Permian Resources

Permian Resources is an independent oil and natural gas company headquartered in Midland, Texas, and traded on the New York Stock Exchange under the ticker PR. The business acquires, optimizes and develops oil and liquids-rich natural gas properties rather than providing oilfield services to other operators. Operations are concentrated in the core of the Delaware Basin, within the wider Permian Basin.

The company describes itself as the second largest pure-play exploration and production company in the Permian Basin. It has operated under the Permian Resources name since September 2022, with Colgate Energy and Centennial Resource Development named as predecessor companies. Earthstone Energy was acquired by Permian Resources in November 2023.

Acreage and operating area

The company holds roughly 500,000 net leasehold acres across the Permian Basin, with the majority of those assets concentrated in the Delaware Basin. The counties named as the operating core are:

• Eddy County, New Mexico
• Lea County, New Mexico
• Reeves County, Texas
• Ward County, Texas

Operating approach

The stated focus of the business is enhancing a high-quality scaled asset base, executing a capital-efficient development program, maintaining a conservative balance sheet and financial policy, and maximizing returns to shareholders through a disciplined investment approach. The company states that it applies technical expertise and operational flexibility to develop and add to a portfolio of high-return, long-life inventory.

Environmental stewardship is described as a principal component of the business, alongside a stated commitment to employees, partners and communities. The company frames sustainability as responsible environmental management paired with long-term value creation for stakeholders.

Leadership

Will Hickey and James Walter serve as founders and co-chief executive officers, positions held since September 2022. The two co-founded Colgate Energy together in 2015 and served as its president and co-chief executive officers. Hickey previously worked at the energy private equity firm EnCap Investments and at Pioneer Natural Resources, and holds a petroleum engineering degree from the University of Texas at Austin and an MBA from Southern Methodist University. Walter previously worked at Denham Capital and at Boston Consulting Group, where he focused on evaluating upstream assets.

Guy Oliphint has served as executive vice president and chief financial officer since March 2023, having joined in January 2023 from Jefferies LLC, where he was managing director and co-head of upstream Americas. Steven Gray chairs the board, a role held since January 2023 after joining as a director in September 2022. Gray co-founded RSP Permian and served as its chief executive officer until its 2018 merger with Concho Resources.

Public company reporting

As a listed company, Permian Resources reports quarterly financial and operating results, holds earnings conference calls with webcasts, and publishes investor presentations, an annual report and proxy materials. The board declares a quarterly base cash dividend on the Class A common stock.