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.
Permian Resources anticipates that approximately 70% of its operating activity will be directed towards the Northern Delaware Basin and approximately 25% towards the Southern Delaware Basin, with the remaining portion to be allocated to its Midland Basin position.
Permian Resources delivered an outstanding operational and financial quarter, with the combination of strong well performance, decreases in controllable cash costs and continued quarter-over-quarter improvements in our drilling and completions efficiencies driving significantly higher free cash flow per share,” said Will Hickey, Co-CEO of Permian Resources.
Texas–Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) and Earthstone Energy, Inc. (“Earthstone Energy” or “Earthstone”) (NYSE: ESTE) today announced that they have entered into a definitive agreement under which Permian Resources will acquire Earthstone in an all-stock transaction valued at approximately $4.5 billion, inclusive of Earthstone’s net debt.
Permian Resources had a strong operational and financial quarter, driven by robust well results across both Texas and New Mexico.
Permian Resources 2023 total capital budget of $1.25 to $1.45 billion and delivered fourth quarter oil production of 81.4 MBbls/d
Permian Resources ranks #15 in wells drilled in 2022 with 124 wells drilled in the Mid Continent of the US.
Headquartered in Midland, Texas, Permian Resources is the largest pure-play E&P company in the Delaware Basin. Permian Resources operated 7 drilling rigs and drilled 37 wells on Q1 2023.
