Permian Resources raises Fy23 production target by 3%

The company states: "Based on recent operational results, Permian Resources increased its 2023 oil production target by 4% to approximately 85 MBbls/d and raised its total production target by 3% to approximately 162 MBoe/d, based on the mid-point of guidance. Permian Resources also lowered its full year 2023 guidance range for controllable cash costs on a per unit basis by approximately 5%, compared to its preliminary full year outlook. The estimated fiscal year 2023 total capital budget is approximately $1.25 billion to $1.45 billion. Permian Resources expects to turn-in-line approximately 150 gross wells, with an average working interest of approximately 85% and 8/8ths net revenue interest of approximately 78%. This represents an increase from its previously expected full year working interest of 80%. The Company also expects its average completed lateral length during 2023 to increase to approximately 9,300 feet, compared to 9,000 feet previously."