Permian Resources Corp (PR)

Price$23.36Cached quoteAs of 2026-09-05 04:35 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong cash returns are balanced by unusually favorable oil prices.

At the observed quote, Permian Resources is worth roughly $19.7 billion using second-quarter adjusted diluted shares. The valuation is about 15 times trailing diluted earnings and roughly 10.5 times the current 2026 analyst earnings estimate. First-half adjusted free cash flow, meaning cash left after running and developing the business, annualizes to roughly a 13% equity yield. That looks attractive, but second-quarter oil realizations reached $97.81 a barrel versus $70.91 in the first quarter, making recent cash flow an aggressive base case.

Big pictureCash generation is improving, but profits still swing sharply with oil and local natural-gas prices.

The supplied SEC history shows 2025 operating cash flow rising 6% to $3.61 billion even though net income fell 5% and diluted earnings per share fell 12%. First-half 2026 operating cash flow then reached $2.32 billion, about 20% above the comparable 2025 period. Durability remains commodity-dependent: second-quarter oil prices were far above first-quarter levels, while Waha natural gas averaged negative $3.14 per thousand cubic feet, forcing production curtailments. Price hedges helped soften that pressure, but they also limit some upside.

Business strengthA much stronger balance sheet and growing reserves give the company more room to handle downturns.

Debt fell from $4.18 billion at year-end 2024 to $2.99 billion by June 2026, and another high-cost note was retired in July. Management reported net debt at roughly 0.5 times annualized recent operating earnings before major noncash charges, while all three major rating agencies rated the company investment grade. Proved reserves rose 9% in 2025 to 1.12 billion barrels of oil equivalent. Dividends consumed $448 million in 2025, leaving substantial cash available for debt reduction, drilling and acquisitions.

What could change the storySustained moderate oil prices and disciplined acquisitions would help, while weaker prices could expose an expensive valuation.

The bull case is that Permian Resources can repeat first-quarter economics: adjusted free cash flow of $513 million was produced with realized oil near $71 a barrel, which annualizes to roughly a 10% cash yield at the observed valuation. The bear case is that investors already pay heavily for future drilling inventory. The 2025 proved reserves carried a $9.44 billion pre-tax value discounted at 10%, versus enterprise value above $22 billion. That gap requires profitable unproved drilling, acquisitions and cost improvements to continue.

AI: News

Record second-quarter cash flowStrong oil prices and operating gains produced record cash flow and a higher full-year oil target.

On August 5, Permian Resources reported second-quarter adjusted free cash flow of $751 million, operating cash inflow of $1.51 billion and oil production of 198,100 barrels per day. It raised the midpoint of full-year oil guidance to 199,000 barrels per day while setting capital spending near $1.95 billion. The shares closed roughly 2.5% higher in the next trading session. That move is consistent with stronger expectations, although broader energy-market moves may also have contributed.

Acquisition program acceleratesMore than a billion dollars of small acquisitions expanded drilling inventory without buying another whole company.

The August results disclosed about $1.05 billion spent year to date across roughly 190 transactions, adding about 54,000 net acres and around 330 high-confidence drilling locations. Management said the purchases increase expected 2026 working ownership above 80%, allowing more production from the same operating program. This can improve per-share value if drilling returns exceed the purchase cost. The risk is that strong oil prices make acreage more expensive, and the stock effect cannot be separated from the broader earnings announcement.

High-cost debt retiredDebt repayment is removing expensive interest costs and making future commodity downturns easier to absorb.

Permian Resources redeemed $550 million of 8% notes in April and another $325 million of 9.875% notes on July 15. The company estimated that retiring the remaining legacy Earthstone debt would reduce annual cash interest by about $75 million. Total debt fell substantially from year-end 2024 levels, improving financial flexibility. Lower interest expense directly increases cash available for dividends, acquisitions, drilling or repurchases and gives the company more room to withstand weaker oil prices.

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	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$5.07B	$5.00B	$3.12B	$2.13B	$1.03B	$580.5M	$944.3M	$891.0M	$429.9M
Operating expenses	$3.60B	$3.26B	$2.02B	$1.12B	$699.4M	$1.36B	$864.0M	$608.3M	$324.6M
Operating income	$1.46B	$1.74B	$1.10B	$1.01B	$370.6M	−$780.1M	$79.4M	$283.2M	$114.1M
Operating margin	28.88%	34.89%	35.13%	47.27%	35.99%	−134.40%	8.41%	31.78%	26.54%
EBITDA	$3.69B	$3.62B	$2.22B	$1.41B	—	—	—	—	—
EBITDA margin	72.86%	72.33%	71.15%	66.18%	—	—	—	—	—
Net income	$935.2M	$984.7M	$476.3M	$515.0M	$138.2M	−$682.8M	$15.8M	$199.9M	$75.6M
Net profit margin	18.46%	19.69%	15.26%	24.17%	13.42%	−117.64%	1.67%	22.43%	17.58%
Basic EPSper basic share	$1.31	$1.54	$1.36	$1.80	$0.49	-$2.46	$0.06	$0.76	$0.32
Diluted EPSper diluted share	$1.28	$1.45	$1.24	$1.61	$0.46	-$2.46	$0.06	$0.75	$0.32

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Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys5$16.64M disclosed value

Sells (SEC code S)33$90.89M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 21, 2026Form 4	Oliphint Guy MEVP, Chief Financial Officer	SellClass A Common Stock	62.8K	$20.44	$1.28M	542.5K
Mar 18, 2026Form 4	Marquez AronDirector	SellClass A Common Stock	7.8K	$19.62	$152.1K	72.2K
Mar 18, 2026Form 4	Quinn William JDirector	SellClass A Common Stock · indirect	512.4K	$19.59	$10.04M	6.91M
Mar 17, 2026Form 4	Marquez AronDirector	SellClass A Common Stock	5.3K	$19.58	$102.8K	80.0K
Mar 12, 2026Form 4	Tepper JeffreyDirector	SellClass A Common Stock	50.0K	$19.38	$969.0K	150.5K

Review ownership filings at SEC.gov ↗

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Permian Resources Corp (PR)

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