Permian Resources Corporation · NYSE:PR
Permian Resources — Q3 2026 Earnings Presentation
20 slides from Permian Resources's earnings presentation, Nov 4, 2026
Slide 1: Q3'26 Earnings Presentation
November 4, 2026 Q3’26 Earnings Presentation
Slide 2: Important Information
Important Information Forward-Looking Statements The information in this presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than stat
Slide 3: Permian Resources – Company Overview
Permian Resources – Company Overview Largest pure-play Delaware Basin E&P company with ~560,000 net acres, ~135,000 net royalty Premier Delaware Basin acres and ~430 MBoe/d of FY’26E total production Pure-Play Acreage located in the core of the best U.S. oil shale basin, with stacked pay and low
Slide 4: Permian Resources Financial and Operational Highlights
Permian Resources Financial and Operational Highlights Q3’26 Highlights Key Metrics Q3’26 • Reported total average production of 457.5 MBoe/d, including 208.0 MBbls/d of oil, Oil (MBbls/d) 208.0 118.3 MBbls/d of NGLs and 787.1 MMcf/d of natural gas − Oil production was 5% higher QoQ driven by strong
Slide 5: Q3'26 Snapshot – Continued Execution Drives Free Cash Flow Higher
Q3’26 Snapshot – Continued Execution Drives Free Cash Flow Higher Production Realized Price Oil Production Gas Production NGL Production Adj. Free Cash Flow ($ MM)1 (MBbls/d) (MMcf/d) (MBbls/d) Per Diluted Share 208 787 118 198 553 86 $846 $0.74 $97.81 $85.73 $23.28 $24.22 $751 $0.98 ($1.74) Q2'26 Q
Slide 6: Significant Torque to Higher Natural Gas Prices
Significant Torque to Higher Natural Gas Prices • >40% increase in natural gas volumes QoQ, as material improvement in Natural Gas Snapshot Waha prices allowed PR to place back online all of its high-GOR wells Q3’26 vs. Q2’26 ‒ Benchmark Waha increased to $1.74 per Mcf in Q3’26 compared to ($3.14) p
Slide 7: Enhancing New Mexico Position with High-Return Bolt-Ons and Ground Game
Enhancing New Mexico Position with High-Return Bolt-Ons and Ground Game Acquired Acreage Locator Map • Acquired ~24,000 net acres and ~9,000 net royalty acres (“NRAs”) located in the core of the New Mexico Delaware Basin1 – Combined cash consideration of ~$1.15 B, plus potential contingent payments
Slide 8: Ridge Runner Acquisition Meets and Exceeds All Acquisition Criteria
Ridge Runner Acquisition Meets and Exceeds All Acquisition Criteria Conservative Underwriting and Adds High-Quality Inventory Attractive Full Cycle Returns Creative Deal Structure • High-quality acreage located in the core of the • Longstanding relationships with Midland-based • Disciplined M&A stra
Slide 9: Revised 2026 Guidance Summary
Revised 2026 Guidance Summary FY’26 Commentary 2026E Revised Oil Guidance (MBbls/d) • Oil production guidance increased to 202.5 MBbls/d ‒ Production driven by strong new well and base performance, higher working interest and increased workover activity 202.5 ‒ Ridge Runner bolt-on produced ~6 MBbls
Slide 10: Pulling All the Levers to Drive Free Cash Flow per Share Growth
Pulling All the Levers to Drive Free Cash Flow per Share Growth 2026E 2026E Highlights PR Free Cash Flow per Share (Feb. ’26) (Today) Add’l ~10% Increase • Ground game success from Improvements to Working Interest ~77.5% >80% • 2026 large bolt-ons PR Plan >50% Increase from Higher Prices • Higher wo
Slide 11: Appendix
Appendix
Slide 12: Permian Resources Q3'26 Operational and Financial Overview
Permian Resources Q3’26 Operational and Financial Overview Market Statistics (Data in MM, except per share data) Key Statistics ($’s in MM, except per share data) Q3’26 Diluted Shares Outstanding1 851.1 Total Oil and Gas Revenue $1,957.7 Share Price (as of 11/3/26) $24.00 Adjusted EBITDAX3 $1,428.6
Slide 13: 2026 Revised Guidance Detail
2026 Revised Guidance Detail FY’26 Summary Revised Commentary FY’26 Guidance Increased full year mid-point oil production guidance by 13.5 MBbls/d compared to initial guidance in February Production Adjusted mid-point of capex guidance to $2.025 B Net Average Daily Production (Boe/d) 415,000 - 4
Slide 14: Ridge Runner Bolt-On – Potential Contingent Payments
Ridge Runner Bolt-On – Potential Contingent Payments The acquisition of Ridge Runner Resources II, LLC includes potential contingent cash payments of up to $125 MM, based on quarterly WTI prices over the two-year period starting January 1, 2027. For each quarter in 2027, Permian Resources will pay $
Slide 15: Hedge Book Overview (as of October 31, 2026)
Hedge Book Overview (as of October 31, 2026) Remaining 2026 FY 2027 FY 2028 Q4 2026 Q1 Q2 Q3 Q4 2027 Q1 Q2 Q3 Q4 2028 WTI Fixed Price Swaps Total Volume (Bbl) 6,440,000 6,440,000 2,700,000 2,730,000 2,760,000 2,760,000 10,950,000 910,000 910,000 920,000 920,000 3,660,000 Daily Volume (Bbl/d) 70,000
Slide 16: Reconciliation of Adjusted EBITDAX to Net Income
Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX Reconciliation1 For the Three Months Ended, (in thousands) 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Net income attributable to Class A Common Stock $420,161 $792,464 $43,620 $339,505 $59,234 Net income attributable to noncon
Slide 17: Reconciliation of Adjusted Operating Cash Flow and Adjusted Free Cash Flow
Reconciliation of Adjusted Operating Cash Flow and Adjusted Free Cash Flow Adjusted Operating Cash Flow and Adjusted Free Cash Flow Reconciliation1 Three Months Ended September 30, (in thousands) 2026 2025 Net cash provided by operating activities $1,254,575 $766,486 Changes in working capital: Acco
Slide 18: Reconciliation of Adjusted Net Income
Reconciliation of Adjusted Net Income Adjusted Net Income Reconciliation1 Three Months Ended September 30, (in thousands, except per share data) 2026 2025 Net income attributable to Class A Common Stock $420,161 $59,234 Net income attributable to noncontrolling interest — 22,227 (Gain) loss on extin
Slide 19: Reconciliation of Net Debt-to-LQA EBITDAX
Reconciliation of Net Debt-to-LQA EBITDAX Net Debt-to-LQA EBITDAX Reconciliation1 ($ in thousands) September 30, 2026 Total debt, net $3,046,322 Unamortized debt discount, premium and issuance costs on senior notes 46,678 Total debt 3,093,000 Less: cash and cash equivalents (95,033) Net debt (non-GA
Slide 20: Reconciliation of Adjusted Basic and Diluted Shares
Reconciliation of Adjusted Basic and Diluted Shares Adjusted Shares Reconciliation1 Three Months Ended September 30, (in thousands) 2026 2025 Basic weighted average shares of Class A Common Stock outstanding 837,876 712,282 Weighted average shares of Class C Common Stock outstanding — 95,660 Adjuste