Permian Resources reports Q1 EPS 5c, consensus 38c

Reports Q1 revenue $1.39B, consensus $1.41B. “We delivered a strong first quarter across the board, with record-low D&C costs per foot, 2% oil production growth quarter-over-quarter and more than $500 million of free cash flow,” said Will Hickey, Co-CEO of Permian Resources (PR). “This performance highlights our ability to drive higher production and free cash flow per share, while continuing to lower costs.” “Since inception, Permian Resources has generated consistent free cash flow per share growth throughout cycles,” said James Walter, Co-CEO of Permian Resources. “This has been driven by a combination of lowering costs, executing accretive acquisitions and delivering high-return organic growth. Going forward, our business plan remains the same, and we’ll continue to leverage these unique advantages to drive outsized returns for our investors.”