Permian Resources (PR) Q1 FY2024 earnings: revenue $1.2 billion, up 101.7% on the year

Permian Resources Corp. (PR) reported revenue of $1.2 billion for Q1 FY2024, the quarter ended 31 March 2024, up 101.7% on the same quarter a year earlier. Net income was $147 million, up 43.5% on the year, and diluted earnings per share $0.25. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2024.

Revenue$1.2 billionup 101.7%

Net income$147 millionup 43.5%

Diluted EPS$0.25

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,243	1,123	n/a	n/a
Operating income	469	362	n/a	n/a
Operating margin	37.7%	32.3%	n/a
Interest expense	72.6	63.0	n/a	n/a
Pre-tax income	279	492	n/a	n/a
Income tax	49.0	78.9	n/a	n/a
Effective tax rate	17.6%	16.1%	n/a
Net income	147	255	n/a	n/a
Net margin	11.8%	22.7%	n/a
Diluted EPS	$0.25	$0.59	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	648	846	n/a	n/a
Capital expenditure	2.8	3.7	n/a	n/a
Free cash flow	645	842	n/a	n/a
Free cash flow margin	51.9%	75.0%	n/a
Cash from investing	-619	-483	n/a	n/a
Cash from financing	-88.8	-501	n/a	n/a
Share-based compensation	9.6	8.8	n/a	n/a
Dividends paid	87.2	61.2	n/a	n/a
Dividend per share	$0.15	n/a	n/a	n/a
Diluted shares, weighted	595m	389m	n/a	n/a
Shares outstanding at period end	770m	541m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	6,958	6,336	n/a	n/a
Non-controlling interest	2,390	2,894	n/a	n/a
Debt	3,909	3,849	n/a	n/a
Operating lease liabilities	71.9	28.3	n/a	n/a
Finance lease liabilities	14.9	14.8	n/a	n/a
Other liabilities	1,737	1,844	n/a	n/a
Total liabilities and equity	15,081	14,966	n/a	n/a
Fixed assets	45.0	43.6	n/a	n/a
Cash and equivalents	12.7	73.3	n/a	n/a
Receivables	390	346	n/a	n/a
Other assets	14,633	14,503	n/a	n/a
Total assets	15,081	14,966	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	759	1,123	1,243	1,246	1,216	1,296	1,376	1,198	1,322	1,169	1,388	1,858
Operating income	307	362	469	455	395	425	504	297	391	270	467	928
Operating margin	40%	32%	38%	37%	33%	33%	37%	25%	30%	23%	34%	50%
Interest expense	40.6	63.0	72.6	75.5	74.8	76.8	73.8	72.8	69.4	n/a	67.0	59.6
Pre-tax income	115	492	279	391	563	318	491	308	169	416	63.9	1,016
Tax rate	14%	16%	18%	21%	19%	20%	20%	20%	52%	8%	21%	22%
Net income	45.4	255	147	235	386	217	329	207	59.2	340	43.6	792
Net margin	6%	23%	12%	19%	32%	17%	24%	17%	4%	29%	3%	43%
Diluted EPS	$0.13	$0.59	$0.25	$0.36	$0.53	$0.29	$0.44	$0.28	$0.08	$0.45	$0.05	$0.93
Operating cash flow	481	846	648	938	954	872	898	1,039	766	904	815	1,506
Capital expenditure	1.8	3.7	2.8	1.2	3.1	5.7	1.7	3.4	6.2	2.3	2.0	1.8
Free cash flow	479	842	645	937	951	866	896	1,035	760	902	813	1,504
Dividends paid	33.2	61.2	87.2	126	148	106	106	106	112	124	135	134
Shares outstanding	n/a	541m	770m	803m	803m	704m	800m	800m	829m	752m	837m	838m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 8 May 2024, accession 0001658566-24-000053: the filing on EDGAR. All of Permian Resources Corp.'s filings: EDGAR company page.

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