- CL=F
- NG=F
- PR
Key Points
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Permian Resources generated record Q3 free cash flow of $0.98 per share, supported by higher production, lower costs and stronger natural gas prices; it estimates 2026 free cash flow will be about $300 million above its original plan at current commodity prices.
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Oil production averaged 208,000 barrels per day, while controllable cash costs fell 6% sequentially to a company-low $7.05 per barrel of oil equivalent. Natural gas revenue before hedges rebounded from negative $90 million in Q2 to more than positive $50 million in Q3.
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The company raised its 2026 oil-production guidance midpoint to 202,000 barrels per day and expects Q4 output above 210,000 barrels per day. Recent acquisitions, including Ridge Runner, add production and drilling locations, with the company expecting Ridge Runner to boost free cash flow per share by at least 5% under stated price assumptions.
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Permian Resources (NYSE:PR) reported record free cash flow of $0.98 per share in the third quarter of 2026, as higher production, lower operating costs and improved natural gas prices helped offset a decline in oil prices from the prior quarter.
The oil and gas producer also raised its full-year oil production outlook and said it expects to generate approximately $300 million more in 2026 free cash flow than its original plan would have produced at the latest actual commodity prices.
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“We cannot always overcome commodity price fluctuations quarter-over-quarter,” Co-CEO Will Hickey said on the earnings call. But he said disciplined investment and execution could support long-term free cash flow growth across commodity cycles.
Production Rises as Costs Fall
Third-quarter oil production averaged 208,000 barrels per day, up approximately 10,000 barrels per day from the second quarter. Hickey said more than 8,000 barrels per day of that increase came from organic growth, while the remainder came from a Ward County acquisition. Total production averaged 458,000 barrels of oil equivalent per day.
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Hickey attributed the organic increase to measures including more workover activity, acquisitions of additional working interests in existing units and shorter cycle times for bringing wells online. The company also spent $518 million in cash capital expenditures during the quarter, consistent with the second quarter.
