Highlights

  • Permian Resources shares were trading at $25.49 on October 23, 2026, up 4.47%.
  • Second-quarter oil and gas sales rose 55% to $1,858.0 million, from $1,197.6 million a year earlier.
  • Net income attributable to Class A Common Stock was $792.5 million, or $0.93 per diluted share, compared with $207.1 million a year earlier.
  • Average realized oil prices rose 56% to $97.81 per barrel, while natural gas sales were negative $120.7 million on negative regional gas prices.

Permian Resources (NYSE: PR) shares were trading at USD 25.49 on October 23, 2026, up 4.47%. The Permian Basin-focused oil and gas producer reported second-quarter results showing a sharp increase in oil revenue tied to higher crude prices, alongside a continued squeeze from negative natural gas pricing in its core operating area.

Permian Resources operates exclusively in the Permian Basin, concentrating its exploration and production activity across the core of the basin in West Texas and southeastern New Mexico.

Higher Oil Prices Drive Revenue Growth Despite Lower Total Production

Total net production for the quarter was 34,253 thousand barrels of oil equivalent, or 376,409 Boe per day, down 2% from a year earlier, as a 12% increase in oil volumes to 198,071 barrels per day was more than offset by declines of 12% in NGL volumes and 17% in natural gas volumes. The company said the oil production increase reflected wells placed online since the second quarter of 2025, partially offset by normal production declines, while NGL and natural gas volumes were curtailed on wells with higher gas-to-oil ratios amid negative natural gas prices.

Oil and gas sales rose 55% to $1,858.0 million from $1,197.6 million a year earlier. Oil sales rose 75% to $1,762.9 million, as the average realized oil price increased 56% to $97.81 per barrel, which the company said mainly reflected higher NYMEX WTI crude prices tied to supply disruptions associated with heightened geopolitical tensions in the Middle East. NGL sales rose 16% to $182.6 million as the average realized NGL price rose 31% to $23.28 per barrel on higher Mont Belvieu spot prices. Natural gas sales were negative $120.7 million, compared with positive $30.2 million a year earlier, as the average realized natural gas price fell to negative $2.40 per Mcf from $0.50 per Mcf, reflecting negative regional market prices; the company said this impact was mitigated in part by $33.3 million in net proceeds from purchased gas sales that facilitated additional sales into markets with more favorable pricing.

Earnings Rise Sharply on Higher Revenue and Derivative Gains

Income from operations was $928.2 million, compared with $297.5 million a year earlier. Net income was $792.5 million, compared with $245.0 million, with net income attributable to Class A Common Stock of $792.5 million, or $0.93 per diluted share, versus $207.1 million, or $0.28 per share, a year earlier; results also reflected a net gain on derivative instruments of $139.1 million in the current quarter, compared with $73.0 million a year earlier. Permian Resources declared a dividend of $0.16 per share of Class A Common Stock for the quarter, up from $0.15 per share a year earlier.

Bolt-On Acquisitions Continue to Expand the Core Position

Subsequent to quarter end, on July 31, 2026, the company completed the acquisition of approximately 20,500 net leasehold acres and approximately 950 net royalty acres in Ward County, Texas, for an unadjusted purchase price of $520.0 million, directly offsetting its existing position in the core of the Southern Delaware Basin. This follows a June 2025 acquisition of approximately 13,000 net leasehold acres from Apache Corporation for $608 million, located in the company’s existing New Mexico operating area.