In a year marked by falling oil prices and industry-wide cutbacks, Permian Resources has emerged as a rare success story. While many oil and gas giants slipped in the Forbes Global 2000 rankings amid a 15% drop in crude prices and rig reductions across the U.S., this young, fast-growing operator made its debut at No. 1762. Led by co-CEOs Will Hickey and James Walter—both under 40—Permian Resources has quickly become the largest pure-play producer in the Delaware Basin, proving that bold strategy and disciplined execution still win in a volatile market.

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Company Overview

Permian Resources debuted on the Forbes Global 2000 at No. 1762 in 2025.
It’s now the largest pure-play oil company in the Delaware Basin (Texas/New Mexico).
Operates 450,000 net acres and produces 370,000 barrels per day.

🔹 Founders & Strategy

Co-CEOs Will Hickey (38) and James Walter (37) are childhood friends.
Their backgrounds:
- Hickey: Pioneer Natural Resources, EnCap Investments.
- Walter: BCG, Denham Capital.
In 2015, they started Colgate Energy, buying up 180,000 acres (~$1B in deals).
Merged Colgate with Centennial Resources in a $7B deal.
Continued roll-up strategy with:
- Earthstone Energy ($4.5B, 2023)
- Occidental assets (~$800M, 2024)
- Apache Corp. assets (~$600M, 2025)

🔹 Financial Performance

In 2024, despite tough market conditions:
- Generated $1.25B net income on $5B revenue.
- In April, shares dipped, and the company bought back $43M of stock at $10.52.
- Stock has since rebounded to $14.25.