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Guidance history, every release

Permian Resources (PR) · 8 releases, Oct 31, 2024 to Aug 5, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Oct 31, 2024 FY24 Q3	Feb 25, 2025 FY24 Q4	May 7, 2025 FY25 Q1	Aug 6, 2025 FY25 Q2	Nov 5, 2025 FY25 Q3	Feb 25, 2026 FY25 Q4	May 6, 2026 FY26 Q1	Aug 5, 2026 FY26 Q2
For FY2028
Firm capacity on long-haul pipelines and sales agreements out of basin	—	—	—	—	New“approximately 700 MMcf/d”	—	—	—
Firm natural gas transport capacity	—	—	—	—	New“approximately 700 MMcf/d”	—	—	—
For FY2027
Firm transportation capacity exposed to Gulf Coast and DFW markets	—	—	—	—	—	—	New“over 700 MMcf/d”	—
For FY2026
8/8ths net revenue interest	—	—	—	—	—	New“approximately 79%”	—	—
Natural gas realized revenue premium versus Waha Hub pricing	—	—	—	—	—	New“approximately $0.25 to $0.75 per Mcf”	—	—
NGLs realized revenue	—	—	—	—	—	New“approximately 23% to 25% of WTI”	—	—
Severance and ad valorem taxes (% of revenue)	—	—	—	—	—	New“6.5% — 8.5%”	Reiterated“6.5% — 8.5%”	Reiterated“6.5% — 8.5%”
Year-end 2026 Net Debt-to-LQA EBITDAX	—	—	—	—	—	—	—	New“approximately 0.5x”
Annual cash interest expense reduction	—	—	—	—	—	—	—	New“approximately $75 million”
Annual oil production growth	—	—	—	—	—	New“approximately 4%”	—	—
Average lateral length (feet)	—	—	—	—	—	New“~11,000”	Reiterated“~11,000”	Reiterated“~11,000”
Average working interest	—	—	—	—	—	—	—	New“over 80%”
Average working interest	—	—	—	—	—	New“75% to 80%”	Reiterated“75% - 80%”	—
Base dividend	—	—	—	—	—	—	—	New“$0.16 per share”
Base dividend	—	—	—	—	—	—	New“$0.16 per share of Class A common stock, or $0.64 per share on an annualized basis”	—
Base dividend annualized yield	—	—	—	—	—	New“3.6% annualized yield”	—	—
Capital associated with Ward County bolt-on	—	—	—	—	—	—	—	New“approximately $25 million”
Capital budget change year-over-year	—	—	—	—	—	New“6% lower capital budget year-over-year”	—	—
Capital expenditures (mid-point)	—	—	—	—	—	—	—	New“$1.95 billion”
Cash capex allocated to facilities, infrastructure, capital workover and non-operated capex	—	—	—	—	—	New“approximately $400 million”	—	—
Cash capital expenditures range	—	—	—	—	—	—	—	New“$1.9 – $2.0 billion”
Cash general and administrative ($/Boe)	—	—	—	—	—	—	New“~$0.80”	Reiterated“~$0.80”
Cash general and administrative expense	—	—	—	—	—	New“$0.80 per Boe”	—	—
Crude oil and total average production	—	—	—	—	—	New“186 to 192 MBbls/d”	—	—
Crude oil realizations increase	—	—	—	New“over $0.50 per Bbl”	—	—	—	—
Cumulative current income tax	—	—	—	New“less than $50 million”	—	—	—	—
D&C costs per foot reduction vs 2025	—	—	—	—	—	New“approximately 8% reduction”	—	—
Firm capacity on long-haul pipelines and sales agreements out of basin	—	—	—	—	New“approximately 330 MMcf/d”	—	—	—
Firm natural gas transport capacity	—	—	—	—	New“approximately 330 MMcf/d”	—	—	—
Gathering, processing and transportation expenses ($/Boe)	—	—	—	—	—	New“~$1.40”	Reiterated“~$1.40”	Reiterated“~$1.40”
Improved pricing relative to Waha from natural gas marketing agreements	—	—	—	—	New“approximately $1 per Mcf improved pricing relative to Waha”	—	—	—
Incremental free cash flow from marketing agreements	—	—	—	New“$50 million”	—	—	—	—
Lease operating expenses ($/Boe)	—	—	—	—	—	New“~$5.45”	Reiterated“~$5.45”	Reiterated“~$5.45”
Natural gas and NGL volumes (if negative Waha prices persist)	—	—	—	—	—	—	New“anticipates lower natural gas and NGL volumes in the second quarter”	—
Natural gas production priced at Gulf Coast and DFW markets or protected by hedges	—	—	—	—	New“~75%”	—	—	—
Natural gas realizations increase	—	—	—	New“over $0.10 per Mcf”	—	—	—	—
Net average daily oil production (Bbls/d)	—	—	—	—	—	New“186,000 — 192,000”	Raised“190,000 — 195,000”	Raised“197,000 — 201,000”
Net average daily production (Boe/d)	—	—	—	—	—	New“400,000 — 430,000”	Reiterated“400,000 — 430,000”	Reiterated“400,000 — 430,000”
NGL realizations as % of WTI	—	—	—	—	—	New“approximately 23% to 25% of WTI”	—	—
NGLs (% of WTI)	—	—	—	—	—	New“approximately 23% to 25% of WTI”	—	—
Oil production (approx.)	—	—	—	—	—	—	—	New“approximately 199 MBbls/d”
Oil production (mid-point)	—	—	—	—	—	—	—	New“199.0 MBbls/d”
Oil production and capital expenditures	—	—	—	—	—	—	New“anticipates second quarter oil production and capital expenditures to be modestly higher than the first quarter”	—
Oil production target	—	—	—	—	—	—	New“192.5 MBbls/d”	—
Oil production target (mid-point of)	—	—	—	—	—	—	New“increased its full year 2026 oil production target by 3.5 MBbls/d to 192.5 MBbls/d at the mid-point of guidance”	—
Oil realizations as % of WTI	—	—	—	—	—	New“97% to 100% of WTI”	—	—
Operated drilling program TILs (gross)	—	—	—	—	—	New“~250”	Reiterated“~250”	Reiterated“~250”
Operating activity directed towards New Mexico	—	—	—	—	—	New“approximately 65%”	—	—
Operating activity directed towards Texas Delaware Basin	—	—	—	—	—	New“approximately 30%”	—	—
Quarterly base dividend	—	—	—	—	—	New“$0.16 per share”	—	—
Second half cash capital expenditures	—	—	—	—	—	—	—	New“less than $1 billion”
Second half oil production	—	—	—	—	—	—	—	New“over 200 MBbls/d”
Total cash capital expenditure budget	—	—	—	—	—	New“$1.75 to $1.95 billion”	—	—
Total cash capital expenditure program ($MM)	—	—	—	—	—	New“$1,750 — $1,950”	Reiterated“$1,750 — $1,950”	Raised“$1,900 — $2,000”
Total controllable cash costs	—	—	—	—	—	New“$7.15 to $8.15 per Boe”	Reiterated“$7.15 — $8.15”	Reiterated“$7.15 — $8.15”
Total production	—	—	—	—	—	New“400 to 430 MBoe/d”	—	—
Turn-in-line gross wells	—	—	—	—	—	New“approximately 250”	—	—
Uplift to free cash flow from natural gas marketing agreements	—	—	—	—	New“over $100 million uplift to free cash flow”	—	—	—
For FY2025
8/8ths net revenue interest	—	New“approximately 79%”	—	—	—	—	—	—
Estimated average realized revenue from natural gas relative to Waha Hub pricing	—	New“approximately $0.30 to $0.50 per Mcf less than Waha Hub pricing”	—	—	—	—	—	—
Severance and ad valorem taxes (% of revenue)	—	New“6.5% — 8.5%”	Reiterated“6.5% — 8.5%”	Reiterated“6.5% — 8.5%”	Reiterated“6.5% — 8.5%”	—	—	—
Net debt-to-EBITDAX (pro forma for acquisition)	—	—	New“<1x”	—	—	—	—	—
Year-end 2025 net debt-to-EBITDAX	—	—	—	New“approximately 0.8x”	—	—	—	—
Annual oil and total production growth	—	New“~8%”	—	—	—	—	—	—
Annual oil production	—	—	—	—	—	New“~4% higher”	—	—
Average completed lateral length	—	New“approximately 10,000 feet”	—	—	—	—	—	—
Average lateral length (feet)	—	—	New“~10,000”	Reiterated“~10,000”	Reiterated“~10,000”	—	—	—
Average working interest	—	New“approximately 75%”	Reiterated“~75%”	Reiterated“~75%”	Reiterated“~75%”	—	—	—
Base dividend	—	—	—	—	New“$0.15 per share”	—	—	—
Base dividend	—	—	—	New“$0.15 per share”	—	—	—	—
Base dividend	—	—	New“$0.15 per share of Class A common stock, or $0.60 per share on an annualized basis”	—	—	—	—	—
Base dividend	—	New“$0.15 per share of Class A common stock, or $0.60 per share on an annualized basis”	—	—	—	—	—	—
Base dividend on an annualized basis	—	—	—	—	New“$0.60 per share”	—	—	—
Base dividend per share	—	—	—	New“$0.15 per share”	—	—	—	—
Base dividend per share of Class A common stock	—	—	—	—	New“$0.15 per share”	—	—	—
Capital budget versus 2024	—	New“approximately $2 billion capital budget”	—	—	—	—	—	—
Cash capex allocation to drilling and completions	—	New“approximately 80%”	—	—	—	—	—	—
Cash capex allocation to facilities, infrastructure, capital workover and non-operated capex	—	New“20%”	—	—	—	—	—	—
Cash capex range	—	—	New“$1.9 – $2.0 billion”	—	—	—	—	—
Cash capital expenditures range	—	—	—	New“$1,920 – $2,020 million”	—	—	—	—
Cash G&A component of controllable cash costs	—	New“$0.90 per Boe”	—	—	—	—	—	—
Cash general and administrative ($/Boe)	—	New“~$0.90”	Reiterated“~$0.90”	Reiterated“~$0.90”	Reiterated“~$0.90”	—	—	—
Credit rating target	New“investment grade credit ratings in 2025”	—	—	—	—	—	—	—
Crude oil and total average production	—	New“170 to 175 MBbls/d and 360 to 380 MBoe/d”	—	—	—	—	—	—
Crude oil average production	—	New“170 to 175 MBbls/d”	—	—	—	—	—	—
Current income tax estimate	—	—	—	New“less than $5 million”	—	—	—	—
D&C costs per foot reduction	—	New“approximately 8% reduction”	—	—	—	Reiterated“approximately 8%”	—	—
Estimated NGL price (% of WTI)	—	New“approximately 27% to 30% of WTI”	—	—	—	—	—	—
Free cash flow	—	—	New“similar free cash flow at $60 per barrel WTI for the remainder of 2025 as we did in 2024 at $75 per barrel”	—	—	—	—	—
Gathering, processing and transportation (GP&T) expense component of controllable cash costs	—	New“$1.30 per Boe”	—	—	—	—	—	—
Gathering, processing and transportation expenses ($/Boe)	—	New“~$1.30”	Reiterated“~$1.30”	Reiterated“~$1.30”	Reiterated“~$1.30”	—	—	—
Incremental capital expenditures from acquisition	—	—	New“approximately $20 million”	—	—	—	—	—
Incremental production from Northern Delaware Basin acquisition	—	—	New“approximately 12,000 Boe/d (~45% oil)”	—	—	—	—	—
Lease operating expenses ($/Boe)	—	New“~$5.55”	Reiterated“~$5.55”	Reiterated“~$5.55”	Reiterated“~$5.55”	—	—	—
Lease operating expenses (LOE) component of controllable cash costs	—	New“approximately $5.55 per Boe”	—	—	—	—	—	—
Liquidity	—	—	—	New“over $3 billion”	—	—	—	—
Liquidity (pro forma for acquisition)	—	—	New“>$3 billion”	—	—	—	—	—
Net average daily oil production (Bbls/d)	—	New“170,000 — 175,000”	Reiterated“170,000 — 175,000”	Raised“177,500 — 179,500”	Raised“181,000 — 182,000”	—	—	—
Net average daily production (Boe/d)	—	New“360,000 — 380,000”	Reiterated“360,000 — 380,000”	Raised“380,000 — 390,000”	Raised“390,000 — 398,000”	—	—	—
NGL realizations as percentage of WTI	—	New“approximately 27% to 30% of WTI”	—	—	—	—	—	—
Oil production target	—	—	—	—	New“181.5 MBbls/d”	—	—	—
Oil production target (mid-point)	—	—	—	New“178.5 MBbls/d”	—	—	—	—
Oil realizations	—	New“98% to 100% of WTI”	—	—	—	—	—	—
Oil realizations as percentage of WTI	—	New“98% to 100% of WTI”	—	—	—	—	—	—
Operated drilling program TILs (gross)	—	New“~285”	Lowered“~275”	Reiterated“~275”	Reiterated“~275”	—	—	—
Operating activity allocation - New Mexico	—	New“approximately 65%”	—	—	—	—	—	—
Operating activity allocation - Texas Delaware Basin	—	New“approximately 30%”	—	—	—	—	—	—
Production added from acquisition	—	—	New“approximately 12,000 Boe/d (~45% oil)”	—	—	—	—	—
Total average production	—	New“360 to 380 MBoe/d”	—	—	—	—	—	—
Total cash capital expenditure budget	—	New“$1.9 to $2.1 billion”	—	—	—	—	—	—
Total cash capital expenditure program ($MM)	—	New“$1,900 — $2,100”	Narrowed“$1,900 — $2,000”	Raised“$1,920 — $2,020”	Reiterated“$1,920 — $2,020”	—	—	—
Total controllable cash costs	—	New“$7.25 to $8.25 per Boe”	Reiterated“$7.25 — $8.25”	Reiterated“$7.25 — $8.25”	Reiterated“$7.25 — $8.25”	—	—	—
Total production target	—	—	—	—	New“394.0 MBoe/d”	—	—	—
Total production target (mid-point)	—	—	—	New“385.0 MBoe/d”	—	—	—	—
Turn-in-line (TIL) wells	—	New“approximately 285 gross wells, with an average working interest of approximately 75% and 8/8ths net revenue interest of approximately 79%”	—	—	—	—	—	—
Turn-in-line gross wells	—	—	New“approximately 275”	—	—	—	—	—
Turn-in-line gross wells (TILs)	—	New“approximately 285”	—	—	—	—	—	—
For FY2024
Severance and ad valorem taxes (% of revenue)	New“6.5% — 8.5%”	—	—	—	—	—	—	—
Annual oil production increase	—	—	—	—	—	New“approximately 20% higher”	—	—
Average lateral length (feet)	New“~9,300”	—	—	—	—	—	—	—
Average working interest	New“~75%”	—	—	—	—	—	—	—
Capital expenditures decrease	—	—	—	—	—	New“10% lower”	—	—
Cash general and administrative ($/Boe)	New“$0.90 — $1.10”	—	—	—	—	—	—	—
Gathering, processing and transportation expenses ($/Boe)	New“$1.00 — $1.50”	—	—	—	—	—	—	—
Lease operating expenses ($/Boe)	New“$5.50 — $6.00”	—	—	—	—	—	—	—
Net average daily oil production (Bbls/d)	New“158,000 — 159,000”	—	—	—	—	—	—	—
Net average daily production (Boe/d)	New“340,000 — 342,000”	—	—	—	—	—	—	—
Oil and total production mid-point	New“158.5 MBbls/d and 341.0 MBoe/d”	—	—	—	—	—	—	—
Oil production (mid-point)	New“158.5 MBbls/d”	—	—	—	—	—	—	—
Operated drilling program TILs (gross)	New“~270”	—	—	—	—	—	—	—
Quarterly base dividend	New“$0.15 per share”	—	—	—	—	—	—	—
TILs (turn-in-lines)	New“approximately 270 gross wells”	—	—	—	—	—	—	—
Total cash capital expenditure program ($MM)	New“$1,900 — $2,100”	—	—	—	—	—	—	—
Total production (mid-point)	New“341.0 MBoe/d”	—	—	—	—	—	—	—
No period stated
Annualized base dividend	New“$0.60 per share”	Reiterated“$0.60 per share”	—	—	—	—	—	—
Base dividend (annualized basis)	—	—	New“$0.60 per share”	Reiterated“$0.60 per share”	Reiterated“$0.60 per share”	—	Raised“$0.64 per share”	Reiterated“$0.64 per share”
Base dividend increase	—	—	—	—	—	New“7% increase from $0.15 per share previously”	—	—
Capital budget decrease	—	—	—	—	—	New“6% lower”	—	—
Quarterly base dividend	New“$0.15 per share of Class A common stock, or $0.60 per share on an annualized basis”	—	—	—	—	—	—	—
Share repurchase authorization	—	—	New“$1 billion”	Reiterated“$1 billion”	—	—	—	—
Share repurchase authorization remaining	—	—	—	New“$957 million”	—	—	—	—

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.