Permian Resource (PR) Q4 Results - Feb 26
Posted: Wed Feb 26, 2025 9:32 am
On February 25 Permian Resources Corporation ("Permian Resources" or the "Company") (NYSE: PR) announced its fourth quarter and full year 2024 financial and operational results and 2025 operational plans.
Fourth Quarter 2024 Financial and Operational Highlights
Reported GAAP Net Income of $217 million and Adjusted Operating Cash Flow of $904 million. < Beat my forecast of 832 million Adjusted Operating Cash Flow.
Reported crude oil and total average production of 171.3 MBbls/d and 368.4 MBoe/d < Beat my forecast of 168,480 bpd of oil and 360,000 Boepd.
Announced cash capital expenditures of $504 million, cash provided by operating activities of $872 million and adjusted free cash flow1 of $400 million
Reduced D&C costs to ~$775 per lateral foot
Announced the divestiture of Barilla Draw natural gas and oil gathering systems for $180 million
Added ~2,100 net acres through >90 grassroots transactions for ~$3,900 per net acre, demonstrating continued ground game success
Declared base dividend of $0.15 per share, representing 4.3% yield
Maintained strong balance sheet with leverage of 0.95x and total liquidity of ~$3.0 billion
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I will update my forecast/valuation model for PR this afternoon. My "Quick Take" is that their 2025 guidance is close to my forecast.
Fourth Quarter 2024 Financial and Operational Highlights
Reported GAAP Net Income of $217 million and Adjusted Operating Cash Flow of $904 million. < Beat my forecast of 832 million Adjusted Operating Cash Flow.
Reported crude oil and total average production of 171.3 MBbls/d and 368.4 MBoe/d < Beat my forecast of 168,480 bpd of oil and 360,000 Boepd.
Announced cash capital expenditures of $504 million, cash provided by operating activities of $872 million and adjusted free cash flow1 of $400 million
Reduced D&C costs to ~$775 per lateral foot
Announced the divestiture of Barilla Draw natural gas and oil gathering systems for $180 million
Added ~2,100 net acres through >90 grassroots transactions for ~$3,900 per net acre, demonstrating continued ground game success
Declared base dividend of $0.15 per share, representing 4.3% yield
Maintained strong balance sheet with leverage of 0.95x and total liquidity of ~$3.0 billion
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I will update my forecast/valuation model for PR this afternoon. My "Quick Take" is that their 2025 guidance is close to my forecast.