Welcome to our dedicated page for Permian Resources news (Ticker: PR), a resource for investors and traders seeking the latest updates and insights on Permian Resources stock.
Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company headquartered in Midland, Texas, with operations concentrated in the Permian Basin and a focus on the core of the Delaware Basin in West Texas and Southeast New Mexico. This news page aggregates company-issued updates and market-moving announcements related to Permian Resources’ exploration and production activities, corporate structure and financing.
Recent press releases highlight operational results, including quarterly production updates, capital expenditures, cost metrics and guidance revisions. The company regularly reports on drilling and completion performance, lease operating expenses and marketing arrangements designed to improve netbacks on oil, NGL and natural gas sales. These operational updates provide insight into how Permian Resources is developing its acreage position and managing costs within the Delaware Basin.
Investors following PR news will also see announcements on capital allocation decisions, such as base cash dividends on Class A common stock, share repurchases under an authorized program and the use of debt reduction alongside acquisitions. The company has communicated on bolt-on acquisitions within its core footprint, grassroots leasing and larger transactions that expand its position in New Mexico and Texas.
Corporate and capital markets developments are another key theme in Permian Resources’ news flow. The company has announced secondary offerings by existing shareholders, changes to its credit facilities, redemption of exchangeable senior notes and a corporate reorganization that transitions to a new public holding company while maintaining trading under the PR ticker. For readers tracking the crude petroleum and natural gas extraction sector, this page offers a centralized view of Permian Resources’ official news and disclosures over time.
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.
Permian Resources (NYSE: PR) has announced its upcoming third quarter 2024 earnings conference call. The company will report its financial and operating results after market close on Wednesday, November 6, 2024. Management will host an earnings conference call the following day, Thursday, November 7, 2024, at 9:00 a.m. Central (10:00 a.m. Eastern).
Interested parties can participate in the call by dialing (800) 225-9448 (Conference ID: PRCQ324) at least 15 minutes before the call starts 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) 839-5495 (Passcode: 26601) for 14 days following the call.
Permian Resources (NYSE: PR) has successfully closed its previously announced acquisition of assets from Occidental (NYSE: OXY). The acquired assets include:
- ~29,500 net acres of leasehold interests
- ~9,900 net royalty acres
- Substantial midstream infrastructure
These assets are primarily located adjacent to the Company's existing position in Reeves County, Texas. This strategic bolt-on acquisition strengthens Permian Resources' footprint in the core Delaware Basin, potentially enhancing its operational efficiency and production capabilities in the region.
Permian Resources (NYSE:PR) has announced a significant update to its return of capital strategy, increasing its quarterly base dividend by 150% from $0.06 to $0.15 per share ($0.60 annually). This provides a leading base dividend yield among U.S. independent E&Ps. The Board has also authorized a new $1 billion share repurchase program, replacing the existing $500 million program. The company aims to maintain this dividend even if oil prices fall below $50 per barrel for over two years, supported by its low-cost structure in the Delaware Basin and strong balance sheet.
Permian Resources expects to commence the new quarterly base dividend of $0.15 per share with its third quarter 2024 dividend. The company's Co-CEOs emphasize that this strategy will provide better visibility for shareholders and position the company for continued strong dividend growth and leading total shareholder returns.
Realty Income (NYSE: O), known as The Monthly Dividend Company®, has announced the full redemption of its 6.000% Series A Cumulative Redeemable Preferred Stock on September 30, 2024. The company will redeem all 6,900,000 outstanding shares at $25.00 per share, plus accrued and unpaid dividends of approximately $0.3750 per share, for a total payment of about $25.375 per share.
This strategic move aligns with Realty Income's capital management strategy and aims to enhance the efficiency of its funding and balance sheet structure. The final dividend payment date is set for September 30, 2024, with a record date of September 13, 2024. Realty Income, an S&P 500 company, boasts a portfolio of 15,450 properties across the U.S. and Europe, and has declared 650 consecutive monthly dividends to date.