Permian Resources (NYSE: PR), based in Midland, TX, is doubling down on its position in the Permian Basin with a $608 million acquisition of prime acreage in southeast New Mexico from APA Corp (parent of Apache).
Permian Resources Corporation (NYSE: PR) has emerged as a formidable force in the U.S. oil and gas sector, with its strategic focus on the prolific Delaware Basin positioning it for sustained growth. Headquartered in Midland, Texas, the company controls over 400,000 net acres in one of North America’s most sought-after energy regions. Through a series of well-executed acquisitions and operational efficiencies, Permian Resources has demonstrated its commitment to value creation for shareholders, achieving impressive financial results and solidifying its competitive position.
Permian Resources has taken another significant step in optimizing its portfolio by divesting a key portion of its Reeves County midstream assets to Kinetik Holdings. The $180 million transaction is part of the company’s ongoing strategy to streamline operations and focus on its core exploration and production (E&P) business in the Delaware Basin.
The Permian Resources Drilling Report for 2024 reveals substantial drilling activity by rigs like H&P 313 and H&P 375, which collectively drilled over 50 wells across counties in New Mexico and Texas. This high level of productivity aligns with industry trends that prioritize high-specification rigs for complex projects. High-spec rigs, equipped to execute extended laterals and maximize resource recovery, are crucial for improving drilling rates and operational efficiency.
Permian Resources Corporation, a key player in the Permian Basin, delivered an impressive Q3 2024 update, showcasing their continued commitment to operational efficiency and innovation. The company’s strategic focus on improving drilling and completions, integrating sustainable practices like recycled water, and leveraging advanced techniques such as simul-frac has positioned them as a leader in cost management and productivity enhancement. In this blog, we delve into how these advancements are shaping the company’s future outlook.
Permian Resources has announced the acquisition of Occidental Petroleum’s Barilla Draw asset and additional New Mexico acreage for $818 million. This strategic move is set to add 15,000 barrels of oil equivalent per day to Permian Resources’ production base.
Premium Resources, operates in the Delaware Basin, with significant acreage in both New Mexico and Texas. The Texas counties of interest include Loving, Winkler, Ward, and Reeves.
Permian Resources is a leading exploration and production (E&P) company focused on the Delaware Basin, which spans parts of Texas and New Mexico.
The company achieved an 11% increase in average daily crude oil production to 151,794 barrels and a total average production of 319,514 barrels of oil equivalent per day. Financially, Permian Resources generated $648 million in net cash from operating activities and $324 million in adjusted free cash flow.
The leaders of Permian said Feb. 28 they will dedicate 70% of the company’s roughly $2 billion in planned capital spending to the Northern Delaware basin while the Southern Delaware basin in Texas will get about a quarter of those resources.
