Key Highlights

  • Permian Resources (NYSE:PR) traded near USD 25.54 on October 26, 2026, up 0.20%, with a market value near USD 21.39 billion, a trailing P/E of 16.95, EPS of USD 1.51 and a trailing yield of 3.47%.
  • Second-quarter 2026 net income was USD 792.5 million, or USD 0.93 a share, and adjusted free cash flow was USD 751 million on production of 376.4 thousand barrels of oil equivalent a day.
  • Permian Resources (NYSE:PR) guides 2026 oil to 197 thousand to 201 thousand barrels a day and cash capital spending to USD 1.9 billion to 2.0 billion.
  • Net debt to EBITDAX was about 0.5 times, and total debt has fallen about 35% since year-end 2024 to USD 2.7 billion.

A Low-Leverage Way to Own Higher Crude

Brent crude changed hands near USD 114.51 (about USD 114) and West Texas Intermediate near USD 101.04 (about USD 100) on October 26, 2026. Permian Resources (NYSE:PR) is a pure Delaware Basin producer with very little debt, so higher prices drop largely to free cash flow. In the second quarter adjusted operating cash flow was USD 1.272 billion, cash capital spending was USD 521 million and adjusted free cash flow was USD 751 million. Production was 376.4 thousand barrels of oil equivalent a day, including 198.1 thousand barrels of oil, 86.2 thousand barrels of NGLs and 552.9 million cubic feet of gas. Second-quarter net income of USD 792.5 million compares with USD 842.9 million for the first half, which implies about USD 50 million in the first quarter, simple arithmetic on two reported numbers, so the second quarter carried most of the half's earnings.

Guidance and Balance Sheet

Full-year production is guided to 400 thousand to 430 thousand barrels of oil equivalent a day, with oil of 197 thousand to 201 thousand and a midpoint raised to 199.0 thousand. Second-half oil is expected above 200 thousand barrels a day with under USD 1 billion of capital spending. Net long-term debt was USD 2.99 billion at June 30, and the company redeemed USD 550 million of legacy Earthstone notes in the quarter and USD 325 million more on July 15. The base dividend is USD 0.16 a quarter. Co-CEO Will Hickey called it an exceptional quarter. Co-CEO James Walter said the company is confident it can continue the same strategy for years to come.

Risks and What to Watch

No share repurchases were reported in the first half, and the company said it will buy back stock opportunistically, so returns are lighter than at peers such as Devon or Diamondback. The release disclosed no breakeven price, which makes the sensitivity harder to judge. The 3.47% trailing yield should be confirmed because the declared base dividend of USD 0.16 a quarter implies a lower figure at the current price. A third-quarter results date was not confirmed in the reviewed material, and crude could fall on a Middle East settlement. Capital spending of USD 521 million against USD 1.272 billion of operating cash flow explains the USD 751 million of free cash flow, a conversion of about 59% of operating cash flow, simple arithmetic.

Where Things Stand

Permian Resources (NYSE:PR) gains the most from USD 100 oil per dollar of equity because debt is low and output is growing, with second-quarter free cash flow of USD 751 million. The limits are the absence of a buyback track record and an undisclosed breakeven. The next report will show whether second-half oil output holds above 200 thousand barrels a day and capital stays under USD 1 billion.