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Permian Resources (PR) FY2025 results: revenue $5.1 billion, up 1.3% on the year

Permian Resources Corp. (PR) reported revenue of $5.1 billion for fiscal 2025, the year ended 31 December 2025, up 1.3% on the year before. Net income was $935 million, down 5.0%, and diluted earnings per share $1.28. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue
$5.1 billion
+1.3% on the year
FY2018FY2025
Operating margin
28.9%
34.9% a year earlier
FY2018FY2025
Net income
$935 million
-5.0% on the year
FY2018FY2025
Diluted EPS
$1.28
-11.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 20 new.

  • Fourth-quarter oil output rose 1%: Average oil production was 188,633 Bbls/d, up 1% from the prior quarter. Total production was 401,475 Boe/d.
  • Full-year oil output up 14%: Full-year 2025 oil production compared with 159.2 MBbls/d in 2024, a 14% increase.
  • Full-year cash flow and free cash flow: Full-year 2025 operating cash flow was $3.6 billion and adjusted free cash flow $1.6 billion, about 20% above 2024.
  • Controllable cash costs fell sequentially: Controllable cash costs were $7.24 per Boe, down $0.12 from the prior quarter. LOE was $5.26, GP&T $1.18 and cash G&A $0.80 per Boe.
  • Developed inventory fully replaced by M&A: Developed inventory was 100% replaced through acquisitions for a third consecutive year.
Read the Q4 FY2025 earnings call summary

From this 10-K

Permian Resources is an independent oil and natural gas company that acquires, optimizes and develops crude oil and associated liquids-rich natural gas reserves. Its assets are in the Permian Basin, concentrated in the core of the Delaware Basin in large, contiguous acreage blocks in West Texas and New Mexico. On January 7, 2026, it reorganized under a new public holding company that took the name Permian Resources Corporation, and its Class A Common Stock kept trading on the NYSE without interruption.

Permian Resources Corp., the 10-K for 2025

Permian Resources is an independent oil and natural gas company that acquires, optimizes and develops crude oil and associated liquids-rich natural gas reserves. Its assets are in the Permian Basin, concentrated in the core of the Delaware Basin in large, contiguous acreage blocks in West Texas and New Mexico. On January 7, 2026, it reorganized under a new public holding company that took the name Permian Resources Corporation, and its Class A Common Stock kept trading on the NYSE without interruption.

Acreage and wells

As of December 31, 2025 it held approximately 480,000 net leasehold acres and over 105,000 net royalty acres, with approximately 67% of its net leasehold acreage in Texas and 33% in New Mexico. It held an approximate 84% average working interest in 3,473 gross operated productive wells and an approximate 12% average working interest in 1,203 gross non-operated wells, along with a royalty interest only in 297 more. Its wells are primarily oil wells that also produce associated liquids-rich natural gas. Using horizontal drilling, it can develop several stacked shale formations under the same surface acreage, and its new drilling locations are primarily in the various Bone Spring and Wolfcamp formations.

Production and reserves

In 2025 its net production was oil of 66,364 MBbls, NGL of 35,773 MBbls and natural gas of 247,045 MMcf, a total of 143,311 MBoe. Its total proved reserves at December 31, 2025 were 1,116,298 MBoe, of which 71% were proved developed. Its proved reserves are estimated by an independent engineering firm, Netherland, Sewell & Associates. During 2025 it placed 190.7 net developmental wells on production, and at the end of the year it had 159 gross operated wells in the process of drilling or completion.

Acquisitions

On June 16, 2025, it completed an acquisition of approximately 13,000 net leasehold acres from Apache Corporation, mostly directly offsetting its existing position in the core of its New Mexico operating area. It also completed multiple smaller acquisitions of oil and natural gas properties during 2025 as part of its ongoing bolt-on and grassroots acquisition programs.

Selling the barrels

It markets the majority of the production from the properties it operates, on behalf of itself and the other working interest owners, and generally sells its oil, NGL and natural gas at prevailing market prices. It normally sells to a relatively small number of customers, which the filing describes as customary in its business.

People

As of December 31, 2025 it had approximately 515 employees, and it is not a party to any collective bargaining agreements.

From Permian Resources' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue5,0655,0013,121+1.3%
Operating income1,4631,7451,097-16.2%
Operating margin28.9%34.9%35.1%
Interest expense283296177-4.4%
Pre-tax income1,3831,5511,036-10.8%
Income tax284300156-5.4%
Effective tax rate20.5%19.4%15.1%
Net income935985476-5.0%
Net margin18.5%19.7%15.3%
Diluted EPS$1.28$1.45$1.24-11.7%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow3,6083,4122,213+5.7%
Capital expenditure13.712.834.5+6.5%
Free cash flow3,5943,3992,179+5.7%
Free cash flow margin71.0%68.0%69.8%
Cash from investing-2,873-3,104-1,578
Cash from financing-1,06097.7-631
Share-based compensation70.460.478.4+16.5%
Dividends paid448467142-4.1%
Dividend per share$0.60$0.71$0.37-15.5%
Diluted shares, weighted731m684m389m+6.8%
Shares outstanding at period end752m704m541m+6.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity10,2789,1396,336+12.5%
Non-controlling interest1,2561,3802,894-9.0%
Debt3,5464,1843,849-15.3%
Operating lease liabilities55.164.328.3-14.3%
Finance lease liabilities15.515.214.8+2.3%
Other liabilities2,7622,1161,844+30.6%
Total liabilities and equity17,91216,89814,966+6.0%
Fixed assets57.150.443.6+13.2%
Cash and equivalents15447973.3-67.9%
Receivables435326346+33.3%
Other assets17,26616,04214,503+7.6%
Total assets17,91216,89814,966+6.0%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.