Permian Resources Corporation reported strong operational performance for the third quarter of 2026, delivering a significant beat on production and revenue targets. While GAAP EPS was impacted by non-cash derivative losses, adjusted earnings and free cash flow surged as the company integrated recent acquisitions and achieved record-low controllable costs. Management subsequently raised full-year production guidance and updated its capital spending plan to reflect increased working interests.
Key Highlights
- Average daily oil production reached 208.0 MBbls/d, exceeding the consensus estimate of 203.0 MBbls/d and growing 5% sequentially.
- Total revenue of $1.96 billion surpassed estimates of $1.78 billion, driven by record total production volumes of 457.5 MBoe/d.
- The company generated $846 million in adjusted free cash flow, supported by record-low controllable cash costs of $7.05 per Boe.
- Management raised the full-year 2026 oil production midpoint to 202.5 MBbls/d and increased the capital expenditure midpoint to $2.025 billion.
- Permian Resources completed ~$1.15 billion in Delaware Basin acquisitions, adding approximately 24,000 net acres and 13,000 Boe/d of production.