EarningsQ2 2026 Earnings Report
MX:PR Q2 2026 EPS Results
Actual EPS$15.79
Consensus EPS$9.93
Beat/MissBeat by +$5.86
One Year Ago EPS$4.76
MX:PR Q2 2026 Revenue Results
Actual Revenue$31.55B
Expected Revenue$28.16B
Beat/MissBeat by +$3.40B
YoY Revenue Growth+55.15%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
MX:PR Upcoming Earnings
Permian Resources's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PR Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: management reported record quarterly free cash flow, small but meaningful production growth, improved full‑year guidance, a strong and active accretive M&A program, a fortress-like balance sheet (0.5x leverage), and multiple operational efficiency initiatives (longer laterals, water recycling, slim-hole designs, surfactant trials). Key challenges included a severe Q2 WAHA gas-price dislocation that required temporary curtailments, some inflationary input-cost pressures (diesel, casing), and mixed early results from productivity trials. Management communicated disciplined capital allocation and the ability to react quickly to market volatility, which mitigates many short-term risks.Company Guidance
Record Free Cash Flow
Q2 2026 free cash flow of $751 million, a near 50% increase quarter-over-quarter, and record free cash flow per share of $0.88. Company expects full-year 2026 free cash flow to be nearly double 2024 levels and Q2 FCF exceeded all of 2023.
Oil Production Growth and Updated Guidance
Q2 oil production of ~198,000 barrels per day, up 3% quarter-over-quarter. Updated full-year 2026 production guidance of 199,000 bbl/d, ~10% higher than 2025.
Working Interest Gains Driving Near-Term Production
Working interest in completed wells reached ~82% for the quarter (versus original expectation of 75%), materially ahead of plan. Company raised 2026 TIL working interest from ~75% to over 80%, a key driver of production growth with modest incremental CapEx.
Highly Active, Accretive M&A Program
Year-to-date ~55,000 net acres acquired in the Delaware Basin for ~$1.05 billion across ~190 transactions, adding ~330 high-confidence, high-NRI locations. Notable deals: Ward County (2,000 net acres and ~5,000 Boe/d for $520 million) and Parkway bolt-on (~15,000 net acres, 2-mile laterals, 82.5% NRI). Reported valuation metrics: $13,000 per net acre, $8,000 per net royalty acre, $2.5 million per net location.
Capital Efficiency and CapEx Guidance
Full-year 2026 CapEx midpoint of $1.95 billion (~1% lower than prior year) while increasing production guidance 10% vs 2025, demonstrating improved capital efficiency and expected production growth for modest incremental spend.
Balance Sheet Strength and Leverage
Q2 leverage approximately 0.5x with expected year-end leverage near 0.5x. Company emphasizes a 'fortress balance sheet' while executing meaningful acquisitions and delevering over the past two years.
Operational Improvements and Cost Control
Operational actions: increased workover rigs by 50% to accelerate run times, longest lateral drilled (first 4-mile lateral) and current average lateral ~11,000 ft, slim-hole designs, increased water recycling (highest quarter in PR history), use of water-based mud and other drilling/completion optimizations to offset inflationary pressures.
Natural Gas Management and Revenue Recovery
Proactively curtailed high-GOR wells during severe WAHA weakness, reducing gas production ~20% QoQ to avoid negative prices. Realized natural gas price of $0.38/Mcf in Q2 and reported an uplift of over $75 million in revenue from hedging and firm transportation; curtailed wells all returned to production without operational issues in late June.
Productivity Trials and Early Production Uplifts
Completed surfactant trials (2 completion trials and several production interventions) with some uplifts >100 bbl/d and aggregate program economics showing sub-1-year paybacks on average; surfactants and other trials remain early but promising.
Shareholder Returns and Long-Term Track Record
Management cites long-term value creation: Colgate (founders' prior business) example of ~$1 becoming nearly $50 since 2015 and Permian Resources nearly tripling total shareholder returns since 2022. Dividend growth and disciplined capital allocation remain priorities.
MX:PR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed