Permian Resources Corp Stock Price, News & Analysis

Permian Resources (NYSE: PR) reported strong Q4 2024 results with crude oil production of 171.3 MBbls/d and total production of 368.4 MBoe/d. The company generated $872 million in operating cash flow and $400 million in adjusted free cash flow.

Key Q4 highlights include:

• Reduced drilling & completion costs to ~$775 per lateral foot
• Divested Barilla Draw gathering systems for $180 million
• Maintained strong balance sheet with 0.95x leverage and ~$3.0 billion liquidity
• Declared $0.15 per share base dividend (4.3% yield)

For 2025, PR announced plans targeting:

• Crude oil production of 170-175 MBbls/d and total production of 360-380 MBoe/d
• Capital expenditure budget of $1.9-2.1 billion
• 8% production growth while maintaining similar capital budget
• Expected 8% reduction in D&C costs per foot compared to 2024

Permian Resources (NYSE: PR) has announced its Board of Directors' declaration of a quarterly base cash dividend of $0.15 per share of Class A common stock, equivalent to $0.60 per share annually. The dividend will be paid on March 31, 2025, to shareholders who are on record as of March 17, 2025.

Realty Income (NYSE: O) has announced the final dividend tax allocation for its 2024 distributions. For common stock, the total distribution of $3.1255 per share consists of 69.62% ($2.1759803) as ordinary income dividend and 30.38% ($0.9495197) as non-taxable distribution. For Spirit Realty Capital's common stock, the total distribution of $0.6696 per share is entirely non-taxable. The company's Series A Preferred Stock, which was redeemed on September 30, 2024, had distributions of $1.125 per share, classified as 100% ordinary income.

Realty Income, known as 'The Monthly Dividend Company®', is an S&P 500 company with over 15,450 properties across the U.S., UK, and six European countries. The company has maintained 655 consecutive monthly dividends and has increased its dividend for 30 consecutive years, earning its place in the S&P 500 Dividend Aristocrats® index.

Permian Resources (NYSE: PR) has announced its upcoming fourth quarter and full year 2024 financial and operating results release, scheduled for Tuesday, February 25, 2025, after market close. The company will host an earnings conference call the following day, Wednesday, February 26, 2025, at 9:00 a.m. Central (10:00 a.m. Eastern).

Interested participants can join the call by dialing (800) 549-8228 (Conference ID: 75050) or via the company's website. A replay will be available online and by phone at (888) 660-6264 (Passcode: 75050) for 14 days following the call.

Permian Resources (NYSE: PR) announced that its subsidiary, Permian Resources Operating, will partially redeem its 9.875% Senior Notes due 2031. The company will redeem $175 million of the Notes on January 24, 2025, at a redemption price of 109.875% of the principal amount, plus accrued and unpaid interest. After this redemption, $325 million of Notes will remain outstanding.

Permian Resources (NYSE: PR) has announced the sale of its natural gas and oil gathering systems in Reeves County, Texas to Kinetik Holdings for $180 million in cash. The sale includes recently purchased and legacy company-owned midstream infrastructure but excludes water infrastructure and surface acreage.

The transaction is expected to close in Q1 2025, subject to regulatory approval. The divestiture aims to streamline operations and enhance value for investors while allowing Permian Resources to increase its residue natural gas sales at Gulf Coast pricing, reducing exposure to in-basin Waha pricing. The company expects no significant impact on its cash operating costs.

Kinetik Holdings (NYSE: KNTK) has announced a definitive agreement to acquire natural gas and crude oil gathering systems from Permian Resources for $180 million in cash. The assets, primarily located in Reeves County, Texas, include approximately 60,000 gross operated acres dedicated under long-term, fixed-fee agreements.

The transaction features over 250 Mmcf/d of primarily owned electric compression with a private electric distribution system, and is expected to handle more than 150 Mmcf/d of gas gathered volumes and 25 Mb/d of crude gathered volumes in 2025. The assets are adjacent to Kinetik's existing Delaware South system and will be integrated post-closing. The deal is expected to close in Q1 2025, subject to customary conditions.

Permian Resources reported strong Q3 2024 results with crude oil production of 160.8 MBbls/d and total production of 347.1 MBoe/d. The company announced cash capital expenditures of $520 million and adjusted free cash flow of $303 million. Notable achievements include reducing drilling and completion costs to ~$800 per lateral foot, a 16% decrease from 2023, and increasing quarterly base dividend by 150% to $0.15 per share. The company maintained a strong balance sheet with leverage of ~1x and ~$2.8 billion of total liquidity. Following the closure of the Barilla Draw transaction, which added ~29,500 net acres, Permian Resources increased its full-year oil and total production guidance by over 4% to 158.5 MBbls/d and 341.0 MBoe/d respectively.

Permian Resources (NYSE: PR) has announced a quarterly base cash dividend of $0.15 per share of Class A common stock, equivalent to $0.60 per share annually. The dividend will be paid on November 22, 2024 to shareholders recorded as of November 14, 2024.