(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | ||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
PERMIAN RESOURCES CORPORATION | ||||||||
By: | /s/ GEORGE S. GLYPHIS | |||||||
George S. Glyphis Executive Vice President and Chief Financial Officer | ||||||||
Date: | February 22, 2023 |
2023 FY Guidance | |||||||||||
Net average daily production (Boe/d) | 155,000 | — | 168,000 | ||||||||
Net average daily oil production (Bbls/d) | 82,000 | — | 88,000 | ||||||||
Production costs | |||||||||||
Lease operating expenses ($/Boe) | $4.90 | — | $5.50 | ||||||||
Gathering, processing and transportation expenses ($/Boe) | $1.00 | — | $1.20 | ||||||||
Cash general and administrative ($/Boe)1 | $1.20 | — | $1.40 | ||||||||
Severance and ad valorem taxes (% of revenue) | 6.5% | — | 8.5% | ||||||||
Total capital expenditure program ($MM) | $1,250 | — | $1,450 | ||||||||
Operated drilling program | |||||||||||
TILs (gross) | ~150 | ||||||||||
Average working interest | ~85% | ||||||||||
Average lateral length (feet) | ~9,300 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net revenues (in thousands): | |||||||||||||||||||||||
Oil sales | $ | 612,490 | $ | 230,791 | $ | 1,622,035 | $ | 743,069 | |||||||||||||||
Natural gas sales | 76,454 | 43,212 | 276,957 | 149,478 | |||||||||||||||||||
NGL sales | 72,612 | 42,416 | 232,273 | 137,345 | |||||||||||||||||||
Oil and gas sales | $ | 761,556 | $ | 316,419 | $ | 2,131,265 | $ | 1,029,892 | |||||||||||||||
Average sales price: | |||||||||||||||||||||||
Oil (per Bbl) | $ | 81.81 | $ | 72.78 | $ | 88.95 | $ | 63.50 | |||||||||||||||
Effect of derivative settlements on average price (per Bbl) | 2.41 | (10.36) | (4.85) | (10.19) | |||||||||||||||||||
Oil net of hedging (per Bbl) | $ | 84.22 | $ | 62.42 | $ | 84.10 | $ | 53.31 | |||||||||||||||
Average NYMEX price for oil (per Bbl) | $ | 82.64 | $ | 77.09 | $ | 94.24 | $ | 67.89 | |||||||||||||||
Oil differential from NYMEX | (0.84) | (4.31) | (5.29) | (4.39) | |||||||||||||||||||
Natural gas (per Mcf) | $ | 3.11 | $ | 4.41 | $ | 4.64 | $ | 3.67 | |||||||||||||||
Effect of derivative settlements on average price (per Mcf) | 0.43 | (1.03) | (0.53) | (0.32) | |||||||||||||||||||
Natural gas net of hedging (per Mcf) | $ | 3.54 | $ | 3.38 | $ | 4.11 | $ | 3.35 | |||||||||||||||
Average NYMEX price for natural gas (per Mcf) | $ | 5.55 | $ | 4.74 | $ | 6.38 | $ | 3.84 | |||||||||||||||
Natural gas differential from NYMEX | (2.44) | (0.33) | (1.74) | (0.17) | |||||||||||||||||||
NGL (per Bbl) | $ | 24.48 | $ | 44.28 | $ | 34.41 | $ | 36.61 | |||||||||||||||
Net production: | |||||||||||||||||||||||
Oil (MBbls) | 7,487 | 3,170 | 18,235 | 11,701 | |||||||||||||||||||
Natural gas (MMcf) | 24,610 | 9,808 | 59,692 | 40,741 | |||||||||||||||||||
NGL (MBbls) | 2,966 | 958 | 6,750 | 3,752 | |||||||||||||||||||
Total (MBoe)(1) | 14,556 | 5,764 | 34,934 | 22,243 | |||||||||||||||||||
Average daily net production: | |||||||||||||||||||||||
Oil (Bbls/d) | 81,378 | 34,468 | 49,958 | 32,058 | |||||||||||||||||||
Natural gas (Mcf/d) | 267,503 | 106,613 | 163,539 | 111,619 | |||||||||||||||||||
NGL (Bbls/d) | 32,246 | 10,412 | 18,494 | 10,278 | |||||||||||||||||||
Total (Boe/d)(1) | 158,208 | 62,649 | 95,708 | 60,939 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating costs (in thousands): | |||||||||||||||||||||||
Lease operating expenses | $ | 73,289 | $ | 28,897 | $ | 171,867 | $ | 106,419 | |||||||||||||||
Severance and ad valorem taxes | 54,233 | 20,973 | 155,724 | 67,140 | |||||||||||||||||||
Gathering, processing, and transportation expense | 20,246 | 21,613 | 97,915 | 85,896 | |||||||||||||||||||
Operating cost metrics: | |||||||||||||||||||||||
Lease operating expenses (per Boe) | $ | 5.04 | $ | 5.01 | $ | 4.92 | $ | 4.78 | |||||||||||||||
Severance and ad valorem taxes (% of revenue) | 7.1 | % | 6.6 | % | 7.3 | % | 6.5 | % | |||||||||||||||
Gathering, processing, and transportation expense (per Boe) | 1.39 | 3.75 | 2.80 | 3.86 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Oil and gas sales | $ | 761,556 | $ | 316,419 | $ | 2,131,265 | $ | 1,029,892 | |||||||||||||||
Operating expenses | |||||||||||||||||||||||
Lease operating expenses | 73,289 | 28,897 | 171,867 | 106,419 | |||||||||||||||||||
Severance and ad valorem taxes | 54,233 | 20,973 | 155,724 | 67,140 | |||||||||||||||||||
Gathering, processing and transportation expenses | 20,246 | 21,613 | 97,915 | 85,896 | |||||||||||||||||||
Depreciation, depletion and amortization | 182,052 | 75,863 | 444,678 | 289,122 | |||||||||||||||||||
General and administrative expenses | 75,617 | 20,643 | 159,554 | 110,454 | |||||||||||||||||||
Merger and integration expense | 12,469 | — | 77,424 | — | |||||||||||||||||||
Impairment and abandonment expense | 244 | 6,400 | 3,875 | 32,511 | |||||||||||||||||||
Exploration and other expenses | 4,765 | 3,185 | 11,378 | 7,883 | |||||||||||||||||||
Total operating expenses | 422,915 | 177,574 | 1,122,415 | 699,425 | |||||||||||||||||||
Net gain (loss) on sale of long-lived assets | 13 | 34,422 | (1,314) | 34,168 | |||||||||||||||||||
Proceeds from terminated sale of assets | — | — | — | 5,983 | |||||||||||||||||||
Income (loss) from operations | 338,654 | 173,267 | 1,007,536 | 370,618 | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest expense | (39,358) | (13,931) | (95,645) | (61,288) | |||||||||||||||||||
Gain (loss) on extinguishment of debt | — | — | — | (22,156) | |||||||||||||||||||
Net gain (loss) on derivative instruments | (60,019) | 1,860 | (42,368) | (148,825) | |||||||||||||||||||
Other income (expense) | 291 | 124 | 609 | 395 | |||||||||||||||||||
Total other income (expense) | (99,086) | (11,947) | (137,404) | (231,874) | |||||||||||||||||||
Income (loss) before income taxes | 239,568 | 161,320 | 870,132 | 138,744 | |||||||||||||||||||
Income tax (expense) benefit | (40,860) | (569) | (120,292) | (569) | |||||||||||||||||||
Net income (loss) | 198,708 | 160,751 | 749,840 | 138,175 | |||||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interest | (115,658) | — | (234,803) | — | |||||||||||||||||||
Net income (loss) attributable to Class A Common Stock | $ | 83,050 | $ | 160,751 | $ | 515,037 | $ | 138,175 | |||||||||||||||
Income (loss) per share of Class A Common Stock: | |||||||||||||||||||||||
Basic | $ | 0.29 | $ | 0.57 | $ | 1.80 | $ | 0.49 | |||||||||||||||
Diluted | $ | 0.26 | $ | 0.51 | $ | 1.61 | $ | 0.46 | |||||||||||||||
Weighted average Class A Common Stock outstanding: | |||||||||||||||||||||||
Basic | 288,512 | 281,183 | 286,160 | 280,871 | |||||||||||||||||||
Diluted | 329,454 | 315,748 | 322,816 | 310,170 |
December 31, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 59,545 | $ | 9,380 | |||||||
Accounts receivable, net | 282,846 | 71,295 | |||||||||
Derivative instruments | 100,797 | — | |||||||||
Prepaid and other current assets | 20,602 | 5,860 | |||||||||
Total current assets | 463,790 | 86,535 | |||||||||
Property and equipment | |||||||||||
Oil and natural gas properties, successful efforts method | |||||||||||
Unproved properties | 1,424,744 | 1,040,386 | |||||||||
Proved properties | 8,869,174 | 4,623,726 | |||||||||
Accumulated depreciation, depletion and amortization | (2,419,692) | (1,989,489) | |||||||||
Total oil and natural gas properties, net | 7,874,226 | 3,674,623 | |||||||||
Other property and equipment, net | 15,173 | 11,197 | |||||||||
Total property and equipment, net | 7,889,399 | 3,685,820 | |||||||||
Noncurrent assets | |||||||||||
Operating lease right-of-use assets | 64,792 | 16,385 | |||||||||
Other noncurrent assets | 74,611 | 15,854 | |||||||||
TOTAL ASSETS | $ | 8,492,592 | $ | 3,804,594 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable and accrued expenses | $ | 562,156 | $ | 130,256 | |||||||
Operating lease liabilities | 29,759 | 1,413 | |||||||||
Derivative instruments | 1,998 | 35,150 | |||||||||
Other current liabilities | 11,656 | 1,080 | |||||||||
Total current liabilities | 605,569 | 167,899 | |||||||||
Noncurrent liabilities | |||||||||||
Long-term debt, net | 2,140,798 | 825,565 | |||||||||
Asset retirement obligations | 40,947 | 17,240 | |||||||||
Deferred income taxes | 4,430 | 2,589 | |||||||||
Operating lease liabilities | 41,341 | 16,002 | |||||||||
Other noncurrent liabilities | 3,211 | 24,579 | |||||||||
Total liabilities | 2,836,296 | 1,053,874 | |||||||||
Shareholders’ equity | |||||||||||
Common stock, $0.0001 par value, 1,500,000,000 shares authorized: | |||||||||||
Class A: 298,640,260 shares issued and 288,532,257 shares outstanding at December 31, 2022 and 294,260,623 shares issued and 284,696,972 shares outstanding at December 31, 2021 | 30 | 29 | |||||||||
Class C: 269,300,000 shares issued and outstanding at December 31, 2022 and no shares issued or outstanding at December 31, 2021 | 27 | — | |||||||||
Additional paid-in capital | 2,698,465 | 3,013,017 | |||||||||
Retained earnings (accumulated deficit) | 237,226 | (262,326) | |||||||||
Total shareholders’ equity | 2,935,748 | 2,750,720 | |||||||||
Noncontrolling interest | 2,720,548 | — | |||||||||
Total equity | 5,656,296 | 2,750,720 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | 8,492,592 | $ | 3,804,594 |
Year Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 749,840 | $ | 138,175 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation, depletion and amortization | 444,678 | 289,122 | |||||||||
Stock-based compensation expense - equity awards | 116,480 | 37,541 | |||||||||
Stock-based compensation expense - liability awards | (24,174) | 20,573 | |||||||||
Impairment and abandonment expense | 3,875 | 32,511 | |||||||||
Exploratory dry hole costs | — | — | |||||||||
Deferred tax expense (benefit) | 119,679 | 569 | |||||||||
Net (gain) loss on sale of long-lived assets | 1,314 | (34,168) | |||||||||
Non-cash portion of derivative (gain) loss | (77,737) | 16,700 | |||||||||
Amortization of debt issuance costs and debt discount | 15,362 | 4,992 | |||||||||
(Gain) loss on extinguishment of debt | — | 22,156 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
(Increase) decrease in accounts receivable | (66,824) | (21,475) | |||||||||
(Increase) decrease in prepaid and other assets | (1,751) | 2,907 | |||||||||
Increase (decrease) in accounts payable and other liabilities | 90,929 | 16,016 | |||||||||
Net cash provided by operating activities | 1,371,671 | 525,619 | |||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of oil and natural gas properties | (8,858) | (6,510) | |||||||||
Drilling and development capital expenditures | (771,577) | (319,640) | |||||||||
Cash paid for business acquired in the Merger, net of cash acquired | (496,671) | — | |||||||||
Purchases of other property and equipment | (3,563) | (901) | |||||||||
Proceeds from sales of oil and natural gas properties | 75,620 | 100,575 | |||||||||
Net cash used in investing activities | (1,205,049) | (226,476) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from borrowings under revolving credit facility | 1,115,000 | 570,000 | |||||||||
Repayment of borrowings under revolving credit facility | (755,000) | (875,000) | |||||||||
Repayment of credit facility acquired in the Merger | (400,000) | — | |||||||||
Proceeds from issuance of senior notes | — | 170,000 | |||||||||
Debt exchange and debt issuance costs | (19,833) | (6,421) | |||||||||
Premiums paid on capped call transactions | — | (14,688) | |||||||||
Redemption of senior secured notes | — | (127,073) | |||||||||
Proceeds from exercise of stock options | 109 | 132 | |||||||||
Dividends Paid | (14,426) | — | |||||||||
Distributions paid to noncontrolling interest owners | (13,465) | — | |||||||||
Class A Common Stock repurchased from employees for taxes due upon share vestings | (19,010) | (14,497) | |||||||||
Net cash (used in) provided by financing activities | (106,625) | (297,547) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 59,997 | 1,596 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 9,935 | 8,339 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 69,932 | $ | 9,935 |
Year Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash and cash equivalents | $ | 59,545 | $ | 9,380 | |||||||
Restricted cash | $ | 10,387 | $ | 555 | |||||||
Total cash, cash equivalents and restricted cash | $ | 69,932 | $ | 9,935 |
Three Months Ended | |||||||||||||||||||||||||||||
(in thousands) | 12/31/2022 | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | ||||||||||||||||||||||||
Adjusted EBITDAX reconciliation to net income: | |||||||||||||||||||||||||||||
Net income (loss) attributable to Class A Common Stock | $ | 83,050 | $ | 224,359 | $ | 191,826 | $ | 15,802 | $ | 160,751 | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | 115,658 | 119,145 | — | — | — | ||||||||||||||||||||||||
Interest expense | 39,358 | 28,807 | 14,326 | 13,154 | 13,931 | ||||||||||||||||||||||||
Income tax expense (benefit) | 40,860 | 31,169 | 41,487 | 6,776 | 569 | ||||||||||||||||||||||||
Depreciation, depletion and amortization | 182,052 | 109,500 | 82,117 | 71,009 | 75,863 | ||||||||||||||||||||||||
Impairment and abandonment expense | 244 | 498 | 506 | 2,627 | 6,400 | ||||||||||||||||||||||||
Non-cash derivative (gain) loss | 88,635 | (213,503) | (39,514) | 86,645 | (44,790) | ||||||||||||||||||||||||
Stock-based compensation expense(1) | 54,342 | 18,896 | (2,487) | 18,834 | 5,594 | ||||||||||||||||||||||||
Exploration and other expenses | 4,765 | 2,352 | 1,954 | 2,307 | 3,185 | ||||||||||||||||||||||||
Merger and integration expense | 12,469 | 59,270 | 5,685 | — | — | ||||||||||||||||||||||||
(Gain) loss on sale of long-lived assets | (13) | 3 | 1,406 | (82) | (34,422) | ||||||||||||||||||||||||
Adjusted EBITDAX | $ | 621,420 | $ | 380,496 | $ | 297,306 | $ | 217,072 | $ | 187,081 |
(in thousands) | December 31, 2022 | ||||
Long-term debt, net | 2,140,798 | ||||
Unamortized debt discount and debt issuance costs on senior notes | 60,001 | ||||
Long-term debt | 2,200,799 | ||||
Less: cash and cash equivalents | (59,545) | ||||
Net debt (Non-GAAP) | 2,141,254 | ||||
LQA EBITDAX(1) | 2,485,680 | ||||
Net debt-to-LQA EBITDAX | 0.9 |
Three Months Ended December 31, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Net cash provided by operating activities | $ | 528,295 | $ | 192,487 | |||||||
Changes in working capital: | |||||||||||
Accounts receivable | 60,071 | (21,523) | |||||||||
Prepaid and other assets | 1,713 | (1,104) | |||||||||
Accounts payable and other liabilities | (21,290) | 1,433 | |||||||||
Operating cash flow before working capital changes | 568,789 | 171,293 | |||||||||
Less: total capital expenditures incurred | (325,200) | (86,500) | |||||||||
Free cash flow | 243,589 | 84,793 | |||||||||
Merger and integration expense | 12,469 | — | |||||||||
Adjusted free cash flow | $ | 256,058 | $ | 84,793 |
Period | Volume (Bbls) | Volume (Bbls/d) | Wtd. Avg. Crude Price ($/Bbl)(1) | ||||||||||||||||||||
Crude oil swaps | January 2023 - March 2023 | 1,575,000 | 17,500 | $90.58 | |||||||||||||||||||
April 2023 - June 2023 | 1,592,500 | 17,500 | 87.64 | ||||||||||||||||||||
July 2023 - September 2023 | 1,472,000 | 16,000 | 86.36 | ||||||||||||||||||||
October 2023 - December 2023 | 1,472,000 | 16,000 | 84.11 | ||||||||||||||||||||
January 2024 - March 2024 | 1,092,000 | 12,000 | 78.46 | ||||||||||||||||||||
April 2024 - June 2024 | 1,092,000 | 12,000 | 77.30 | ||||||||||||||||||||
July 2024 - September 2024 | 1,104,000 | 12,000 | 76.21 | ||||||||||||||||||||
October 2024 - December 2024 | 1,104,000 | 12,000 | 75.27 | ||||||||||||||||||||
Period | Volume (Bbls) | Volume (Bbls/d) | Wtd. Avg. Collar Price Ranges ($/Bbl)(2) | ||||||||||||||||||||
Crude oil collars | January 2023 - March 2023 | 810,000 | 9,000 | $75.56 - $91.15 | |||||||||||||||||||
April 2023 - June 2023 | 819,000 | 9,000 | 75.56 - 91.15 | ||||||||||||||||||||
July 2023 - September 2023 | 644,000 | 7,000 | 76.43 - 92.70 | ||||||||||||||||||||
October 2023 - December 2023 | 644,000 | 7,000 | 76.43 - 92.70 | ||||||||||||||||||||
Period | Volume (Bbls) | Volume (Bbls/d) | Wtd. Avg. Differential ($/Bbl)(3) | ||||||||||||||||||||
Crude oil basis differential swaps | January 2023 - March 2023 | 729,999 | 8,111 | $0.55 | |||||||||||||||||||
April 2023 - June 2023 | 739,499 | 8,126 | 0.55 | ||||||||||||||||||||
July 2023 - September 2023 | 749,000 | 8,141 | 0.52 | ||||||||||||||||||||
October 2023 - December 2023 | 749,002 | 8,141 | 0.52 | ||||||||||||||||||||
January 2024 - March 2024 | 637,000 | 7,000 | 0.43 | ||||||||||||||||||||
April 2024 - June 2024 | 637,000 | 7,000 | 0.43 | ||||||||||||||||||||
July 2024 - September 2024 | 644,000 | 7,000 | 0.43 | ||||||||||||||||||||
October 2024 - December 2024 | 644,000 | 7,000 | 0.43 | ||||||||||||||||||||
Period | Volume (Bbls) | Volume (Bbls/d) | Wtd. Avg. Differential ($/Bbl)(4) | ||||||||||||||||||||
Crude oil roll differential swaps | January 2023 - March 2023 | 1,350,000 | 15,000 | $1.34 | |||||||||||||||||||
April 2023 - June 2023 | 1,365,000 | 15,000 | 1.25 | ||||||||||||||||||||
July 2023 - September 2023 | 1,380,000 | 15,000 | 1.23 | ||||||||||||||||||||
October 2023 - December 2023 | 1,380,000 | 15,000 | 1.22 | ||||||||||||||||||||
January 2024 - March 2024 | 637,000 | 7,000 | 0.75 | ||||||||||||||||||||
April 2024 - June 2024 | 637,000 | 7,000 | 0.74 | ||||||||||||||||||||
July 2024 - September 2024 | 644,000 | 7,000 | 0.73 | ||||||||||||||||||||
October 2024 - December 2024 | 644,000 | 7,000 | 0.72 |
Period | Volume (MMBtu) | Volume (MMBtu/d) | Wtd Avg. Gas Price ($/MMBtu)(1) | ||||||||||||||||||||
Natural gas swaps | January 2023 - March 2023 | 1,670,157 | 18,557 | $7.64 | |||||||||||||||||||
April 2023 - June 2023 | 1,572,752 | 17,283 | 4.70 | ||||||||||||||||||||
July 2023 - September 2023 | 1,486,925 | 16,162 | 4.70 | ||||||||||||||||||||
October 2023 - December 2023 | 1,413,628 | 15,366 | 4.90 | ||||||||||||||||||||
January 2024 - March 2024 | 464,919 | 5,109 | 5.01 | ||||||||||||||||||||
April 2024 - June 2024 | 446,321 | 4,905 | 3.93 | ||||||||||||||||||||
July 2024 - September 2024 | 429,388 | 4,667 | 4.01 | ||||||||||||||||||||
October 2024 - December 2024 | 413,899 | 4,499 | 4.32 | ||||||||||||||||||||
Period | Volume (MMBtu) | Volume (MMBtu/d) | Wtd. Avg. Collar Price Ranges ($/MMBtu)(2) | ||||||||||||||||||||
Natural gas collars | January 2023 - March 2023 | 7,104,843 | 78,943 | $4.67 - $10.33 | |||||||||||||||||||
April 2023 - June 2023 | 6,389,748 | 70,217 | 3.64 - 7.62 | ||||||||||||||||||||
July 2023 - September 2023 | 6,563,075 | 71,338 | 3.64 - 7.52 | ||||||||||||||||||||
October 2023 - December 2023 | 6,636,372 | 72,134 | 3.66 - 8.22 | ||||||||||||||||||||
January 2024 - March 2024 | 3,175,081 | 34,891 | 3.36 - 9.44 | ||||||||||||||||||||
April 2024 - June 2024 | 1,373,679 | 15,095 | 3.00 - 6.45 | ||||||||||||||||||||
July 2024 - September 2024 | 1,410,612 | 15,333 | 3.00 - 6.52 | ||||||||||||||||||||
October 2024 - December 2024 | 1,426,101 | 15,501 | 3.25 - 7.30 | ||||||||||||||||||||
Period | Volume (MMBtu) | Volume (MMBtu/d) | Wtd. Avg. Differential ($/MMBtu)(3) | ||||||||||||||||||||
Natural gas basis differential swaps | January 2023 - March 2023 | 6,075,000 | 67,500 | $(1.10) | |||||||||||||||||||
April 2023 - June 2023 | 6,142,500 | 67,500 | (1.30) | ||||||||||||||||||||
July 2023 - September 2023 | 6,210,000 | 67,500 | (1.30) | ||||||||||||||||||||
October 2023 - December 2023 | 6,210,000 | 67,500 | (1.30) | ||||||||||||||||||||
January 2024 - March 2024 | 1,820,000 | 20,000 | (0.59) | ||||||||||||||||||||
April 2024 - June 2024 | 1,820,000 | 20,000 | (0.67) | ||||||||||||||||||||
July 2024 - September 2024 | 1,840,000 | 20,000 | (0.66) | ||||||||||||||||||||
October 2024 - December 2024 | 1,840,000 | 20,000 | (0.64) |
December 31, 2022 | December 31, 2021 | December 31, 2020 | |||||||||||||||
Proved developed reserves: | |||||||||||||||||
Oil (MBbls) | 156,941 | 77,973 | 70,716 | ||||||||||||||
Natural gas (MMcf) | 652,270 | 326,223 | 279,556 | ||||||||||||||
NGL (MBbls) | 74,940 | 30,318 | 31,672 | ||||||||||||||
Total proved developed reserves (MBoe)(1) | 340,593 | 162,662 | 148,981 | ||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||
Oil (MBbls) | 130,091 | 75,480 | 79,776 | ||||||||||||||
Natural gas (MMcf) | 381,301 | 250,782 | 248,231 | ||||||||||||||
NGL (MBbls) | 47,911 | 25,265 | 28,773 | ||||||||||||||
Total proved undeveloped reserves (MBoe)(1) | 241,553 | 142,542 | 149,921 | ||||||||||||||
Total proved reserves: | |||||||||||||||||
Oil (MBbls) | 287,032 | 153,453 | 150,492 | ||||||||||||||
Natural gas (MMcf) | 1,033,571 | 577,005 | 527,787 | ||||||||||||||
NGL (MBbls) | 122,851 | 55,583 | 60,445 | ||||||||||||||
Total proved reserves (MBoe)(1) | 582,146 | 305,204 | 298,902 | ||||||||||||||
Proved developed reserves % | 59 | % | 53 | % | 50 | % | |||||||||||
Proved undeveloped reserves % | 41 | % | 47 | % | 50 | % | |||||||||||
Reserve values (in millions): | |||||||||||||||||
Standard measure of discounted future net cash flows | $ | 9,425.6 | $ | 3,396.3 | $ | 1,184.7 | |||||||||||
Discounted future income tax expense | 2,289.1 | 481.2 | 4.4 | ||||||||||||||
Total proved pre-tax PV 10%(2) | $ | 11,714.7 | $ | 3,877.5 | $ | 1,189.1 |
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Cover Page Cover Page |
Feb. 22, 2023 |
---|---|
Cover Page [Abstract] | |
Entity Central Index Key | 0001658566 |
Document Type | 8-K |
Document Period End Date | Feb. 22, 2023 |
Entity Registrant Name | PERMIAN RESOURCES CORPORATION |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-37697 |
Entity Tax Identification Number | 47-5381253 |
Entity Address, Address Line One | 300 N. Marienfeld St., |
Entity Address, Address Line Two | Suite 1000 |
Entity Address, City or Town | Midland |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 79701 |
City Area Code | 432 |
Local Phone Number | 695-4222 |
Title of 12(b) Security | Class A Common Stock, par value $0.0001 per share |
Trading Symbol | PR |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
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