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Shares of Genpact fell as investors questioned the pace at which the company can translate its investments in AI into meaningful revenue acceleration. Permian Resources detracted from performance as energy stocks weakened following a decline in crude oil prices. Ralliant rallied following a strong earnings report in which organic revenue grew nearly 9%, well above expectations, driven by strength across both the Sensors & Safety Systems and Test & Measurement segments.

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MIDLAND, Texas--(BUSINESS WIRE)--Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) announced today that it will report second quarter 2026 financial and operating results after the market closes for trading on Wednesday, August 5, 2026. Management will host an earnings conference call on Thursday, August 6, 2026, at 9:00 a.m. Central (10:00 a.m. Eastern). Interested parties are invited to participate on the call by dialing (833) 461-5787 (Conference ID: 413137922) at least 15 minutes prior to the start of the call or via the internet at www.permianres.com. A replay of the call will be available on the Company’s website following the call.

About Permian Resources

Headquartered in Midland, Texas, Permian Resources is an independent oil and natural gas company focused on driving peer-leading returns through the acquisition, optimization and development of high-return oil and natural gas properties. The Company’s assets are located in the Permian Basin, with a concentration in the core of the Delaware Basin. Through its position of approximately 500,000 net acres in West Texas and Southeast New Mexico, Permian Resources is the second largest Permian Basin pure-play E&P. For more information, please visit www.permianres.com.

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Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Permian Resources (PR - Free Report) , which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, could be a great candidate to consider.

This company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 27.74%.

For the most recent quarter, Permian Resources was expected to post earnings of $0.28 per share, but it reported $0.37 per share instead, representing a surprise of 32.14%. For the previous quarter, the consensus estimate was $0.3 per share, while it actually produced $0.37 per share, a surprise of 23.33%.

Price and EPS Surprise

For Permian Resources, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Permian Resources has an Earnings ESP of +1.32% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #1 (Strong Buy), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on May 6, 2026.

When the Earnings ESP comes up negative, investors should note that this will reduce the predictive power of the metric. But, a negative value is not indicative of a stock's earnings miss.

Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Wall Street expects a year-over-year increase in earnings on higher revenues when W&T Offshore (WTI - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on May 7, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis independent oil and gas company is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of +84.6%.

Revenues are expected to be $136.98 million, up 5.5% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 41.03% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for W&T?For W&T, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +185.72%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that W&T will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that W&T would post a loss of$0.09 per share when it actually produced a loss of -$0.14, delivering a surprise of -55.56%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

W&T appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAmong the stocks in the Zacks Oil and Gas - Exploration and Production - United States industry, Permian Resources (PR - Free Report) , is soon expected to post earnings of $0.38 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of -9.5%. This quarter's revenue is expected to be $1.39 billion, up 1% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Permian Resources has been revised 10.1% up to the current level. Nevertheless, the company now has an Earnings ESP of +1.32%, reflecting a higher Most Accurate Estimate.

When combined with a Zacks Rank of #1 (Strong Buy), this Earnings ESP indicates that Permian Resources will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Key Takeaways Permian Resources to report Q1 results on May 6, with EPS seen at 38 cents on $1.4B revenues.PR's production is expected to rise 11.5% YoY, with better gas marketing and hedges aiding realizations.PR faces macro uncertainty, volatile gas prices and inflation that may limit margins and upside. Permian Resources Corporation (PR - Free Report) is set to release first-quarter 2026 results on May 6. The bottom-line estimate for the to-be-reported quarter is pegged at a profit of 38 cents on revenues of $1.4 billion.

Let us delve into the factors that might have influenced this Midland, TX-based oil and gas exploration and production company’s results in the quarter. Before diving in, it is important to consider how PR performed last quarter.

Highlights of Q4 Earnings & Surprise HistoryIn the last reported quarter, Permian Resources posted adjusted net income per share of 37 cents, which beat the Zacks Consensus Estimate of 28 cents. The bottom line also increased from the year-ago quarter’s reported figure of 36 cents, backed by a rise in production volumes. However, PR’s revenues of $1.2 billion missed the Zacks Consensus Estimate by 9%.

The company’s earnings beat the Zacks Consensus Estimate in two of the last four quarters, were in line in one and fell short in one, resulting in an average surprise of 12.7%.

This is depicted in the graph below:

PR’s Trend in Estimate RevisionThe Zacks Consensus Estimate for first-quarter 2026 earnings has seen three upward revisions and two downside movements over the past 30 days. The estimated figure indicates a 9.5% decline year over year. The Zacks Consensus Estimate for revenues implies year-over-year growth of 1%.

Factors to Consider Ahead of PR’s Q1 ReleaseThe West Texas oil and gas operator makes money by exploring for, developing and producing oil and liquids-rich natural gas in the Permian Basin, then selling those hydrocarbons into domestic and international energy markets. PR’s revenues are likely to have increased in the quarter to be reported. The Zacks Consensus Estimate for first-quarter revenues is up from the year-ago quarter’s $1.38 billion. Based on our estimate, the company's total average daily net production is projected to rise 11.5% year over year, reaching 411,443 barrels of oil equivalent. The company provided guidance to grow its production by about 5% in 2026 on lower capital, highlighting improved capital efficiency and lower breakevens. Additionally, improved gas marketing and reduced WAHA exposure are expected to have enhanced realizations, while a strong hedge position provides downside protection. Consistent well productivity, inventory depth and accretive bolt-on acquisitions further underpin sustainable free cash flow per share growth, positioning the company well for upside versus expectations in the to-be-reported quarter.

Adding to the bearish outlook, macro uncertainty, including supply disruptions in oil markets and volatile gas pricing, may weigh on realizations. Management flagged a potentially “bumpy” gas environment in 2026, which could impact near-term revenues despite mitigation efforts. Inflationary pressures on non-D&C CapEx and limited deflation in infrastructure costs may have constrained the margin upside in the quarter to be reported. Additionally, a disciplined approach to growth and capital allocation, while positive long term, could limit near-term production upside versus more aggressive peers. Any operational variability or weaker commodity prices could have therefore resulted in earnings falling short of expectations.

What Does Our Model Say About PR?The proven Zacks model predicts an earnings beat for Permian Resources this earnings season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. This is exactly the case here.

PR’s Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is +1.32%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

PR’s Zacks Rank:PR currently sports a Zacks Rank #1.

Other Stocks to ConsiderHere are some other firms from the energy space that you may want to consider, as these, too, have the right combination of elements to post an earnings beat this reporting cycle.

Shell plc (SHEL - Free Report) has an Earnings ESP of +3.56% and a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Valued at around $252 billion, SHEL stock has gained 36.6% in a year. Shell is one of the primary oil supermajors with operations that span almost every corner of the globe. The company participates in almost every aspect related to energy — from oil production to refining and marketing. The firm is scheduled to release earnings on May 7. The Zacks Consensus Estimate for Shell’s 2026 earnings indicates 58.3% year-over-year growth.

Targa Resources Corp. (TRGP - Free Report) has an Earnings ESP of +0.77% and a Zacks Rank #3 at present. The firm is scheduled to release earnings on May 7. Valued at around $54.6 billion, Targa Resources stock has surged 60.6% in a year.

The company is a premier energy infrastructure company that provides integrated midstream services in North America and derives its revenues from gathering, compressing, treating, processing and selling natural gas. The Zacks Consensus Estimate for Targa Resources’ 2026 earnings indicates 21.6% year-over-year growth.

W&T Offshore, Inc. (WTI - Free Report) has an Earnings ESP of +185.72% and a Zacks Rank #3 at present. The firm is scheduled to release earnings on May 7. Valued at around $614.5 million, WTI stock has soared 259.1% in a year.

W&T Offshore is a leading oil and natural gas explorer with operations primarily focused on resources located off the coast of the Gulf of America. The Zacks Consensus Estimate for W&T Offshore’s 2026 earnings indicates 40.5% year-over-year growth.

MIDLAND, Texas--(BUSINESS WIRE)--Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) today announced its first quarter 2026 financial and operational results and revised 2026 guidance.

Recent Financial and Operational Highlights

Reported total average production of 412.9 MBoe/d, including 192.3 MBbls/d of oil, 103.3 MBbls/d of NGLs and 703.0 MMcf/d of natural gas Announced cash capital expenditures of $466 million, cash provided by operating activities of $815 million and adjusted free cash flow1 of $513 million Reduced D&C costs to ~$685 per lateral foot, representing a 6% reduction compared to 2025 results Demonstrated continued bolt-on and ground game success, executing on ~40 transactions for $205 million Declared quarterly base dividend of $0.16 per share Increased mid-point of full year guidance for oil production by 3.5 MBbls/d to 192.5 MBbls/d Received investment grade credit ratings from S&P and Moody’s and maintained strong balance sheet with leverage1 of ~0.8x Completed simplification of Permian Resources’ corporate structure to further enhance peer-leading shareholder alignment Continue to prioritize flexibility to respond quickly to range of market conditions Successfully accelerated first quarter crude oil production and anticipate modest acceleration of production and capital in the second quarter Maintain significant flexibility to respond to market conditions in the second half of 2026 and beyond Management Commentary

“We delivered a strong first quarter across the board, with record-low D&C costs per foot, 2% oil production growth quarter-over-quarter and more than $500 million of free cash flow,” said Will Hickey, Co-CEO of Permian Resources. “This performance highlights our ability to drive higher production and free cash flow per share, while continuing to lower costs.”

“Since inception, Permian Resources has generated consistent free cash flow per share growth throughout cycles,” said James Walter, Co-CEO of Permian Resources. “This has been driven by a combination of lowering costs, executing accretive acquisitions and delivering high-return organic growth. Going forward, our business plan remains the same, and we'll continue to leverage these unique advantages to drive outsized returns for our investors.”

Financial and Operational Results

During the quarter, average daily crude oil production was 192,349 barrels of oil per day (“Bbls/d”), a 2% increase compared to the prior quarter. Reported NGL and natural gas volumes were 103,338 Bbls/d and 702,979 Mcf/d, respectively. Total production was 412,850 barrels of oil equivalent per day (“Boe/d”). During the first quarter, production exceeded expectations due to strong runtime and new well performance, in addition to certain steps the Company took to accelerate incremental production in March such as increased workover activity.

The Company continues to reduce well costs on a per lateral foot basis through continued operational efficiencies. For the first quarter, drilling and completion costs per lateral foot were approximately $685, or a 2% reduction from the previous quarter. Total cash capital expenditures for the first quarter were $466 million.

Realized prices for the quarter were $70.91 per barrel of oil, $16.60 per barrel of NGL and $0.10 per Mcf of natural gas. The Company continues to realize the positive impact from its improved natural gas transportation portfolio, with unhedged realized natural gas prices reflecting a $1.21 per Mcf premium to Waha pricing during the quarter. Permian Resources’ natural gas hedges further improved realizations to $1.33 per Mcf, or a $2.44 per Mcf premium to Waha.

The Company’s current firm transportation capacity and operational flexibility have provided it the ability to successfully navigate the volatile Waha gas environment, while minimizing the impact to oil production. Permian Resources expects its natural gas realized prices to continue to benefit over time through its growing firm transportation capacity, which will provide over 700 MMcf/d exposed to the Gulf Coast and DFW markets in 2027.

During the quarter, total controllable cash costs (LOE, GP&T and cash G&A) were $7.32 per Boe. First quarter LOE was $5.19 per Boe, GP&T was $1.36 per Boe and cash G&A was $0.77 per Boe.

For the first quarter, Permian Resources generated net cash provided by operating activities of $815 million, adjusted operating cash flow1 of $979 million and adjusted free cash flow1 of $513 million. Adjusted diluted shares1 outstanding were 852.3 million for the three months ended March 31, 2026.

2026 Operational Plan Update

Given higher crude prices in March, the Company reacted quickly to increase oil production during the first quarter. In the second quarter, Permian Resources expects to continue to accelerate production and anticipates second quarter oil production and capital expenditures to be modestly higher than the first quarter as a result. If negative Waha prices persist, the Company anticipates lower natural gas and NGL volumes in the second quarter.

For the second half of 2026, the Company retains significant operational flexibility to maximize free cash flow in 2026 and 2027. In the event of prolonged higher crude prices, Permian Resources anticipates that maintaining its current number of rigs and completion crews would generate capital efficient production growth. The Company maintains equal flexibility to reduce activity and deliver a similar level of production and capital as the first quarter, in the event the macro environment weakens.

Based on recent results and current outlook, Permian Resources has increased its full year 2026 oil production target by 3.5 MBbls/d to 192.5 MBbls/d at the mid-point of guidance. There are no further changes to the Company’s guidance ranges.

“Today, our team is responding quickly to the current environment to increase oil production and free cash flow. Going forward, Permian Resources maintains maximum operational flexibility and will continue to swiftly react to the changing macro environment,” said Will Hickey, Co-CEO. "I would like to thank our operations team for their hard work and dedication to execute a plan that maximizes shareholder value in a period of significant volatility."

Improving PR's Fortress Balance Sheet

Permian Resources continues to enhance its balance sheet strength, receiving investment grade credit ratings, increasing liquidity and reducing debt. Permian Resources has now achieved investment grade ratings from all three rating agencies. In March, S&P upgraded Permian Resources to BBB-, and in April Moody’s upgraded the Company to Baa3. This follows the Company’s initial investment grade credit rating from Fitch, which upgraded Permian Resources to BBB- in July 2025. With investment grade credit ratings from all three agencies, Permian Resources expects enhanced access to capital throughout market cycles and a reduced cost of capital.

On April 30, 2026, the Company entered into a new five-year revolving credit facility. Elected commitments under the new credit facility increased to $3.0 billion from $2.5 billion under the Company’s prior credit facility. The new revolving credit facility provides for no security or collateral, reduced interest expense and fees and more attractive covenants.

On April 15, 2026, Permian Resources redeemed $550 million in principal of legacy Earthstone 8.00% Senior Notes due 2027. Since year-end 2024, Permian Resources has reduced total debt by approximately $1.2 billion.

Corporate Simplification and Continued Peer-Leading Shareholder Alignment

Peer-leading shareholder alignment has been a priority for Permian Resources since its formation, and the Company has taken significant steps year-to-date to enhance this strength. During the first quarter, the Company’s remaining Class C shareholders converted their shares to Class A shares. As a result, the Company’s corporate structure is now a traditional C-Corp. with a single share class structure, simplifying its capital structure and further improving shareholder alignment.

The Company also announced the recent elimination of its sponsor ownership. Since inception, Permian Resources has successfully partnered with its private equity shareholders to monetize or distribute over 300 million shares of common stock, reducing the combined disclosed sponsor ownership from approximately 45% in 2023 to 0% today.

"Since inception, we have made tremendous progress towards simplifying our corporate structure and reducing our sponsor ownership, while at the same time generating leading shareholder returns," said James Walter, Co-CEO. "These actions have made our business more transparent, more aligned with our shareholders and even better positioned to continue creating outsized returns for our investors."

Shareholder Returns

Permian Resources announced today that its Board of Directors declared the Company’s second quarter 2026 base dividend of $0.16 per share of Class A common stock, or $0.64 per share on an annualized basis. The base dividend is payable on June 30, 2026 to shareholders of record as of June 16, 2026. The Company’s base dividend represents an annualized yield of 2.9% as of May 5, 2026.

Quarterly Report on Form 10-Q

Permian Resources’ financial statements and related footnotes will be available in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which is expected to be filed with the U.S. Securities and Exchange Commission on May 7, 2026.

Conference Call and Webcast

Permian Resources will host an earnings conference call on Thursday, May 7, 2026, at 9:00 a.m. Central (10:00 a.m. Eastern). Interested parties are invited to participate on the call by dialing (800) 715-9871 (Conference ID: 1442298) at least 15 minutes prior to the start of the call or via the internet at www.permianres.com. A replay of the call will be available on the Company’s website or by phone at (800) 770-2030 (Passcode: 1442298) for a 14-day period following the call.

About Permian Resources

Headquartered in Midland, Texas, Permian Resources is an independent oil and natural gas company focused on driving peer-leading returns through the acquisition, optimization and development of high-return oil and natural gas properties. The Company’s assets are located in the Permian Basin, with a concentration in the core of the Delaware Basin. Through its position of approximately 500,000 net acres in West Texas and Southeast New Mexico, Permian Resources is the second largest Permian Basin pure-play E&P. For more information, please visit www.permianres.com.

Cautionary Note Regarding Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this press release, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “goal,” “plan,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.

Factors that could cause results to differ from those projected or assumed in any forward-looking statements include, but are not limited to:

volatility of oil, NGL and natural gas prices or a prolonged period of low oil, NGL or natural gas prices and the effects of actions by, or disputes among or between, members of the Organization of Petroleum Exporting Countries, such as Iran, Saudi Arabia and Venezuela, and other oil and natural gas producing countries, such as the United Arab Emirates and Russia, with respect to production levels or other matters related to the price of oil, NGLs and natural gas; political and economic conditions and events in or affecting other producing regions or countries, including the Middle East, Russia, Eastern Europe, Africa and South America, including recent developments in and around Iran; uncertainty inherent in estimating oil, NGL and natural gas reserves, including the impact of commodity price declines on the economic producibility of such reserves, and in projecting future rates of production; our business strategy and future drilling plans; our reserves and our ability to replace the reserves we produce through drilling and property acquisitions; our drilling prospects, inventories, projects and programs, including the timing and amount of our future production of oil, NGLs and natural gas and the cost of developing or operating our properties; our financial strategy, return of capital program, leverage, liquidity and capital required for our development program; our realized oil, NGL and natural gas prices; our ability to identify, complete and effectively integrate acquisitions of properties, or businesses; our hedging strategy and results; competition for assets, materials, people and capital, which can be exacerbated by supply chain disruptions, including as a result of tariffs or other changes in trade policy or international conflict; the geographic concentration of our operations and/or consolidated in the oil and natural gas industry in the areas in which we operate and otherwise; our ability to obtain permits and governmental approvals; our compliance with government regulations, including those related to environmental, health and safety regulations and liabilities thereunder; the marketing and transportation of our oil, NGLs and natural gas; general economic, market and business conditions, including as it relates to credit and capital markets; environmental and climate related risks, including seasonal weather conditions; changes in the financial strength of counterparties to our credit agreement and hedging contracts; midstream capacity constraints and potential interruptions in production, including from limits to the build out of midstream infrastructure; our ability to make dividend payments, distributions and share repurchases; changes to tax laws or interpretations thereof and the impact of such changes on us; technological advancement, including artificial intelligence and its application in our industry; security threats, including evolving cybersecurity risks such as those involving unauthorized access, denial-of-service attacks, third-party service provider failures, malicious software, data privacy breaches by employees, insiders or other with authorized access, cyber or phishing-attacks, ransomware, social engineering, physical breaches or other actions; risks relating to our sustainability initiatives; our plans, objectives, expectations and intentions contained in this press release that are not historical; and the other risk factors described in our most recent Annual Report on Form 10-K, and any updates to those factors set forth in our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Reserve engineering is a process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data, and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.

Should one or more of the risks or uncertainties described in this press release occur, or should any underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.

1) Adjusted Operating Cash Flow, Adjusted Free Cash Flow, Adjusted Diluted Weighted Average Shares Outstanding and Net Debt-to-LQA EBITDAX (also referred to as “leverage” in this press release) are non-GAAP financial measures. See “Non-GAAP Financial Measures” included within the Appendix of this press release for related disclosures and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Details of our revised 2026 operational and financial guidance are presented below:

2026 FY Guidance

(Revised)

Net average daily production (Boe/d)

400,000

—

430,000

Net average daily oil production (Bbls/d)

190,000

—

195,000

Production costs

Total controllable cash costs

$7.15

—

$8.15

Lease operating expenses ($/Boe)

~$5.45

Gathering, processing and transportation expenses ($/Boe)

~$1.40

Cash general and administrative ($/Boe)(1)

~$0.80

Severance and ad valorem taxes (% of revenue)

6.5%

—

8.5%

Total cash capital expenditure program ($MM)

$1,750

—

$1,950

Operated drilling program

TILs (gross)

~250

Average working interest

75% - 80%

Average lateral length (feet)

~11,000

  (1) Excludes stock-based compensation.

Permian Resources Corporation

Operating Highlights

  Three Months Ended March 31,

2026

2025

Net revenues (in thousands):

Oil sales

$

1,227,594

$

1,109,771

NGL sales

154,393

185,022

Natural gas sales

(18,504

)

81,658

Purchased gas sales, net

24,663

—

Oil and gas sales

$

1,388,146

$

1,376,451

Net production:

Oil (MBbls)

17,311

15,747

NGL (MBbls)

9,300

7,741

Natural gas (MMcf)

63,268

60,605

Total (MBoe)(1)

37,156

33,589

Average daily net production:

Oil (Bbls/d)

192,349

174,967

NGL (Bbls/d)

103,338

86,010

Natural gas (Mcf/d)

702,979

673,388

Total (Boe/d)(1)

412,850

373,209

Average sales prices:

Oil (per Bbl)

$

70.91

$

70.48

Effect of derivative settlements on average price (per Bbl)

(2.81

)

0.97

Oil including the effects of hedging (per Bbl)

$

68.10

$

71.45

NGL (per Bbl)

$

16.60

$

23.90

Natural gas (per Mcf)

$

(0.29

)

$

1.35

Effect of derivative settlements on average price (per Mcf)

1.23

0.10

Effect of purchased gas sales on average price (per Mcf)

0.39

—

Natural gas including the effects of hedging (per Mcf)

$

1.33

$

1.45

Permian Resources Corporation

Operating Expenses

  Three Months Ended March 31,

2026

2025

Operating costs (in thousands):

Lease operating expenses

$

192,882

$

179,627

Severance and ad valorem taxes

101,312

107,993

Gathering, processing and transportation expenses

50,639

46,650

Operating cost metrics:

Lease operating expenses (per Boe)

$

5.19

$

5.35

Severance and ad valorem taxes (% of revenue)

7.3

%

7.8

%

Gathering, processing and transportation expenses (per Boe)

$

1.36

$

1.39

Permian Resources Corporation

Consolidated Statements of Operations (unaudited)

(in thousands, except per share data)

  Three Months Ended March 31,

2026

2025

Operating revenues

Oil and gas sales

$

1,388,146

$

1,376,451

Operating expenses

Lease operating expenses

192,882

179,627

Severance and ad valorem taxes

101,312

107,993

Gathering, processing and transportation expenses

50,639

46,650

Depreciation, depletion and amortization

526,288

474,203

General and administrative expenses

43,772

43,056

Impairment and abandonment expense

2,011

5,209

Exploration and other expenses

3,997

15,250

Total operating expenses

920,901

871,988

Income from operations

467,245

504,463

Other income (expense)

Interest expense

(67,020

)

(73,839

)

Loss on extinguishment of debt

—

(5,826

)

Net gain (loss) on derivative instruments

(339,924

)

57,731

Other income (expense)

3,579

8,368

Total other income (expense)

(403,365

)

(13,566

)

Income before income taxes

63,880

490,897

Income tax expense

(13,486

)

(100,334

)

Net income

50,394

390,563

Less: Net income attributable to noncontrolling interest

(6,774

)

(61,265

)

Net income attributable to Class A Common Stock

$

43,620

$

329,298

Income per share of Class A Common Stock:

Basic

$

0.05

$

0.47

Diluted

$

0.05

$

0.44

Weighted average Class A Common Stock outstanding:

Basic

812,208

704,035

Diluted

827,962

748,197

Permian Resources Corporation

Consolidated Balance Sheets (unaudited)

(in thousands, except share and per share amounts)

  March 31, 2026

December 31, 2025

ASSETS

Current assets

Cash and cash equivalents

$

170,780

$

153,690

Accounts receivable, net

932,874

840,653

Derivative instruments

46,226

279,725

Prepaid and other current assets

34,346

38,075

Total current assets

1,184,226

1,312,143

Property and Equipment

Oil and natural gas properties, successful efforts method

Unproved properties

2,005,782

1,933,409

Proved properties

22,089,152

21,484,903

Accumulated depreciation, depletion and amortization

(7,688,164

)

(7,168,925

)

Total oil and natural gas properties, net

16,406,770

16,249,387

Other property and equipment, net

57,164

57,051

Total property and equipment, net

16,463,934

16,306,438

Noncurrent assets

Operating lease right-of-use assets

139,458

132,764

Other noncurrent assets

206,832

160,840

TOTAL ASSETS

$

17,994,450

$

17,912,185

LIABILITIES AND EQUITY

Current liabilities

Accounts payable and accrued expenses

$

1,433,675

$

1,453,610

Operating lease liabilities

82,755

79,496

Derivative instruments

162,322

—

Other current liabilities

129,084

144,726

Total current liabilities

1,807,836

1,677,832

Noncurrent liabilities

Long-term debt, net

3,546,370

3,545,598

Asset retirement obligations

169,854

166,847

Deferred income taxes

1,043,265

893,463

Operating lease liabilities

58,473

55,102

Other noncurrent liabilities

39,835

39,460

Total liabilities

6,665,633

6,378,302

Shareholders’ equity

Common stock, $0.0001 par value, 1,500,000,000 shares authorized:

Class A: 842,372,948 shares issued and 837,194,265 shares outstanding at March 31, 2026 and 757,854,120 shares issued and 751,746,410 shares outstanding at December 31, 2025

84

76

Class C: No shares issued and outstanding at March 31, 2026 and 84,378,125 shares issued and outstanding at December 31, 2025

—

8

Additional paid-in capital

9,853,585

8,710,698

Retained earnings (accumulated deficit)

1,475,148

1,567,500

Total shareholders' equity

11,328,817

10,278,282

Noncontrolling interest

—

1,255,601

Total equity

11,328,817

11,533,883

TOTAL LIABILITIES AND EQUITY

$

17,994,450

$

17,912,185

Permian Resources Corporation

Consolidated Statements of Cash Flows (unaudited)

(in thousands)

  Three Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net income

$

50,394

$

390,563

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization

526,288

474,203

Stock-based compensation expense

16,202

16,929

Impairment and abandonment expense

2,011

5,209

Deferred tax expense

13,019

97,594

Non-cash portion of derivative (gain) loss

369,297

(36,423

)

Amortization of debt issuance costs, discount and premium

1,746

2,139

Loss on extinguishment of debt

—

5,826

Changes in operating assets and liabilities:

(Increase) decrease in accounts receivable

(87,283

)

14,177

(Increase) decrease in prepaid and other assets

17,781

(8,853

)

Increase (decrease) in accounts payable and other liabilities

(94,379

)

(63,332

)

Net cash provided by operating activities

815,076

898,032

Cash flows from investing activities:

Acquisition of oil and natural gas properties, net

(204,865

)

(35,401

)

Drilling and development capital expenditures

(466,230

)

(500,732

)

Purchases of other property and equipment

(1,952

)

(1,672

)

Proceeds from sales of oil and natural gas properties

9,042

175,989

Net cash used in investing activities

(664,005

)

(361,816

)

Cash flows from financing activities:

Proceeds from borrowings under revolving credit facility

50,000

—

Repayment of borrowings under revolving credit facility

(50,000

)

—

Redemption of senior notes

—

(175,000

)

Debt issuance and redemption costs

(293

)

(17,334

)

Proceeds from exercise of stock options

1,227

21

Dividends paid

(134,915

)

(106,070

)

Distributions paid to noncontrolling interest owners

—

(14,940

)

Net cash used in financing activities

(133,981

)

(313,323

)

Net increase (decrease) in cash, cash equivalents and restricted cash

17,090

222,893

Cash, cash equivalents and restricted cash, beginning of period

153,690

479,343

Cash, cash equivalents and restricted cash, end of period

$

170,780

$

702,236

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), our earnings release contains non-GAAP financial measures as described below.

Adjusted EBITDAX

Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDAX as net income attributable to Class A Common Stock before net income attributable to noncontrolling interest, interest expense, income taxes, depreciation, depletion and amortization, impairment and abandonment expense, loss on extinguishment of debt, non-cash gains or losses on derivatives, stock-based compensation, exploration and other expenses and other non-recurring items. Adjusted EBITDAX is not a measure of net income as determined by GAAP.

Our management believes Adjusted EBITDAX is useful as it allows them to more effectively evaluate our operating performance and compare the results of our operations from period to period and against our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDAX because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDAX. Our presentation of Adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or nonrecurring items. Our computations of Adjusted EBITDAX may not be comparable to other similarly titled measures of other companies.

The following table presents a reconciliation of Adjusted EBITDAX to net income, which is the most directly comparable financial measure calculated and presented in accordance with GAAP:

Three Months Ended

(in thousands)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Adjusted EBITDAX reconciliation to net income:

Net income attributable to Class A Common Stock

$

43,620

$

339,505

$

59,234

$

207,137

$

329,298

Net income attributable to noncontrolling interest

6,774

42,386

22,227

37,884

61,265

Interest expense

67,020

67,067

69,386

72,770

73,839

Income tax expense

13,486

33,965

87,394

62,486

100,334

Depreciation, depletion and amortization

526,288

524,979

526,915

506,410

474,203

Impairment and abandonment expense

2,011

379

2,251

146

5,209

Loss on extinguishment of debt

—

—

264,294

—

5,826

Non-cash derivative (gain) loss

369,297

(79,493

)

(35,307

)

(17,256

)

(36,423

)

Stock-based compensation expense(1)

15,163

14,031

17,435

19,293

16,199

Exploration and other expenses

3,997

6,799

4,933

5,060

15,250

Adjusted EBITDAX

$

1,047,656

$

949,618

$

1,018,762

$

893,930

$

1,045,000

Net Debt-to-LQA EBITDAX

Net debt-to-LQA EBITDAX, also referred to as leverage, is a non-GAAP financial measure. We define net debt as total debt, net, plus unamortized debt discount, premium and issuance costs on our senior notes minus cash and cash equivalents.

We define net debt-to-LQA EBITDAX as net debt (defined above) divided by Adjusted EBITDAX (defined and reconciled in the section above) for the three months ended March 31, 2026, on an annualized basis. We refer to this metric to show trends that investors may find useful in understanding our ability to service our debt. This metric is widely used by professional research analysts, including credit analysts, in the valuation and comparison of companies in the oil and gas exploration and production industry. The following table presents a reconciliation of net debt to total debt, net and the calculation of net debt-to-LQA EBITDAX for the period presented:

($ in thousands)

March 31, 2026

Total debt, net

$

3,546,370

Unamortized debt discount, premium and issuance costs on senior notes

28,630

Total debt

3,575,000

Less: cash and cash equivalents

(170,780

)

Net debt (Non-GAAP)

3,404,220

LQA EBITDAX(1)

$

4,190,624

Net debt-to-LQA EBITDAX

0.8 x

  (1) Represents adjusted EBITDAX (defined and reconciled in the section above) for the three months ended March 31, 2026, on an annualized basis.

Adjusted Shares

Adjusted basic and diluted weighted average shares outstanding (“Adjusted Basic and Diluted Shares”) are non-GAAP financial measures defined as basic and diluted weighted average shares outstanding adjusted to reflect the weighted average shares of our Class C Common Stock outstanding, which were fully converted to Class A Common Stock during the three months ended March 31, 2026.

Our Adjusted Basic and Diluted Shares provide a comparable per share measurement when presenting results such as adjusted free cash flow and adjusted net income that include the interests of both net income attributable to Class A Common Stock and the net income attributable to our noncontrolling interest that was fully eliminated during the three months ended March 31, 2026. Adjusted Basic and Diluted Shares are used in calculating several metrics that we use as supplemental financial measurements in the evaluation of our business.

The following table presents a reconciliation of Adjusted Basic and Diluted Shares to basic and diluted weighted average shares outstanding, which are the most directly comparable financial measures calculated and presented in accordance with GAAP:

Three Months Ended March 31,

(in thousands)

2026

2025

Basic weighted average shares of Class A Common Stock outstanding

812,208

704,035

Weighted average shares of Class C Common Stock outstanding

24,343

99,594

Adjusted basic weighted average shares outstanding

836,551

803,629

Basic weighted average shares of Class A Common Stock outstanding

812,208

704,035

Add: Dilutive effects of Convertible Senior Notes

—

29,753

Add: Dilutive effects of equity awards

15,754

14,409

Diluted weighted average shares of Class A Common Stock outstanding

827,962

748,197

Weighted average shares of Class C Common Stock

24,343

99,594

Adjusted diluted weighted average shares outstanding

852,305

847,791

Adjusted Operating Cash Flow and Adjusted Free Cash Flow

Adjusted operating cash flow and adjusted free cash flow are supplemental non-GAAP financial measures used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. We define adjusted operating cash flow as net cash provided by operating activities adjusted to remove changes in working capital, other non-recurring charges, and estimated tax distributions to our non-controlling interest owners prior to its elimination during the three months ended March 31, 2026. Adjusted operating cash flows is reduced by total cash capital expenditures to arrive at adjusted free cash flows.

Our management believes adjusted operating cash flow and adjusted free cash flow are useful indicators of the Company’s ability to internally fund its future exploration and development activities, to service its existing level of indebtedness or incur additional debt, without regard to the timing of settlement of either operating assets and liabilities, other non-recurring costs or estimated tax distributions to noncontrolling interest owners after funding its capital expenditures paid for the period. The Company believes that these measures, as so adjusted, present meaningful indicators of the Company’s actual sources and uses of capital associated with its operations conducted during the applicable period. Our computation of adjusted operating cash flow and adjusted free cash flow may not be comparable to other similarly titled measures of other companies. Adjusted operating cash flow and adjusted free cash flow should not be considered as alternatives to, or more meaningful than, net cash provided by operating activities as determined in accordance with GAAP or as indicators of our operating performance or liquidity.

Adjusted operating cash flow and adjusted free cash flow are not financial measures that are determined in accordance with GAAP. Accordingly, the following table presents a reconciliation of adjusted operating cash flow and adjusted free cash flow to net cash provided by operating activities, which is the most directly comparable financial measure calculated and presented in accordance with GAAP:

Three Months Ended March 31,

(in thousands, except per share data)

2026

2025

Net cash provided by operating activities

$

815,076

$

898,032

Changes in working capital:

Accounts receivable

87,283

(14,177

)

Prepaid and other assets

(17,781

)

8,853

Accounts payable and other liabilities

94,379

63,332

Other non-recurring charges

—

4,749

Estimated tax distribution to noncontrolling interest owners(1)

—

(252

)

Adjusted operating cash flow

978,957

960,537

Less: total cash capital expenditures

(466,230

)

(500,732

)

Adjusted free cash flow

$

512,727

$

459,805

Adjusted diluted weighted average shares outstanding

852,305

847,791

Adjusted Net Income

Adjusted net income is a supplemental non-GAAP financial measure that is used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. We define adjusted net income as net income attributable to Class A Common Stock plus net income attributable to noncontrolling interest adjusted for loss on extinguishment of debt, non-cash gains or losses on derivatives, other nonrecurring charges, impairment and abandonment expense, gain/loss from the sale of long-lived assets and the related income tax adjustments for these items. Adjusted net income is not a measure of net income as determined by GAAP.

Our management believes adjusted net income is useful as it allows them to more effectively evaluate our operating performance and compare the results of our operations from period to period and against our peers by excluding certain non-cash items that can vary significantly. Adjusted net income should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Our presentation of adjusted net income should not be construed as an inference that our results will be unaffected by unusual or nonrecurring items. Our computations of adjusted net income may not be comparable to other similarly titled measures of other companies.

Adjusted net income is not a financial measure that is determined in accordance with GAAP. Accordingly, the following table presents a reconciliation of adjusted net income to net income, which is the most directly comparable financial measure calculated and presented in accordance with GAAP:

Three Months Ended March 31,

(in thousands, except per share data)

2026

2025

Net income attributable to Class A Common Stock

$

43,620

$

329,298

Net income attributable to noncontrolling interest

6,774

61,265

Loss on extinguishment of debt

—

5,826

Non-cash derivative (gain) loss

369,297

(36,423

)

Other non-recurring charges

—

4,749

Impairment and abandonment expense

2,011

5,209

Adjusted net income excluding above items

421,702

369,924

Income tax benefit (expense) attributable to the above items(1)

(85,068

)

(9,141

)

Adjusted net income

$

336,634

$

360,783

Interest on Convertible Senior Notes, net of tax

—

1,283

Adjusted Net Income - Diluted

336,634

362,066

Adjusted diluted weighted average shares outstanding (Non-GAAP)(2)

852,305

847,791

Adjusted net income per adjusted diluted share

$

0.39

$

0.43

The following table summarizes the approximate volumes and average contract prices of the hedge contracts the Company had in place as of April 30, 2026:

Period

Volume (Bbls)

Volume (Bbls/d)

Wtd. Avg. Crude Price

($/Bbl)

Crude oil swaps - NYMEX WTI

April 2026 - June 2026

         7,280,000

              80,000

$67.43

July 2026 - September 2026

         6,440,000

              70,000

68.68

October 2026 - December 2026

         6,440,000

              70,000

67.10

January 2027 - March 2027

            900,000

              10,000

74.25

April 2027 - June 2027

            910,000

              10,000

72.94

July 2027 - September 2027

            920,000

              10,000

72.06

October 2027 - December 2027

            920,000

              10,000

71.29

  Period

Volume (Bbls)

Volume (Bbls/d)

Wtd. Avg. Differential

($/Bbl)

Crude oil basis differential swaps - Mid-Cush(1)

April 2026 - June 2026

         6,980,000

              76,703

$0.94

July 2026 - September 2026

         6,440,000

              70,000

1.03

October 2026 - December 2026

         6,440,000

              70,000

1.03

January 2027 - March 2027

            900,000

              10,000

1.10

April 2027 - June 2027

            910,000

              10,000

1.10

July 2027 - September 2027

            920,000

              10,000

1.10

October 2027 - December 2027

            920,000

              10,000

1.10

  Period

Volume (Bbls)

Volume (Bbls/d)

Wtd. Avg. Differential

($/Bbl)

Crude oil roll differential swaps - NYMEX WTI

April 2026 - June 2026

         6,980,000

               76,703

$0.71

July 2026 - September 2026

         6,578,000

               71,500

1.24

October 2026 - December 2026

         6,578,000

               71,500

1.13

Period

Volume (MMBtu)

Volume (MMBtu/d)

Wtd. Avg. Gas Price

($/MMBtu)

Natural gas swaps - NYMEX Henry Hub

April 2026 - June 2026

12,467,000

137,000

$3.57

July 2026 - September 2026

12,604,000

137,000

3.83

October 2026 - December 2026

12,604,000

137,000

4.16

January 2027 - March 2027

12,600,000

140,000

4.24

April 2027 - June 2027

12,740,000

140,000

3.32

July 2027 - September 2027

12,880,000

140,000

3.58

October 2027 - December 2027

12,880,000

140,000

3.94

  Period

Volume (MMBtu)

Volume (MMBtu/d)

Wtd. Avg. Gas Price

($/MMBtu)

Natural gas swaps - Waha

April 2026 - June 2026

8,645,000

95,000

$0.43

July 2026 - September 2026

8,740,000

95,000

1.80

October 2026 - December 2026

15,145,000

164,620

2.73

January 2027 - March 2027

7,650,000

85,000

3.57

  Period

  Volume (MMBtu)

  Volume (MMBtu/d)

  Wtd. Avg. Gas Price

($/MMBtu)

Natural gas swaps - HSC

April 2026 - June 2026

  9,100,000

  100,000

  $3.63

July 2026 - September 2026

  9,200,000

  100,000

  3.95

October 2026 - December 2026

  9,200,000

  100,000

  4.24

  Period

Volume (MMBtu)

Volume (MMBtu/d)

Wtd. Avg. Differential

($/MMBtu)

Natural gas basis differential swaps - Waha(1)

April 2026 - June 2026

12,467,000

137,000

$(2.31)

July 2026 - September 2026

12,604,000

137,000

(1.42)

October 2026 - December 2026

12,604,000

137,000

(1.21)

January 2027 - March 2027

14,490,000

161,000

(0.47)

April 2027 - June 2027

14,651,000

161,000

(1.11)

July 2027 - September 2027

14,812,000

161,000

(0.65)

October 2027 - December 2027

14,812,000

161,000

(0.91)

  Period

  Volume (MMBtu)

  Volume (MMBtu/d)

  Wtd. Avg. Differential

($/MMBtu)

Natural gas basis differential swaps - HSC(2)

January 2027 - March 2027

  6,300,000

  70,000

  $(0.48)

April 2027 - June 2027

  6,370,000

  70,000

  (0.48)

July 2027 - September 2027

  6,440,000

  70,000

  (0.48)

October 2027 - December 2027

  6,440,000

  70,000

  (0.48)

January 2028 - March 2028

  9,100,000

  100,000

  (0.36)

April 2028 - June 2028

  9,100,000

  100,000

  (0.36)

July 2028 - September 2028

  9,200,000

  100,000

  (0.36)

October 2028 - December 2028

  9,200,000

  100,000

  (0.36)

For the quarter ended March 2026, Permian Resources (PR - Free Report) reported revenue of $1.39 billion, up 0.9% over the same period last year. EPS came in at $0.39, compared to $0.42 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $1.4 billion, representing a surprise of -0.83%. The company delivered an EPS surprise of +4%, with the consensus EPS estimate being $0.38.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Permian Resources performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Average daily net production - Natural gas: 702,979.00 Mcf/D versus 707,364.80 Mcf/D estimated by seven analysts on average.Average daily net production - Total: 412,850.00 BOE/D versus 411,665.30 BOE/D estimated by seven analysts on average.Average daily net production - Oil: 192,349.00 BBL/D versus 189,524.70 BBL/D estimated by seven analysts on average.Average daily net production - NGL: 103,338.00 BBL/D versus the six-analyst average estimate of 104,390.50 BBL/D.Average sales prices - Gas - Including Derivative Cash Settlements: $1.33 versus the five-analyst average estimate of $1.64.Average sales prices - Oil - Including Derivative Cash Settlements: $68.10 compared to the $68.99 average estimate based on four analysts.Average sales prices - NGL - Excluding the effects of GP&T: $16.60 versus the four-analyst average estimate of $17.35.Average sales prices - Natural gas - Excluding the effects of GP&T: $-0.29 versus $0.24 estimated by three analysts on average.Average sales prices - Oil - Excluding the effects of hedging: $70.91 versus $71.74 estimated by three analysts on average.Net Revenues- Oil sales: $1.23 billion compared to the $1.19 billion average estimate based on four analysts.Net Revenues- NGL sales: $154.39 million compared to the $161.37 million average estimate based on four analysts.Net Revenues- Natural gas sales: $-18.5 million compared to the $70.06 million average estimate based on four analysts.View all Key Company Metrics for Permian Resources here>>>

Shares of Permian Resources have returned +4.8% over the past month versus the Zacks S&P 500 composite's +10.3% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.

Key Takeaways PR beat Q1 earnings estimates as production climbed to 412.9 MBoe/d on strong well performance.Permian Resources raised its 2026 oil output guidance and expects capital spending near range highs.PR cut drilling costs 6% from 2025 levels and generated $513 million in adjusted free cash flow. Permian Resources Corporation (PR - Free Report) reported first-quarter 2026 adjusted earnings of 39 cents per share, beating the Zacks Consensus Estimate of 38 cents by 3%. This outperformance was primarily driven by stronger production volumes, improved well performance, reduced downtime and continued drilling and completion efficiencies. However, the bottom line declined from the year-ago quarter’s adjusted earnings of 43 cents due to weaker NGL and natural gas realizations, along with higher operating expenses.

The company’s oil and gas sales of $1.39 billion missed the Zacks Consensus Estimate of $1.4 billion by 0.83%. However, revenues increased slightly from the year-ago quarter’s $1.38 billion, aided by a higher year-over-year contribution from oil sales (10.6%) and purchased gas sales during the quarter.

On May 6, 2026, the Midland, TX-based exploration and production company declared a quarterly base dividend of 16 cents per Class A common share, translating to an annualized dividend of 64 cents. The payout is scheduled for June 30, 2026, for its shareholders on record as of June 16. Management reiterated that the base dividend remains a top capital allocation priority. Beyond the base dividend, the company intends to focus on debt repayment, cash accumulation, accretive acquisitions and opportunistic share repurchases, depending on market conditions.

PR’s Production DetailsThe company reported total average production of 412.9 thousand barrels of oil equivalent per day (MBoe/d), comprising 47% oil and 72% liquids, in the first quarter, up from 373.2 MBoe/d in the year-ago period. The figure beat the Zacks Consensus Estimate of 411,665 Boe/d due to strong runtime, improved recent well performance and efforts to accelerate incremental oil volumes in March through increased workover activity. The company also accelerated oil production volumes during March.

Crude oil production averaged 192.3 thousand barrels per day (MBbls/d), up from 175 MBbls/d in the prior-year quarter. The figure beat the Zacks Consensus Estimate of 189.6 MBbls/d.

NGL production came in at 103.3 MBbls/d, up 20.1% year over year. However, it missed the Zacks Consensus Estimate by 1.01%. Meanwhile, natural gas production totaled 703 million cubic feet per day (MMcf/d), up 4.4% year over year, but missed the Zacks Consensus Estimate by 0.62%.

PR’s Price RealizationsPermian Resources’ average realized oil price was $70.91 per barrel in the first quarter, compared with $70.48 in the year-ago quarter. However, the figure missed the consensus mark of $72 per barrel.

The realized NGL price was $16.60 per barrel, down from $23.90 a year ago. Moreover, the figure missed the consensus mark of $17.35 per barrel. The company’s realized natural gas price was negative 29 cents per Mcf, in contrast to a positive $1.35 in the prior-year quarter. The figure also missed the consensus mark of 24 cents per Mcf. Including hedges and purchased gas sales, the realized natural gas price was $1.33 per Mcf, compared with $1.45 a year ago.

PR’s Costs & ExpensesTotal operating expenses in the quarter rose to $920.9 million from $872 million in the year-ago quarter. Lease operating expenses totaled $192.9 million, up from $179.6 million in the year-ago quarter. Depreciation, depletion and amortization expenses rose to $526.3 million from $474.2 million a year earlier. On a per-unit basis, Lease operating expenses increased to $5.19 per Boe from $5.35 a year ago. Gathering, processing and transportation expenses were $50.6 million, compared with $46.7 million in the prior-year period.

First-quarter drilling and completion costs were approximately $685 per lateral foot, representing a 2% reduction from the previous quarter and a 6% reduction compared with 2025 levels.

In its earnings presentation, the company highlighted record quarterly drilling and completion costs per foot, roughly 70% recycled water utilization in completion operations, and the installation of four microgrids that reduced generator counts by more than 25 and lowered electricity costs at associated well sites by roughly 30%.

PR’s Financial PositionPR generated $815.1 million of net cash provided by operating activities in the first quarter, compared with $898 million in the year-ago quarter. Adjusted operating cash flow totaled $979 million, while adjusted free cash flow came in at $513 million.

Cash capital expenditures were $466 million, down from the prior-year period’s drilling and development capital expenditures of $500.7 million. The company’s capital-efficient operating model supported strong free cash flow generation despite continued investment in development and bolt-on acquisitions.

PR’s Balance SheetAs of March 31, 2026, PR had $170.8 million in cash and cash equivalents. The company had a long-term debt of $3.5 billion, reflecting a debt-to-capitalization of 23.8%.

The company continued to improve its balance sheet strength. It received investment-grade credit ratings from S&P and Moody’s, adding to its existing Fitch rating. Subsequent to quarter-end, PR entered into a new $3 billion unsecured revolving credit facility and redeemed $550 million of legacy Earthstone 8.00% senior notes due 2027.

PR’s GuidanceThe company now expects 2026 net average daily oil production in the range of 190,000-195,000 barrels per day, reflecting an increase of roughly 2% from the previous outlook. Total net average daily production is projected in the band of 400,000-430,000 barrels of oil equivalent per day (Boe/d).

For 2026, the company anticipates total controllable cash costs in the band of $7.15-$8.15 per Boe, including lease operating expense of nearly $5.45, gathering, processing and transportation expense of around $1.40 and cash general and administrative expense of about 80 cents. Severance and ad valorem taxes are forecasted at 6.5-8.5% of revenues.

The company expects total cash capital expenditures for 2026 to be between $1.75 billion and $1.95 billion and indicated that spending will likely trend toward the upper half of the range under the current commodity-price environment. Drilling and completions spending is estimated at approximately $1.45 billion, while facilities, infrastructure, capital workover and non-operated expenditures are expected to total nearly $400 million.

Operationally, this Zacks Rank #1 (Strong Buy) company plans to run around 250 gross operated drilling rigs during the year, with average working interest projected at 75-80% and average lateral lengths of roughly 11,000 feet. Activity is expected to be concentrated primarily in New Mexico, Texas, Delaware and the Midland regions. You can see the complete list of today’s Zacks #1 Rank stocks here.

Management also expects strong pricing realizations in 2026, with realized oil prices forecast at 97-100% of West Texas Intermediate (WTI), natural gas prices anticipated at a premium of 25-75 cents per Mcf to Waha Hub pricing and NGL realizations projected at 23-25% of WTI pricing. Additionally, the company expects nearly $20 million in current income tax expense for 2026 at present strip prices, supported by stronger oil-price assumptions.

Important Earnings at a GlanceWhile we have discussed PR’s first-quarter results in detail, let us take a look at three other key reports in this space.

Houston, TX-based oil and gas equipment and services provider, Halliburton Company (HAL - Free Report) , posted first-quarter 2026 adjusted net income per share of 55 cents, beating the Zacks Consensus Estimate of 49 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 60 cents.

Halliburton reported first-quarter capital expenditure of $192 million. As of March 31, 2026, this oil and gas equipment and services company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization ratio of 39.6.

Houston, TX-based oil and gas storage and transportation company, Kinder Morgan Inc. (KMI - Free Report) , posted first-quarter 2026 adjusted earnings per share of 48 cents, which beat the Zacks Consensus Estimate of 38 cents. The bottom line increased year over year from 34 cents. The strong quarterly results can be primarily attributed to contributions from the Natural Gas Pipelines business segment.

As of March 31, 2026, KMI reported $72 million in cash and cash equivalents. At the quarter's end, its long-term debt amounted to $29.72 billion. KMI’s project backlog was reported at $10.1 billion by the end of the first quarter. The midstream energy major added that natural gas projects comprise approximately 92% of its project backlog, with nearly 60% dedicated to supporting local distribution companies and power generation.

Fort Worth, TX-based oil and gas exploration and production company, Range Resources Corporation (RRC - Free Report) , posted first-quarter 2026 adjusted earnings of $1.52 per share, which beat the Zacks Consensus Estimate of $1.33. The bottom line also improved from the prior-year level of 96 cents. Strong quarterly results can be attributed to higher gas-equivalent production and increased natural gas price realization.

Drilling and completion expenditure totaled $130 million. An additional $5 million was spent on acreage and $4 million on infrastructure and other investments. At the end of the first quarter, Range Resources reported a total debt of $819.3 million, net of deferred financing costs.

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Stock to Watch: Permian Resources (PR - Free Report) Permian Resources Corporation, headquartered in Midland, TX, is an independent oil and gas company formed through the consolidation of Colgate Energy in 2022 and Earthstone Energy in 2023. These strategic mergers significantly expanded the company’s footprint in the Permian Basin, solidifying its presence as a major operator in one of the most productive oil regions in the United States. As of Dec. 31, 2025, Permian Resources holds about 480,000 net leasehold acres and 105,000 net royalty acres, with operations primarily spread across West Texas (67%) and New Mexico (33%). These mergers added scale and inventory depth, enhancing operational efficiency and shareholder value.

PR is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 10.25; value investors should take notice.

Seven analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.83 to $1.97 per share. PR also boasts an average earnings surprise of +14.5%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, PR should be on investors' short list.

Permian Resources has fundamentally improved, with stronger production growth, cost control, and capital discipline supporting a continued Buy rating. PR's operational execution excels, with unit costs dropping from $725 to $685 per lateral foot, enhancing margins alongside production growth. Leverage declined to 0.8x and liquidity improved, while bolt-on acquisitions and disciplined balance sheet management strengthened PR's strategic positioning.

It has been about a month since the last earnings report for Permian Resources (PR - Free Report) . Shares have added about 0.4% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Permian Resources due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Permian Resources Q1 Earnings Beat Estimates on Strong Output, Revenues MissPermian Resources reported first-quarter 2026 adjusted earnings of 39 cents per share, beating the Zacks Consensus Estimate of 38 cents by 3%. This outperformance was primarily driven by stronger production volumes, improved well performance, reduced downtime and continued drilling and completion efficiencies. However, the bottom line declined from the year-ago quarter’s adjusted earnings of 43 cents due to weaker NGL and natural gas realizations, along with higher operating expenses.

The company’s oil and gas sales of $1.39 billion missed the Zacks Consensus Estimate of $1.4 billion by 0.83%. However, revenues increased slightly from the year-ago quarter’s $1.38 billion, aided by a higher year-over-year contribution from oil sales (10.6%) and purchased gas sales during the quarter.

On May 6, 2026, the Midland, TX-based exploration and production company declared a quarterly base dividend of 16 cents per Class A common share, translating to an annualized dividend of 64 cents. The payout is scheduled for June 30, 2026, for its shareholders on record as of June 16. Management reiterated that the base dividend remains a top capital allocation priority. Beyond the base dividend, the company intends to focus on debt repayment, cash accumulation, accretive acquisitions and opportunistic share repurchases, depending on market conditions.

Production DetailsThe company reported total average production of 412.9 thousand barrels of oil equivalent per day (MBoe/d), comprising 47% oil and 72% liquids, in the first quarter, up from 373.2 MBoe/d in the year-ago period. The figure beat the Zacks Consensus Estimate of 411,665 Boe/d due to strong runtime, improved recent well performance and efforts to accelerate incremental oil volumes in March through increased workover activity. The company also accelerated oil production volumes during March.

Crude oil production averaged 192.3 thousand barrels per day (MBbls/d), up from 175 MBbls/d in the prior-year quarter. The figure beat the Zacks Consensus Estimate of 189.6 MBbls/d.

NGL production came in at 103.3 MBbls/d, up 20.1% year over year. However, it missed the Zacks Consensus Estimate by 1.01%. Meanwhile, natural gas production totaled 703 million cubic feet per day (MMcf/d), up 4.4% year over year, but missed the Zacks Consensus Estimate by 0.62%.

Price RealizationsPermian Resources’ average realized oil price was $70.91 per barrel in the first quarter, compared with $70.48 in the year-ago quarter. However, the figure missed the consensus mark of $72 per barrel.

The realized NGL price was $16.60 per barrel, down from $23.90 a year ago. Moreover, the figure missed the consensus mark of $17.35 per barrel. The company’s realized natural gas price was negative 29 cents per Mcf, in contrast to a positive $1.35 in the prior-year quarter. The figure also missed the consensus mark of 24 cents per Mcf. Including hedges and purchased gas sales, the realized natural gas price was $1.33 per Mcf, compared with $1.45 a year ago.

Costs & ExpensesTotal operating expenses in the quarter rose to $920.9 million from $872 million in the year-ago quarter. Lease operating expenses totaled $192.9 million, up from $179.6 million in the year-ago quarter. Depreciation, depletion and amortization expenses rose to $526.3 million from $474.2 million a year earlier. On a per-unit basis, Lease operating expenses increased to $5.19 per Boe from $5.35 a year ago. Gathering, processing and transportation expenses were $50.6 million, compared with $46.7 million in the prior-year period.

First-quarter drilling and completion costs were approximately $685 per lateral foot, representing a 2% reduction from the previous quarter and a 6% reduction compared with 2025 levels.

In its earnings presentation, the company highlighted record quarterly drilling and completion costs per foot, roughly 70% recycled water utilization in completion operations, and the installation of four microgrids that reduced generator counts by more than 25 and lowered electricity costs at associated well sites by roughly 30%.

Financial PositionPR generated $815.1 million of net cash provided by operating activities in the first quarter, compared with $898 million in the year-ago quarter. Adjusted operating cash flow totaled $979 million, while adjusted free cash flow came in at $513 million.

Cash capital expenditures were $466 million, down from the prior-year period’s drilling and development capital expenditures of $500.7 million. The company’s capital-efficient operating model supported strong free cash flow generation despite continued investment in development and bolt-on acquisitions.

Balance SheetAs of March 31, 2026, PR had $170.8 million in cash and cash equivalents. The company had a long-term debt of $3.5 billion, reflecting a debt-to-capitalization of 23.8%.

The company continued to improve its balance sheet strength. It received investment-grade credit ratings from S&P and Moody’s, adding to its existing Fitch rating. Subsequent to quarter-end, PR entered into a new $3 billion unsecured revolving credit facility and redeemed $550 million of legacy Earthstone 8.00% senior notes due 2027.

Guidance for 2026The company now expects 2026 net average daily oil production in the range of 190,000-195,000 barrels per day, reflecting an increase of roughly 2% from the previous outlook. Total net average daily production is projected in the band of 400,000-430,000 barrels of oil equivalent per day (Boe/d).

For 2026, the company anticipates total controllable cash costs in the band of $7.15-$8.15 per Boe, including lease operating expense of nearly $5.45, gathering, processing and transportation expense of around $1.40 and cash general and administrative expense of about 80 cents. Severance and ad valorem taxes are forecasted at 6.5-8.5% of revenues.

The company expects total cash capital expenditures for 2026 to be between $1.75 billion and $1.95 billion and indicated that spending will likely trend toward the upper half of the range under the current commodity-price environment. Drilling and completions spending is estimated at approximately $1.45 billion, while facilities, infrastructure, capital workover and non-operated expenditures are expected to total nearly $400 million.

Operationally, this company plans to run around 250 gross operated drilling rigs during the year, with average working interest projected at 75-80% and average lateral lengths of roughly 11,000 feet. Activity is expected to be concentrated primarily in New Mexico, Texas, Delaware and the Midland regions.

Management also expects strong pricing realizations in 2026, with realized oil prices forecast at 97-100% of West Texas Intermediate (WTI), natural gas prices anticipated at a premium of 25-75 cents per Mcf to Waha Hub pricing and NGL realizations projected at 23-25% of WTI pricing. Additionally, the company expects nearly $20 million in current income tax expense for 2026 at present strip prices, supported by stronger oil-price assumptions.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 8.26% due to these changes.

VGM ScoresCurrently, Permian Resources has a average Growth Score of C, however its Momentum Score is doing a lot better with an A. Charting a somewhat similar path, the stock was allocated a score of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Permian Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerPermian Resources is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Over the past month, Chord Energy Corporation (CHRD - Free Report) , a stock from the same industry, has gained 1.7%. The company reported its results for the quarter ended March 2026 more than a month ago.

Chord Energy Corporation reported revenues of $1.15 billion in the last reported quarter, representing a year-over-year change of -5.3%. EPS of $4.56 for the same period compares with $4.04 a year ago.

Chord Energy Corporation is expected to post earnings of $6.12 per share for the current quarter, representing a year-over-year change of +241.9%. Over the last 30 days, the Zacks Consensus Estimate has changed +14.4%.

Chord Energy Corporation has a Zacks Rank #1 (Strong Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.