Permian Resources Corporation · NYSE:PR
Permian Resources — Q1 2025 Earnings Presentation
24 slides from Permian Resources's earnings presentation, May 8, 2025
Slide 1: Q1'25 Earnings Presentation
May 7, 2025 Q1’25 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 ~450,000 net acres, ~88,000 net royalty acres and PR Key Statistics Basin Pure-Play ~370 MBoe/d of FY’25E production E&P Company Scale and balance sheet strength provide flexibility to quickly
Slide 4: Permian Resources Financial and Operational Highlights
Permian Resources Financial and Operational Highlights Q1’25 Highlights Q1’25 Key Metrics • Reported crude oil and total average production of 175.0 MBbls/d and 373.2 MBoe/d Oil (MBbls/d) 175.0 • Announced cash capital expenditures of $501 MM, cash provided by operating activities Natural Gas (MMcf/
Slide 5: Q1'25 Snapshot – Execution Across the Board
Q1’25 Snapshot – Execution Across the Board Oil Production (MBbls/d) Controllable Cash Costs ($ / Boe)1 D&C Cost ($ per Lateral Foot) 175.0 $7.84 ~$775 171.3 $7.54 ~$750 Q4'24 Q1'25 Q4'24 Q1'25 Q4'24 Q1'25 Increased production driven by strong performance Relentless focus on remaining the Delaware B
Slide 6: PR Has Built a Robust Business and Fortress Balance Sheet
PR Has Built a Robust Business and Fortress Balance Sheet Maximum Liquidity ($B) Significant FCF generation reduced net debt Low Leverage (Net Debt-to-LQA EBITDAX) Reduced leverage despite growth due to strong business and increased cash position fundamentals and thoughtful acquisition financing
Slide 7: PR's Proven Downturn Strategy
PR’s Proven Downturn Strategy 1 • Maintain low leverage across cycles APA New Mexico Acquisition Maintain Balance $ • Finance acquisitions thoughtfully • Acquired ~$600 MM APA bolt-on directly offset Sheet Strength existing acreage in Northern Delaware • Maximize liquidity ‒ 13,320 net acres and 8
Slide 8: Bolt-On Acquisition Enhances Existing NM Position
Bolt-On Acquisition Enhances Existing NM Position Acquisition Overview Acquired Acreage Locator Map • Purchase price of $608 million, expected to be funded with cash on hand PR – Maintaining strong balance sheet with leverage1 of <1x and >$3 B of liquidity at YE’25 PR Op. with Added WI APA • ~13,320
Slide 9: Acquisition Meets and Exceeds All Investment Criteria
Acquisition Meets and Exceeds All Investment Criteria • Attractive valuation relative to recent private transactions and Disciplined acquisition public Permian metrics • strategy Methodical selection of assets where PR is uniquely positioned to add outsized value • Accretive to all key metrics inc
Slide 10: Balance Sheet Remains Strong Pro Forma for APA Bolt-On
Balance Sheet Remains Strong Pro Forma for APA Bolt-On Maintaining Balance Sheet Strength1 Financial Highlights1 • PF leverage remains <1.0x at $60 / Bbl for remainder of the year • PF liquidity of >$3 B at YE’25 allows for continued flexibility ‒ Undrawn credit facility with $2.5 B elected commitme
Slide 11: Market Dislocations Create Buying Opportunities
Market Dislocations Create Buying Opportunities PR Share Share Repurchases PR Closing Stock Price (YTD) Repurchases • From PR inception, focus on buybacks has been around $16.00 significant market dislocations to maximize impact • Reacted swiftly to market conditions in early April with $15.00 immed
Slide 12: Revised 2025 Guidance Summary
Revised 2025 Guidance Summary Full Year Standalone Guidance Summary Guidance Range • Decreasing full-year capital budget guidance from $1.9 – $2.1 Metric Original Revised Change B to $1.9 – $2.0 B Total Production 360 – 380 360 – 380 • Maintaining full-year oil and total production ranges of (MBoe/d
Slide 13: PR Is Well Positioned For Continued Outsized Value Creation
PR Is Well Positioned For Continued Outsized Value Creation Permian Resources provides significant upside to its valuation versus peers EV / 2025E EBITDAX1 Permian ✓ Robust free cash flow per share generation Pure-Plays ✓ Premier asset quality and inventory depth located in the best U.S. 14.5x shale
Slide 14: Appendix
Appendix
Slide 15: Permian Resources Q1'25 Operational and Financial Overview
Permian Resources Q1’25 Operational and Financial Overview Market Statistics (Data in MM, except per share data) Per Share Key Statistics ($’s in MM, except per share data) Total (Diluted) Diluted Shares Outstanding1 842.4 Share Price (5/6/25) $11.97 Total Oil and Gas Revenue $1,376.5 Market Capital
Slide 16: Revised Standalone 2025 Guidance Detail
Revised Standalone 2025 Guidance Detail Revised Standalone Commentary Additional Commentary FY’25 Guidance Production Expect <$10 MM in current income tax for FY’25 at current strip prices1 Net Average Daily Production (Boe/d) 360,000 - 380,000 • No change Impact of Acquisition Net Average Daily O
Slide 17: Hedge Book Overview
Hedge Book Overview Hedging Philosophy Crude Oil Hedge Position (Bbls/d) • Protect the balance sheet, cash flow and shareholder 45,000 45,000 returns WTI Swaps • Ensure business is in a position to be opportunistic 17,500 17,500 during downcycles • Balance downside protection with appropriate upside
Slide 18: Committed to ESG and Sustainability
Committed to ESG and Sustainability 2024 ESG Highlights • Reduced flaring to 1.0% of natural gas volumes, compared to 2.0% in the prior year • Deployed continuous emissions monitoring across 60% of our oil production, a significant increase versus 2023 • Limited oil spills to 0.002% and produced wat
Slide 19: Hedge Book Overview (as of April 30, 2025)
Hedge Book Overview (as of April 30, 2025) Balance 2025 FY 2026 FY 2027 Q2 Q3 Q4 2025 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 2027 WTI Fixed Price Swaps Total Volume (Bbl) 4,095,000 4,140,000 4,140,000 12,375,000 1,575,000 1,592,500 1,610,000 1,610,000 6,387,500 -- -- -- -- -- Daily Volume (Bbl/d) 45,000 45,00
Slide 20: Reconciliation of Adjusted EBITDAX to Net Income
Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX Reconciliation1 FY’24 FY’25 ($ in thousands, unless specified) Q1 Q2 Q3 Q4 FY’24 Q1 Net income attributable to Class A Common Stock $146,575 $235,100 $386,376 $216,650 $984,701 $329,298 Net income attributable to noncontrolling intere
Slide 21: Reconciliation of Adjusted Operating Cash Flow and Adjusted Free Cash Flow
Reconciliation of Adjusted Operating Cash Flow and Adjusted Free Cash Flow Adjusted Operating Cash Flow and Adjusted Free Cash Flow Reconciliation1 Based on Cash Capital Expenditures Three Months Ended March 31, (in thousands, except per share data) 2025 2024 Net cash provided by operating activitie
Slide 22: Reconciliation of Adjusted Net Income
Reconciliation of Adjusted Net Income Adjusted Net Income Reconciliation1 Three Months Ended March 31, ($ in thousands, except per share data) 2025 2024 Net income attributable to Class A Common Stock $329,298 $146,575 Net income attributable to noncontrolling interest 61,265 83,020 Non-cash derivat
Slide 23: Reconciliation of Net Debt-to-LQA EBITDAX
Reconciliation of Net Debt-to-LQA EBITDAX Net Debt-to-LQA EBITDAX Reconciliation1 ($ in thousands) March 31, 2025 Total debt, net $3,998,984 Unamortized debt discount, premium and issuance costs on senior notes 35,464 Total debt 4,034,448 Less: cash and cash equivalents (702,236) 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 March 31, (in thousands) 2025 2024 Basic weighted average shares of Class A Common Stock outstanding 704,035 552,472 Weighted average shares of Class C Common Stock 99,594 218,811 Adjusted basic we