PR

Permian Resources Corporation operates as an independent oil and natural gas company focused on the acquisition, optimization, and development of assets in the Permian Basin. Headquartered in Midland, Texas, the company holds approximately 338,000 net acres primarily in the Delaware Basin, spanning Andrews, Loving, Reeves, Ward, and Winkler counties in Texas, as well as Lea and Eddy counties in New Mexico. Permian Resources employs a scalable, returns-focused development strategy that emphasizes operational efficiency and capital discipline across its extensive horizontal drilling inventory. The company was formed through the May 2022 merger of Centennial Resource Development and Colgate Energy Partners III, creating one of the largest pure-play Permian Basin producers. In December 2023, Permian Resources significantly expanded its footprint by acquiring Earthstone Energy in an all-stock transaction valued at approximately $4.5 billion, adding roughly 121,000 net acres to its position. The company operates with a lean organizational structure and focuses on generating free cash flow while maintaining a strong balance sheet. Permian Resources produces approximately 400,000 barrels of oil equivalent per day, with oil representing about 40% of total production. The company's scale, inventory depth, and operational expertise position it as a significant consolidator within the Permian Basin, benefiting from economies of scale and enhanced operational synergies across its multi-basin asset base.