Permian Resources — Oct 31, 2024 release

Recent Financial and Operational Highlights • Reported crude oil and total average production of 160.8 MBbls/d and 347.1 MBoe/d during the quarter • Announced cash capital expenditures of $520 million, cash provided by operating activities of $954 million and adjusted free cash flow 1 of $303 million • Continue to drive operational efficiencies, resulting in reduced cycle times and lower well costs ◦ Reduced D&C costs to ~$800 per lateral foot, which represents a 16% decrease from 2023 • Announced quarterly base dividend of $0.15 per share, a 150% increase compared to the prior quarter ◦ Represents initial base dividend under the Company's updated return of capital strategy • Maintained strong balance sheet with leverage of ~1x and ~$2.8 billion of total liquidity ◦ Ended quarter with undrawn revolver and $272 million of cash • Received upgraded credit ratings by Moody’s, S&P and Fitch ◦ Targeting investment grade credit ratings in 2025 • Closed previously announced Barilla Draw transaction, adding ~29,500 net acres and ~9,900 net royalty acres directly offset existing operations • Increased mid-point of full year oil and total production guidance by over 4% to 158.5 MBbls/d and 341.0 MBoe/d ◦ Third consecutive increase of guidance primarily driven by strong performance of base business Management Commentary “Our team continues to do a tremendous job executing in the field and has improved upon the operational efficiencies gained earlier in the year. Most importantly, reduced cycle times have driven a significant reduction in well costs,” said Will Hickey, Co-CEO of Permian Resources. “We are now drilling and completing wells for approximately $1 million cheaper than 2023. This improvement is driven by our operations team’s relentless pursuit of efficiencies and cost savings.” “We are proud to increase full year production guidance for the third consecutive quarter, while maintaining our original capital budget. We have now increased oil guidance 11 MBbls/d above our initial outlook, with approximately 8 MBbls/d of this increase driven by our existing business and the remainder from accretive acquisitions,” said