Permian Resources Q1

[ChuckGeb]

MIDLAND, Texas –
Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) today announced its first quarter 2023 financial and operational results.

First Quarter Financial and Operational Highlights

Delivered total production of 153.8 MBoe/d, ahead of guidance, and oil production of 78.3 MBbls/d, in-line with guidance
Announced total accrued capital expenditures of $360 million and total cash capital expenditures of $315 million
Reported net cash provided by operating activities of $438 million and adjusted free cash flow1 of $101 million (accrued capital expenditures) or $146 million (cash capital expenditures)
Delivered total return of capital of $85 million through the base and variable dividends and stock repurchases:
Announced quarterly base dividend of $0.05 per share
Initiated inaugural variable dividend of $0.05 per share
Repurchased $29.4 million of Class C Common Stock
Closed the previously announced bolt-on acquisition in Lea County and midstream infrastructure divestiture in Reeves County
Management Commentary

“Permian Resources delivered another strong operational quarter as we remain focused on executing on our 2023 plan, with quarterly production and costs in-line with or ahead of expectations,” said Will Hickey, Co-CEO of Permian Resources. “We continue to build upon our operational track record and are committed to driving strong well results, improving operational efficiencies and maintaining capital discipline.”

“In the inaugural quarter of our variable return program, we are pleased to be able to return $85 million to shareholders through the base dividend, variable dividend and share buybacks,” said James Walter, Co-CEO of the Company. “Going forward, we will continue to leverage our high-quality assets, efficient operations and strong financial position to provide a unique and attractive value proposition to investors.”

[Cliff_N]

Any ideas why PR is down over 8% this morning? Quarter looks good. Did they miss estimates?

[ChuckGeb]

Recovered a bit but non-gaap eps of $.34cmissed by estimates by $.05 and revenue of $616 mil missed by $39.8 mil.

[Cliff_N]

Thanks. Big miss on revenue!

[dan_s]

Revenues net of cash settlements on their hedges are very close to my forecast. Adjusted Cash Flow from Operations is also very close to my forecast.

I will update my forecast/valuation model for PR tomorrow morning.