Permian Resources Posts Record Earnings Amidst Volatile Oil Markets

Permian Resources reported its Q2 2026 earnings on August 6. The company's adjusted free cash flow was $751 million, a record high and an increase of approximately 50% from last quarter. CEO William Hickey noted that natural gas prices averaged negative $3.14 per Mcf during the second quarter, requiring the company to curtail production on high-GOR wells.

Permian Resources also reported a total average production of 376.4 MBoe/d, including oil production of 198.1 MBbls/d and natural gas production of 552.9 MMcf/d. Oil production grew by 3% quarter over quarter due to increased workover activity and higher working interest in completed wells.

The company's lease operating expenses were $5.55 per Boe, benefiting from optimized power and compression infrastructure despite lower total production volumes. Permian Resources also reported a year-to-date acquisition of approximately 54,000 net leasehold acres and 20,000 net royalty acres across about 190 separate transactions.

The company's full-year oil production guidance was increased to 197,000 to 201,000 barrels per day, representing a 10,000 barrel per day increase from previous expectations. Permian Resources also reported an average working interest of over 80% for the full year 2026.