(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | ||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
PERMIAN RESOURCES CORPORATION | ||||||||
By: | /s/ GUY M. OLIPHINT | |||||||
Guy M. Oliphint Executive Vice President and Chief Financial Officer | ||||||||
Date: | August 2, 2023 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net revenues (in thousands): | |||||||||||||||||||||||
Oil sales | $ | 549,226 | $ | 349,591 | $ | 1,073,612 | $ | 612,358 | |||||||||||||||
Natural gas sales(1) | 23,647 | 68,030 | 55,769 | 107,048 | |||||||||||||||||||
NGL sales(2) | 50,525 | 55,033 | 110,285 | 100,525 | |||||||||||||||||||
Oil and gas sales | $ | 623,398 | $ | 472,654 | $ | 1,239,666 | $ | 819,931 | |||||||||||||||
Average sales prices: | |||||||||||||||||||||||
Oil (per Bbl) | $ | 71.52 | $ | 104.69 | $ | 72.89 | $ | 97.42 | |||||||||||||||
Effect of derivative settlements on average price (per Bbl) | 3.42 | (16.97) | 3.53 | (15.03) | |||||||||||||||||||
Oil including the effects of hedging (per Bbl) | $ | 74.94 | $ | 87.72 | $ | 76.42 | $ | 82.39 | |||||||||||||||
Average NYMEX WTI price for oil (per Bbl) | $ | 73.78 | $ | 108.34 | $ | 74.95 | $ | 101.37 | |||||||||||||||
Oil differential from NYMEX | (2.26) | (3.65) | (2.06) | (3.95) | |||||||||||||||||||
Natural gas price excluding the effects of GP&T (per Mcf)(1) | $ | 1.24 | $ | 6.22 | $ | 1.52 | $ | 5.13 | |||||||||||||||
Effect of derivative settlements on average price (per Mcf) | 0.52 | (1.55) | 0.55 | (1.06) | |||||||||||||||||||
Natural gas including the effects of hedging (per Mcf) | $ | 1.76 | $ | 4.67 | $ | 2.07 | $ | 4.07 | |||||||||||||||
Average NYMEX Henry Hub price for natural gas (per MMBtu) | $ | 2.12 | $ | 7.39 | $ | 2.39 | $ | 6.00 | |||||||||||||||
Natural gas differential from NYMEX | (0.88) | (1.17) | (0.87) | (0.87) | |||||||||||||||||||
NGL price excluding the effects of GP&T (per Bbl)(2) | $ | 20.73 | $ | 44.77 | $ | 23.69 | $ | 46.74 | |||||||||||||||
Net production: | |||||||||||||||||||||||
Oil (MBbls) | 7,680 | 3,339 | 14,730 | 6,286 | |||||||||||||||||||
Natural gas (MMcf) | 25,092 | 10,941 | 49,066 | 20,866 | |||||||||||||||||||
NGL (MBbls) | 3,231 | 1,230 | 6,029 | 2,151 | |||||||||||||||||||
Total (MBoe)(3) | 15,093 | 6,392 | 28,937 | 11,914 | |||||||||||||||||||
Average daily net production: | |||||||||||||||||||||||
Oil (Bbls/d) | 84,393 | 36,696 | 81,379 | 34,729 | |||||||||||||||||||
Natural gas (Mcf/d) | 275,734 | 120,225 | 271,080 | 115,280 | |||||||||||||||||||
NGL (Bbls/d) | 35,502 | 13,507 | 33,310 | 11,881 | |||||||||||||||||||
Total (Boe/d)(3) | 165,850 | 70,240 | 159,869 | 65,824 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating costs (in thousands): | |||||||||||||||||||||||
Lease operating expenses | $ | 82,991 | $ | 28,900 | $ | 157,523 | $ | 57,634 | |||||||||||||||
Severance and ad valorem taxes | 48,927 | 34,695 | 97,436 | 59,746 | |||||||||||||||||||
Gathering, processing and transportation expenses | 21,753 | 25,756 | 37,235 | 47,647 | |||||||||||||||||||
Operating cost metrics: | |||||||||||||||||||||||
Lease operating expenses (per Boe) | $ | 5.50 | $ | 4.52 | $ | 5.44 | $ | 4.84 | |||||||||||||||
Severance and ad valorem taxes (% of revenue) | 7.8 | % | 7.3 | % | 7.9 | % | 7.3 | % | |||||||||||||||
Gathering, processing and transportation expenses (per Boe) | $ | 1.44 | $ | 4.03 | $ | 1.29 | $ | 4.00 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Oil and gas sales | $ | 623,398 | $ | 472,654 | $ | 1,239,666 | $ | 819,931 | |||||||||||||||
Operating expenses | |||||||||||||||||||||||
Lease operating expenses | 82,991 | 28,900 | 157,523 | 57,634 | |||||||||||||||||||
Severance and ad valorem taxes | 48,927 | 34,695 | 97,436 | 59,746 | |||||||||||||||||||
Gathering, processing and transportation expenses | 21,753 | 25,756 | 37,235 | 47,647 | |||||||||||||||||||
Depreciation, depletion and amortization | 215,726 | 82,117 | 403,945 | 153,126 | |||||||||||||||||||
General and administrative expenses | 52,736 | 9,947 | 88,210 | 40,550 | |||||||||||||||||||
Merger and integration expense | 4,350 | 5,685 | 17,649 | 5,685 | |||||||||||||||||||
Impairment and abandonment expense | 244 | 506 | 489 | 3,133 | |||||||||||||||||||
Exploration and other expenses | 5,263 | 1,954 | 9,637 | 4,261 | |||||||||||||||||||
Total operating expenses | 431,990 | 189,560 | 812,124 | 371,782 | |||||||||||||||||||
Net gain (loss) on sale of long-lived assets | — | (1,406) | 66 | (1,324) | |||||||||||||||||||
Income (loss) from operations | 191,408 | 281,688 | 427,608 | 446,825 | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest expense | (36,826) | (14,326) | (73,603) | (27,480) | |||||||||||||||||||
Net gain (loss) on derivative instruments | 20,601 | (34,134) | 75,113 | (163,657) | |||||||||||||||||||
Other income (expense) | 319 | 85 | 439 | 203 | |||||||||||||||||||
Total other income (expense) | (15,906) | (48,375) | 1,949 | (190,934) | |||||||||||||||||||
Income (loss) before income taxes | 175,502 | 233,313 | 429,557 | 255,891 | |||||||||||||||||||
Income tax (expense) benefit | (26,548) | (41,487) | (60,802) | (48,263) | |||||||||||||||||||
Net income (loss) | 148,954 | 191,826 | 368,755 | 207,628 | |||||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interest | (75,555) | — | (193,236) | — | |||||||||||||||||||
Net income (loss) attributable to Class A Common Stock | $ | 73,399 | $ | 191,826 | 175,519 | $ | 207,628 | ||||||||||||||||
Income (loss) per share of Class A Common Stock: | |||||||||||||||||||||||
Basic | $ | 0.23 | $ | 0.67 | $ | 0.57 | $ | 0.73 | |||||||||||||||
Diluted | $ | 0.21 | $ | 0.60 | $ | 0.52 | $ | 0.66 | |||||||||||||||
Weighted average Class A Common Stock outstanding: | |||||||||||||||||||||||
Basic | 315,168 | 284,992 | 305,593 | 284,922 | |||||||||||||||||||
Diluted | 351,915 | 320,104 | 343,935 | 319,893 |
June 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 18,280 | $ | 59,545 | |||||||
Accounts receivable, net | 309,624 | 282,846 | |||||||||
Derivative instruments | 87,737 | 100,797 | |||||||||
Prepaid and other current assets | 10,396 | 20,602 | |||||||||
Total current assets | 426,037 | 463,790 | |||||||||
Property and Equipment | |||||||||||
Oil and natural gas properties, successful efforts method | |||||||||||
Unproved properties | 1,415,969 | 1,424,744 | |||||||||
Proved properties | 9,691,058 | 8,869,174 | |||||||||
Accumulated depreciation, depletion and amortization | (2,811,580) | (2,419,692) | |||||||||
Total oil and natural gas properties, net | 8,295,447 | 7,874,226 | |||||||||
Other property and equipment, net | 38,731 | 15,173 | |||||||||
Total property and equipment, net | 8,334,178 | 7,889,399 | |||||||||
Noncurrent assets | |||||||||||
Operating lease right-of-use assets | 62,049 | 64,792 | |||||||||
Other noncurrent assets | 104,061 | 74,611 | |||||||||
TOTAL ASSETS | $ | 8,926,325 | $ | 8,492,592 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable and accrued expenses | $ | 661,748 | $ | 562,156 | |||||||
Operating lease liabilities | 36,160 | 29,759 | |||||||||
Derivative instruments | 354 | 1,998 | |||||||||
Other current liabilities | 24,462 | 11,656 | |||||||||
Total current liabilities | 722,724 | 605,569 | |||||||||
Noncurrent liabilities | |||||||||||
Long-term debt, net | 2,060,070 | 2,140,798 | |||||||||
Asset retirement obligations | 44,546 | 40,947 | |||||||||
Deferred income taxes | 78,685 | 4,430 | |||||||||
Operating lease liabilities | 27,894 | 41,341 | |||||||||
Other noncurrent liabilities | 66,396 | 3,211 | |||||||||
Total liabilities | 3,000,315 | 2,836,296 | |||||||||
Commitments and contingencies (Note 12) | |||||||||||
Shareholders’ equity | |||||||||||
Common stock, $0.0001 par value, 1,500,000,000 shares authorized: | |||||||||||
Class A: 325,446,375 shares issued and 319,646,487 shares outstanding at June 30, 2023 and 298,640,260 shares issued and 288,532,257 shares outstanding at December 31, 2022 | 33 | 30 | |||||||||
Class C: 244,632,559 shares issued and outstanding at June 30, 2023 and 269,300,000 shares issued and outstanding at December 31, 2022 | 24 | 27 | |||||||||
Additional paid-in capital | 2,944,785 | 2,698,465 | |||||||||
Retained earnings (accumulated deficit) | 363,881 | 237,226 | |||||||||
Total shareholders' equity | 3,308,723 | 2,935,748 | |||||||||
Noncontrolling interest | 2,617,287 | 2,720,548 | |||||||||
Total equity | 5,926,010 | 5,656,296 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | 8,926,325 | $ | 8,492,592 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 368,755 | $ | 207,628 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation, depletion and amortization | 403,945 | 153,126 | |||||||||
Stock-based compensation expense - equity awards | 53,565 | 12,202 | |||||||||
Stock-based compensation expense - liability awards | — | 5,127 | |||||||||
Impairment and abandonment expense | 489 | 3,133 | |||||||||
Deferred tax expense (benefit) | 57,199 | 47,663 | |||||||||
Net (gain) loss on sale of long-lived assets | (66) | 1,324 | |||||||||
Non-cash portion of derivative (gain) loss | 3,901 | 47,131 | |||||||||
Amortization of debt issuance costs and debt discount | 6,278 | 4,226 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
(Increase) decrease in accounts receivable | (11,888) | (62,751) | |||||||||
(Increase) decrease in prepaid and other assets | (3,969) | (6,201) | |||||||||
Increase (decrease) in accounts payable and other liabilities | 8,495 | 42,491 | |||||||||
Net cash provided by operating activities | 886,704 | 455,099 | |||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of oil and natural gas properties, net | (107,766) | (2,592) | |||||||||
Drilling and development capital expenditures | (686,556) | (224,011) | |||||||||
Purchases of other property and equipment | (29,050) | (2,863) | |||||||||
Contingent considerations received related to divestiture | 60,000 | — | |||||||||
Proceeds from sales of oil and natural gas properties | 63,986 | 863 | |||||||||
Net cash used in investing activities | (699,386) | (228,603) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from borrowings under revolving credit facility | 630,000 | 170,000 | |||||||||
Repayment of borrowings under revolving credit facility | (715,000) | (195,000) | |||||||||
Debt issuance costs | (603) | (8,533) | |||||||||
Proceeds from exercise of stock options | 230 | 8 | |||||||||
Share repurchase | (29,418) | — | |||||||||
Dividends paid | (47,619) | — | |||||||||
Distributions paid to noncontrolling interest owners | (37,883) | — | |||||||||
Class A Common Stock repurchased from employees for taxes due upon share vestings | (38,108) | (1,259) | |||||||||
Net cash provided by (used in) financing activities | (238,401) | (34,784) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (51,083) | 191,712 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 69,932 | 9,935 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 18,849 | $ | 201,647 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash and cash equivalents | $ | 18,280 | $ | 201,092 | |||||||
Restricted cash | 569 | 555 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 18,849 | $ | 201,647 |
Three Months Ended | |||||||||||||||||||||||||||||
(in thousands) | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | ||||||||||||||||||||||||
Adjusted EBITDAX reconciliation to net income: | |||||||||||||||||||||||||||||
Net income (loss) attributable to Class A Common Stock | $ | 73,399 | $ | 102,120 | $ | 83,050 | $ | 224,359 | $ | 191,826 | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | 75,555 | 117,681 | 115,658 | 119,145 | — | ||||||||||||||||||||||||
Interest expense | 36,826 | 36,777 | 39,358 | 28,807 | 14,326 | ||||||||||||||||||||||||
Income tax expense | 26,548 | 34,254 | 40,860 | 31,169 | 41,487 | ||||||||||||||||||||||||
Depreciation, depletion and amortization | 215,726 | 188,219 | 182,052 | 109,500 | 82,117 | ||||||||||||||||||||||||
Impairment and abandonment expense | 244 | 245 | 244 | 498 | 506 | ||||||||||||||||||||||||
Non-cash derivative (gain) loss | 18,678 | (14,777) | 88,635 | (213,503) | (39,514) | ||||||||||||||||||||||||
Stock-based compensation expense(1) | 35,042 | 16,707 | 54,342 | 18,896 | (2,487) | ||||||||||||||||||||||||
Exploration and other expenses | 5,263 | 4,374 | 4,765 | 2,352 | 1,954 | ||||||||||||||||||||||||
Merger and integration expense | 4,350 | 13,299 | 12,469 | 59,270 | 5,685 | ||||||||||||||||||||||||
(Gain) loss on sale of long-lived assets | — | (66) | (13) | 3 | 1,406 | ||||||||||||||||||||||||
Adjusted EBITDAX | $ | 491,631 | $ | 498,833 | $ | 621,420 | $ | 380,496 | $ | 297,306 |
(in thousands) | June 30, 2023 | ||||
Long-term debt, net | 2,060,070 | ||||
Unamortized debt discount and debt issuance costs on senior notes | 55,729 | ||||
Long-term debt | 2,115,799 | ||||
Less: cash and cash equivalents | (18,280) | ||||
Net debt (Non-GAAP) | 2,097,519 | ||||
LQA EBITDAX(1) | 1,966,524 | ||||
Net debt-to-LQA EBITDAX | 1.1 |
Three Months Ended June 30, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Basic weighted average shares of Class A Common Stock outstanding | 315,168 | 284,992 | |||||||||
Weighted average shares of Class C Common Stock | 245,586 | — | |||||||||
Adjusted basic weighted average shares outstanding | 560,754 | 284,992 | |||||||||
Basic weighted average shares of Class A Common Stock outstanding | 315,168 | 284,992 | |||||||||
Add: Dilutive effects of Convertible Senior Notes | 27,605 | 27,074 | |||||||||
Add: Dilutive effects of equity awards and ESPP shares | 9,142 | 8,038 | |||||||||
Diluted weighted average shares of Class A Common Stock outstanding | 351,915 | 320,104 | |||||||||
Weighted average shares of Class C Common Stock | 245,586 | — | |||||||||
Adjusted diluted weighted average shares outstanding | 597,501 | 320,104 |
Accrued Capital Expenditure(1) | Cash Capital Expenditure(2) | ||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||
(in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net cash provided by operating activities | $ | 448,491 | $ | 294,979 | $ | 448,491 | $ | 294,979 | |||||||||||||||
Changes in working capital: | |||||||||||||||||||||||
Accounts receivable | 10,385 | 8,927 | 10,385 | 8,927 | |||||||||||||||||||
Prepaid and other assets | 2,953 | 5,786 | 2,953 | 5,786 | |||||||||||||||||||
Accounts payable and other liabilities | (15,306) | (31,666) | (15,306) | (31,666) | |||||||||||||||||||
Operating cash flow before working capital changes | 446,523 | 278,026 | 446,523 | 278,026 | |||||||||||||||||||
Less: total capital expenditures incurred/paid | (385,700) | (140,600) | (371,271) | (142,855) | |||||||||||||||||||
Free cash flow | 60,823 | 137,426 | 75,252 | 135,171 | |||||||||||||||||||
Merger and integration expense | 4,350 | 5,685 | 4,350 | 5,685 | |||||||||||||||||||
Adjusted free cash flow | $ | 65,173 | $ | 143,111 | $ | 79,602 | $ | 140,856 | |||||||||||||||
Adjusted basic weighted average shares outstanding | 560,754 | 284,992 | 560,754 | 284,992 | |||||||||||||||||||
Adjusted free cash flow per adjusted basic share | $ | 0.12 | $ | 0.50 | $ | 0.14 | $ | 0.49 | |||||||||||||||
Three Months Ended June 30, | |||||||||||
(in thousands, except per share data) | 2023 | 2022 | |||||||||
Net income (loss) attributable to Class A Common Stock | $ | 73,399 | $ | 191,826 | |||||||
Net income (loss) attributable to noncontrolling interest | 75,555 | — | |||||||||
Non-cash derivative (gain) loss | 18,678 | (39,514) | |||||||||
Merger and integration expense | 4,350 | 5,685 | |||||||||
Impairment and abandonment expense | 244 | 506 | |||||||||
(Gain) loss on sale of long-lived assets | — | 1,406 | |||||||||
Adjusted net income excluding above items | 172,226 | 159,909 | |||||||||
Income tax (expense) benefit attributable to the above items(1) | (22,236) | 7,181 | |||||||||
Adjusted Net Income | $ | 149,990 | $ | 167,090 | |||||||
Adjusted basic weighted average shares outstanding (Non-GAAP)(2) | 560,754 | 284,992 | |||||||||
Adjusted net income per adjusted basic share | $ | 0.27 | $ | 0.59 | |||||||
Period | Volume (Bbls) | Volume (Bbls/d) | Wtd. Avg. Crude Price ($/Bbl)(1) | ||||||||||||||||||||
Crude oil swaps | July 2023 - September 2023 | 1,748,000 | 19,000 | $85.04 | |||||||||||||||||||
October 2023 - December 2023 | 1,748,000 | 19,000 | 82.93 | ||||||||||||||||||||
January 2024 - March 2024 | 1,547,000 | 17,000 | 77.14 | ||||||||||||||||||||
April 2024 - June 2024 | 1,547,000 | 17,000 | 75.99 | ||||||||||||||||||||
July 2024 - September 2024 | 1,564,000 | 17,000 | 74.89 | ||||||||||||||||||||
October 2024 - December 2024 | 1,564,000 | 17,000 | 73.94 | ||||||||||||||||||||
January 2025 - March 2025 | 450,000 | 5,000 | 69.56 | ||||||||||||||||||||
April 2025 - June 2025 | 455,000 | 5,000 | 68.49 | ||||||||||||||||||||
July 2025 - September 2025 | 460,000 | 5,000 | 67.46 | ||||||||||||||||||||
October 2025 - December 2025 | 460,000 | 5,000 | 66.54 | ||||||||||||||||||||
Period | Volume (Bbls) | Volume (Bbls/d) | Wtd. Avg. Collar Price Ranges ($/Bbl)(2) | ||||||||||||||||||||
Crude oil collars | July 2023 - September 2023 | 644,000 | 7,000 | $76.43 - $92.70 | |||||||||||||||||||
October 2023 - December 2023 | 644,000 | 7,000 | 76.43 - 92.70 | ||||||||||||||||||||
Period | Volume (Bbls) | Volume (Bbls/d) | Wtd. Avg. Differential ($/Bbl)(3) | ||||||||||||||||||||
Crude oil basis differential swaps | July 2023 - September 2023 | 1,025,000 | 11,141 | $0.63 | |||||||||||||||||||
October 2023 - December 2023 | 1,025,002 | 11,141 | 0.63 | ||||||||||||||||||||
January 2024 - March 2024 | 1,092,000 | 12,000 | 0.66 | ||||||||||||||||||||
April 2024 - June 2024 | 1,092,000 | 12,000 | 0.66 | ||||||||||||||||||||
July 2024 - September 2024 | 1,104,000 | 12,000 | 0.66 | ||||||||||||||||||||
October 2024 - December 2024 | 1,104,000 | 12,000 | 0.66 | ||||||||||||||||||||
January 2025 - March 2025 | 450,000 | 5,000 | 0.95 | ||||||||||||||||||||
April 2025 - June 2025 | 455,000 | 5,000 | 0.95 | ||||||||||||||||||||
July 2025 - September 2025 | 460,000 | 5,000 | 0.95 | ||||||||||||||||||||
October 2025 - December 2025 | 460,000 | 5,000 | 0.95 | ||||||||||||||||||||
Period | Volume (Bbls) | Volume (Bbls/d) | Wtd. Avg. Differential ($/Bbl)(4) | ||||||||||||||||||||
Crude oil roll differential swaps | July 2023 - September 2023 | 1,656,000 | 18,000 | $1.16 | |||||||||||||||||||
October 2023 - December 2023 | 1,656,000 | 18,000 | 1.16 | ||||||||||||||||||||
January 2024 - March 2024 | 1,092,000 | 12,000 | 0.68 | ||||||||||||||||||||
April 2024 - June 2024 | 1,092,000 | 12,000 | 0.67 | ||||||||||||||||||||
July 2024 - September 2024 | 1,104,000 | 12,000 | 0.66 | ||||||||||||||||||||
October 2024 - December 2024 | 1,104,000 | 12,000 | 0.66 | ||||||||||||||||||||
January 2025 - March 2025 | 180,000 | 2,000 | 0.37 | ||||||||||||||||||||
April 2025 - June 2025 | 182,000 | 2,000 | 0.37 | ||||||||||||||||||||
July 2025 - September 2025 | 184,000 | 2,000 | 0.37 | ||||||||||||||||||||
October 2025 - December 2025 | 184,000 | 2,000 | 0.37 | ||||||||||||||||||||
Period | Volume (MMBtu) | Volume (MMBtu/d) | Wtd. Avg. Gas Price ($/MMBtu)(1) | ||||||||||||||||||||
Natural gas swaps | July 2023 - September 2023 | 1,486,925 | 16,162 | $4.70 | |||||||||||||||||||
October 2023 - December 2023 | 1,413,628 | 15,366 | 4.90 | ||||||||||||||||||||
January 2024 - March 2024 | 4,104,919 | 45,109 | 3.77 | ||||||||||||||||||||
April 2024 - June 2024 | 446,321 | 4,905 | 3.93 | ||||||||||||||||||||
July 2024 - September 2024 | 429,388 | 4,667 | 4.01 | ||||||||||||||||||||
October 2024 - December 2024 | 413,899 | 4,499 | 4.32 | ||||||||||||||||||||
Period | Volume (MMBtu) | Volume (MMBtu/d) | Wtd. Avg. Differential ($/MMBtu)(2) | ||||||||||||||||||||
Natural gas basis differential swaps | July 2023 - September 2023 | 6,210,000 | 67,500 | $(1.30) | |||||||||||||||||||
October 2023 - December 2023 | 6,210,000 | 67,500 | (1.30) | ||||||||||||||||||||
January 2024 - March 2024 | 3,640,000 | 40,000 | (0.52) | ||||||||||||||||||||
April 2024 - June 2024 | 1,820,000 | 20,000 | (0.67) | ||||||||||||||||||||
July 2024 - September 2024 | 1,840,000 | 20,000 | (0.66) | ||||||||||||||||||||
October 2024 - December 2024 | 1,840,000 | 20,000 | (0.64) | ||||||||||||||||||||
Period | Volume (MMBtu) | Volume (MMBtu/d) | Wtd. Avg. Differential ($/MMBtu)(3) | ||||||||||||||||||||
Natural gas basis differential swaps | July 2023 - September 2023 | 1,840,000 | 20,000 | $(0.30) | |||||||||||||||||||
October 2023 - December 2023 | 1,840,000 | 20,000 | (0.30) | ||||||||||||||||||||
January 2024 - March 2024 | 3,640,000 | 40,000 | 0.00 | ||||||||||||||||||||
Period | Volume (MMBtu) | Volume (MMBtu/d) | Wtd. Avg. Collar Price Ranges ($/MMBtu)(4) | ||||||||||||||||||||
Natural gas collars | July 2023 - September 2023 | 6,563,075 | 71,338 | $3.64 - $7.52 | |||||||||||||||||||
October 2023 - December 2023 | 6,636,372 | 72,134 | 3.66 - 8.22 | ||||||||||||||||||||
January 2024 - March 2024 | 3,175,081 | 34,891 | 3.36 - 9.44 | ||||||||||||||||||||
April 2024 - June 2024 | 1,373,679 | 15,095 | 3.00 - 6.45 | ||||||||||||||||||||
July 2024 - September 2024 | 1,410,612 | 15,333 | 3.00 - 6.52 | ||||||||||||||||||||
October 2024 - December 2024 | 1,426,101 | 15,501 | 3.25 - 7.30 | ||||||||||||||||||||
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Cover Page Cover Page |
Aug. 02, 2023 |
---|---|
Cover Page [Abstract] | |
Entity Central Index Key | 0001658566 |
Document Type | 8-K |
Document Period End Date | Aug. 02, 2023 |
Entity Registrant Name | PERMIAN RESOURCES CORPORATION |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-37697 |
Entity Tax Identification Number | 47-5381253 |
Entity Address, Address Line One | 300 N. Marienfeld St., |
Entity Address, Address Line Two | Suite 1000 |
Entity Address, City or Town | Midland |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 79701 |
City Area Code | 432 |
Local Phone Number | 695-4222 |
Title of 12(b) Security | Class A Common Stock, par value $0.0001 per share |
Trading Symbol | PR |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
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