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) 2024 2023 2024 2023 Basic weighted average shares of Class A Common Stock outstanding 702,968 459,593 640,662 349,213 Weighted average shares of