Welcome to our dedicated page for Permian Resources news (Ticker: PR), a resource for investors and traders seeking the latest updates and insights on Permian Resources stock.
Permian Resources Corporation (symbol: PR) is an independent oil and natural gas company committed to delivering substantial returns to its stakeholders. Focused on the responsible acquisition, optimization, and development of oil and liquids-rich natural gas assets, the company plays a significant role in the energy sector.
Permian Resources Corp's operations are primarily concentrated in the core of the Permian Basin, one of the most prolific oil-producing regions in the United States. The company's properties consist of large, contiguous acreage blocks located in West Texas and New Mexico. This strategic positioning allows for efficient and cost-effective extraction of valuable resources.
With over 40,000 net acres and more than 1,350 drilling locations primarily in Reeves County, Permian Resources Corp is pursuing a growth strategy grounded in technical leadership, strong well results, attractive investment returns, and a conservative balance sheet.
In recent years, Permian Resources Corp has focused on several key projects aimed at enhancing production and optimizing resource extraction. These initiatives have led to improved operational efficiencies and increased output, positioning the company as a leader in the industry.
Headquartered in Denver, Colorado, Permian Resources Corp is committed to maintaining a strong financial position while delivering value to its stakeholders. The company's team of experienced professionals leverages technical expertise and innovative approaches to maximize the potential of its assets.
For more information about Permian Resources Corporation, please visit their website. If you are interested in a career with Permian Resources Corp, please submit your resume to centennialcareers@cdevinc.com.
Realty Income (NYSE: O) has announced the final dividend tax allocation for its 2024 distributions. For common stock, the total distribution of $3.1255 per share consists of 69.62% ($2.1759803) as ordinary income dividend and 30.38% ($0.9495197) as non-taxable distribution. For Spirit Realty Capital's common stock, the total distribution of $0.6696 per share is entirely non-taxable. The company's Series A Preferred Stock, which was redeemed on September 30, 2024, had distributions of $1.125 per share, classified as 100% ordinary income.
Realty Income, known as 'The Monthly Dividend Company®', is an S&P 500 company with over 15,450 properties across the U.S., UK, and six European countries. The company has maintained 655 consecutive monthly dividends and has increased its dividend for 30 consecutive years, earning its place in the S&P 500 Dividend Aristocrats® index.
Permian Resources (NYSE: PR) has announced its upcoming fourth quarter and full year 2024 financial and operating results release, scheduled for Tuesday, February 25, 2025, after market close. The company will host an earnings conference call the following day, Wednesday, February 26, 2025, at 9:00 a.m. Central (10:00 a.m. Eastern).
Interested participants can join the call by dialing (800) 549-8228 (Conference ID: 75050) or via the company's website. A replay will be available online and by phone at (888) 660-6264 (Passcode: 75050) for 14 days following the call.
Permian Resources (NYSE: PR) announced that its subsidiary, Permian Resources Operating, will partially redeem its 9.875% Senior Notes due 2031. The company will redeem $175 million of the Notes on January 24, 2025, at a redemption price of 109.875% of the principal amount, plus accrued and unpaid interest. After this redemption, $325 million of Notes will remain outstanding.
Permian Resources (NYSE: PR) has announced the sale of its natural gas and oil gathering systems in Reeves County, Texas to Kinetik Holdings for $180 million in cash. The sale includes recently purchased and legacy company-owned midstream infrastructure but excludes water infrastructure and surface acreage.
The transaction is expected to close in Q1 2025, subject to regulatory approval. The divestiture aims to streamline operations and enhance value for investors while allowing Permian Resources to increase its residue natural gas sales at Gulf Coast pricing, reducing exposure to in-basin Waha pricing. The company expects no significant impact on its cash operating costs.
Kinetik Holdings (NYSE: KNTK) has announced a definitive agreement to acquire natural gas and crude oil gathering systems from Permian Resources for $180 million in cash. The assets, primarily located in Reeves County, Texas, include approximately 60,000 gross operated acres dedicated under long-term, fixed-fee agreements.
The transaction features over 250 Mmcf/d of primarily owned electric compression with a private electric distribution system, and is expected to handle more than 150 Mmcf/d of gas gathered volumes and 25 Mb/d of crude gathered volumes in 2025. The assets are adjacent to Kinetik's existing Delaware South system and will be integrated post-closing. The deal is expected to close in Q1 2025, subject to customary conditions.
Permian Resources reported strong Q3 2024 results with crude oil production of 160.8 MBbls/d and total production of 347.1 MBoe/d. The company announced cash capital expenditures of $520 million and adjusted free cash flow of $303 million. Notable achievements include reducing drilling and completion costs to ~$800 per lateral foot, a 16% decrease from 2023, and increasing quarterly base dividend by 150% to $0.15 per share. The company maintained a strong balance sheet with leverage of ~1x and ~$2.8 billion of total liquidity. Following the closure of the Barilla Draw transaction, which added ~29,500 net acres, Permian Resources increased its full-year oil and total production guidance by over 4% to 158.5 MBbls/d and 341.0 MBoe/d respectively.
Permian Resources (NYSE: PR) has announced a quarterly base cash dividend of $0.15 per share of Class A common stock, equivalent to $0.60 per share annually. The dividend will be paid on November 22, 2024 to shareholders recorded as of November 14, 2024.
Permian Resources (NYSE: PR) has announced its upcoming third quarter 2024 earnings conference call. The company will report its financial and operating results after market close on Wednesday, November 6, 2024. Management will host an earnings conference call the following day, Thursday, November 7, 2024, at 9:00 a.m. Central (10:00 a.m. Eastern).
Interested parties can participate in the call by dialing (800) 225-9448 (Conference ID: PRCQ324) at least 15 minutes before the call starts or via the internet at www.permianres.com. A replay of the call will be available on the Company's website or by phone at (800) 839-5495 (Passcode: 26601) for 14 days following the call.
Permian Resources (NYSE: PR) has successfully closed its previously announced acquisition of assets from Occidental (NYSE: OXY). The acquired assets include:
- ~29,500 net acres of leasehold interests
- ~9,900 net royalty acres
- Substantial midstream infrastructure
These assets are primarily located adjacent to the Company's existing position in Reeves County, Texas. This strategic bolt-on acquisition strengthens Permian Resources' footprint in the core Delaware Basin, potentially enhancing its operational efficiency and production capabilities in the region.
Permian Resources (NYSE:PR) has announced a significant update to its return of capital strategy, increasing its quarterly base dividend by 150% from $0.06 to $0.15 per share ($0.60 annually). This provides a leading base dividend yield among U.S. independent E&Ps. The Board has also authorized a new $1 billion share repurchase program, replacing the existing $500 million program. The company aims to maintain this dividend even if oil prices fall below $50 per barrel for over two years, supported by its low-cost structure in the Delaware Basin and strong balance sheet.
Permian Resources expects to commence the new quarterly base dividend of $0.15 per share with its third quarter 2024 dividend. The company's Co-CEOs emphasize that this strategy will provide better visibility for shareholders and position the company for continued strong dividend growth and leading total shareholder returns.
FAQ
What is the current stock price of Permian Resources (PR)?
What is the market cap of Permian Resources (PR)?
What does Permian Resources Corporation do?
Where are Permian Resources Corp's operations located?
How large is Permian Resources Corp's acreage?
What are Permian Resources Corp's key business strategies?
Where is Permian Resources Corp headquartered?
How can I learn more about Permian Resources Corp?
How can I apply for a job at Permian Resources Corp?
What recent achievements has Permian Resources Corp accomplished?
What is the significance of Permian Resources Corp's location in the Permian Basin?
How does Permian Resources Corp ensure stakeholder returns?
