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.
Centennial Resource Development and Colgate Energy complete combination, establishing Permian Resources. Permian Resources is an independent oil and natural gas company focused on the responsible acquisition, optimization and development of high-return oil and natural gas properties. The Company’s operations are focused in the core of the Delaware Basin.
