Slide 1: Q3'25 Earnings Presentation
November 5, 2025 Q3’25 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 Premier Delaware ~475,000 net acres, ~105,000 net royalty acres and PR Key Statistics Basin Pure-Play ~400 MBoe/d of total production E&P Company Scale and balance sheet strength provide flexibility to ~475,00
Slide 4: Permian Resources Financial and Operational Highlights
Permian Resources Financial and Operational Highlights Q3’25 Highlights Q3’25 Key Metrics • Reported total average production of 410.2 MBoe/d, including 186.9 MBbls/d of oil, 105.8 Oil (MBbls/d) 186.9 MBbls/d of NGLs and 704.8 MMcf/d of natural gas • Announced cash capital expenditures of $480 MM, c
Slide 5: Q3'25 Snapshot – Continued Execution for 12th Consecutive Quarter
Q3’25 Snapshot – Continued Execution for 12th Consecutive Quarter Oil Production (MBbls/d) Controllable Cash Costs ($ / Boe)2 Adj. Free Cash Flow ($ MM)3 Per Debt-Adjusted Diluted Share1 Per Diluted Share 186.9 $7.82 $469 176.5 $7.36 169 $0.55 161 Q2'25 Q3'25 Q2'25 Q3'25 $312 Increased production dr
Slide 6: Leading Execution, Cutting Edge Technology Drive Robust Results
Leading Execution, Cutting Edge Technology Drive Robust Results Overview Haley Results vs. Offset Development1 Haley Locator Map • Q3’25 production outperformance driven by 75 Cume Oil; 10K Ft. Normalized (MBbls) Eddy Lea recent pad results, including Haley New Mexico development in Winkler County,
Slide 7: Revised Guidance Summary
Revised Guidance Summary 2025 Guidance Summary 2025 Revised Oil Guidance (MBbls/d)1 • Increasing full-year production ranges to 181 – 182 181.5 MBbls/d and 390 – 398 MBoe/d 0.3 178.5 2.7 ‒ ~2% increase to both oil and total production 3.0 ‒ Increase driven primarily by strong well results 172.5 3.0
Slide 8: PR's Low-Cost Leadership Drives Sustainable M&A Strategy
PR’s Low-Cost Leadership Drives Sustainable M&A Strategy M&A Strategy PR’s Cost Leadership Provides a Material Advantage, Which Has • Disciplined acquisition strategy centered around making the business better and creating value Allowed it to Consistently Execute on Accretive M&A for shareholders ‒
Slide 9: Q3'25 Acquisitions Continue Track-Record of Improving the Business Through A&D
Q3’25 Acquisitions Continue Track-Record of Improving the Business Through A&D Q3’25 Acquisitions Overview Acquisition Summary Q3’25 Acquisitions • Closed ~250 transactions for total of ~$180 MM New Mexico Locator Map Texas Locator Map ‒ ~5,500 net acres and ~2,400 net royalty acres (“NRAs”) Loving
Slide 10: Improved Midstream Portfolio Further Enhances All-In Gas Netbacks
Improved Midstream Portfolio Further Enhances All-In Gas Netbacks Marketing Update Firm Transport and Sales Agreements (MMcf/d) • Entered into additional natural gas firm transport and sales agreements, Recent marketing agreements provide additional pricing providing increased pricing exposure to Gu
Slide 11: Strong Balance Sheet Supports "All of the Above" Capital Allocation Strategy
Strong Balance Sheet Supports “All of the Above” Capital Allocation Strategy Investment Grade Quality Balance Sheet YE 2025E Net Debt / 2025E EBITDAX – Strip Pricing2 Credit Rating 1.3x 1.2x ~0.8x Net Debt to LQA EBITDAX1 BBB- 1.0x Fitch 0.9x 0.9x 0.9x 0.8x 0.7x $ >$2.6 billion of total liquidity BB
Slide 12: Compelling Value Proposition Continues with Premier Assets and Increased Scale
Compelling Value Proposition Continues with Premier Assets and Increased Scale PR shareholder return has exceeded Permian oil …And still provides significant upside to its peers since its formation… valuation versus peers Total Shareholder Return Since Inception 15.5x EV / 2026E EBITDAX Permian Pure
Slide 13: Appendix
Appendix
Slide 14: Permian Resources Q3'25 Operational and Financial Overview
Permian Resources Q3’25 Operational and Financial Overview Market Statistics (Data in MM, except per share data) Per Share Key Statistics ($’s in MM, except per share data) Total (Diluted) Diluted Shares Outstanding1 843.0 Share Price (11/4/25) $12.41 Total Oil and Gas Revenue $1,321.8 Market Capita
Slide 15: Revised 2025 Guidance Detail
Revised 2025 Guidance Detail Revised Commentary Additional Commentary FY’25 Guidance Production Expect <$5 MM in current income tax for FY’25 at current strip prices Net Average Daily Production (Boe/d) 390,000 - 398,000 • Oil and total production increased by ~2% due to strong well results Aver
Slide 16: Hedge Book Overview
Hedge Book Overview Hedging Philosophy Crude Oil Hedge Position (Bbls/d) • Protect the balance sheet, cash flow and shareholder returns 57,000 WTI Swaps • Ensure business is in a position to be opportunistic 29,500 29,500 during downcycles • Balance downside protection with appropriate upside commod
Slide 17: Hedge Book Overview (as of October 31, 2025)
Hedge Book Overview (as of October 31, 2025) Bal 2025 FY 2026 FY 2027 Q4 2025 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 2027 WTI Fixed Price Swaps Total Volume (Bbl) 5,244,000 5,244,000 2,655,000 2,684,500 2,714,000 2,714,000 10,767,500 -- -- -- -- -- Daily Volume (Bbl/d) 57,000 57,000 29,500 29,500 29,500 29,50
Slide 18: 2024 Sustainability Report Highlights
2024 Sustainability Report Highlights 2024 Highlights • Reduced flaring to 1.0% of natural gas volumes, compared to 2.0% in the prior year • Deployed continuous emissions monitoring across 60% of our oil production, a significant increase versus 2023 • Conducted aerial flyovers, inspecting >2,000 si
Slide 19: Reconciliation of Adjusted EBITDAX to Net Income
Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX Reconciliation1 For the Three Months Ended, ($ in thousands, unless specified) 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Net income attributable to Class A Common Stock $386,376 $216,650 $329,298 $207,137 $59,234 Net income attributabl
Slide 20: Reconciliation of Adjusted Operating Cash Flow and Adjusted Free Cash Flow
Reconciliation of Adjusted Operating Cash Flow and Adjusted Free Cash Flow Adjusted Operating Cash Flow and Adjusted Free Cash Flow Reconciliation1 Based on Cash Capital Expenditures Three Months Ended September 30, (in thousands, except per share data) 2025 2024 Net cash provided by operating activ
Slide 21: Reconciliation of Adjusted Net Income
Reconciliation of Adjusted Net Income Adjusted Net Income Reconciliation1 Three Months Ended September 30, ($ in thousands, except per share data) 2025 2024 Net income attributable to Class A Common Stock $59,234 $386,376 Net income attributable to noncontrolling interest 22,227 70,151 Loss on extin
Slide 22: Reconciliation of Net Debt-to-LQA EBITDAX
Reconciliation of Net Debt-to-LQA EBITDAX Net Debt-to-LQA EBITDAX Reconciliation1 ($ in thousands) September 30, 2025 Total debt, net $3,544,836 Unamortized debt discount, premium and issuance costs on senior notes 30,164 Total debt 3,575,000 Less: cash and cash equivalents (111,805) Net debt (Non-G
Slide 23: Reconciliation of Adjusted Basic and Diluted Shares
Reconciliation of Adjusted Basic and Diluted Shares Adjusted Shares Reconciliation1 Three Months Ended September 30, (in thousands) 2025 2024 Basic weighted average shares of Class A Common Stock outstanding 712,282 693,692 Weighted average shares of Class C Common Stock 95,660 100,670 Adjusted basi