Permian Resources Corporation reported significant financial growth for the fiscal year ending December 31, 2024, with total revenues reaching $5.0 billion, a 60% increase from $3.1 billion in 2023. The company’s net income attributable to Class A Common Stock was $984.7 million, compared to $476.3 million in the previous year, reflecting a substantial rise in profitability. This growth was primarily driven by a 64% increase in oil production, which totaled 58.3 million barrels, and a 126% increase in natural gas liquids (NGL) sales, which reached $637.5 million. However, natural gas sales saw a significant decline, dropping to $240,000 from $142.1 million in 2023, largely due to unfavorable market conditions.
The company underwent notable strategic changes, including the completion of the Earthstone Merger on November 1, 2023, which added approximately 223,000 net leasehold acres and enhanced its operational scale. This merger, along with the earlier Colgate Merger in September 2022, has positioned Permian Resources to leverage its expanded asset base for future growth. Additionally, the company executed a bolt-on acquisition in September 2024, acquiring properties from Occidental Petroleum for $743.5 million, further solidifying its presence in the Permian Basin.
Operationally, Permian Resources reported a total production of 125.7 million barrels of oil equivalent (Boe) for 2024, a 77% increase from the previous year. The company operated 3,113 gross productive wells, with an average working interest of approximately 85%. The workforce expanded to 482 employees, reflecting the company's growth strategy and operational demands. The company also reported a significant increase in proved reserves, totaling 1.03 billion Boe as of December 31, 2024, up from 925.1 million Boe in 2023, driven by successful drilling programs and acquisitions.
Looking ahead, Permian Resources aims to maintain its focus on capital-efficient development and shareholder returns. The company has increased its quarterly base dividend to $0.15 per share, representing a 150% increase, and has authorized a new stock repurchase program of up to $1 billion. The company plans to fund its capital expenditures, projected between $1.9 billion and $2.1 billion for 2025, primarily through cash flows from operations. However, the company remains cautious about market volatility, particularly in commodity prices, which could impact future cash flows and operational strategies.
About Permian Resources Corp
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