Permian Resources Q2 oil output rises 3%, raises 2026 guidance

Permian Resources

05/08/2026 21:52

Overview
U.S. oil and gas producer's Q2 oil production rose 3% from prior quarter
Company completed 190 acquisitions, adding 54,000 net acres for $1.05 bln
Permian Resources raised full-year oil production guidance to 199,000 Bbls/d

Outlook
Permian Resources raises 2026 oil production guidance mid-point to 199.0 MBbls/d
Company updates 2026 capital expenditures guidance to $1.9–$2.0 bln
Permian Resources expects oil production over 200 MBbls/d in H2 2026 with less than $1 bln capex

Result Drivers
GROUND GAME & HIGHER WORKING INTEREST - Co said oil production rose mainly due to successful ground game efforts and a 7% increase in average working interest for completions
INCREASED WORKOVER ACTIVITY - Co boosted oil output by increasing high-return workover projects by over 50% quarter-over-quarter
CURTAILED HIGH-GOR PRODUCTION - Co reduced natural gas and NGL volumes by curtailing production exposed to weak Waha prices, improving free cash flow

Company press release: ID:nBw5TQPca

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Adjusted Capex
 
$521 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 21 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for Permian Resources Corporation is $25.00, about 22% above its August 4 closing price of $20.50
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago

Reuters Recommended Reads
Aug 3 - Diamondback rides on higher oil prices to top profit estimates, raise output forecast
Aug 4 - Devon posts highest quarterly profit since 2022 on stronger oil prices, Coterra deal
Aug 5 - US upstream oil and gas second-quarter dealmaking dives on volatility 

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)