Permian Resources raises 2026 oil production guidance mid-point to 199.0 MBbls/d
Company updates 2026 capital expenditures guidance to $1.9–$2.0 bln
Permian Resources expects oil production over 200 MBbls/d in H2 2026 with less than $1 bln capex
Overview
U.S. oil and gas producer's Q2 oil production rose 3% from prior quarter
Company completed 190 acquisitions, adding 54,000 net acres for $1.05 bln
Permian Resources raised full-year oil production guidance to 199,000 Bbls/d
Result Drivers
GROUND GAME & HIGHER WORKING INTEREST - Co said oil production rose mainly due to successful ground game efforts and a 7% increase in average working interest for completions
INCREASED WORKOVER ACTIVITY - Co boosted oil output by increasing high-return workover projects by over 50% quarter-over-quarter
CURTAILED HIGH-GOR PRODUCTION - Co reduced natural gas and NGL volumes by curtailing production exposed to weak Waha prices, improving free cash flow
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 21 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for Permian Resources Corporation is $25.00, about 22% above its August 4 closing price of $20.50
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago
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