Midland’s Permian Resources said last week results from “an exceptional quarter” (2026Q2) included total average production of 376,400 boed (198,071 barrels of oil, 86,191 barrels of NGLs, 552.885 million cfd of natural gas). Co-CEO Will Hickey said Aug. 5, “Our team executed a targeted response to higher oil prices, increasing capital expenditures to focus on high-return, rapid payback projects such as workovers.” The strategy “allows us to increase production in the near-term while utilizing the same drilling rigs and completion crews.”
Oil production was up 3 percent over Q1 and 12 percent over 2025Q2. The company drilled its first four-mile laterals and continues to drive longer laterals. Total cash expenditures for Q2 were $521 million.
The company executed 190 transactions to date this year to add 54,000 net leasehold acres (20,500 in Ward County, 5,600 acres in Eddy County), 20,000 net royalty acres and 5,000 boed for $1.05 billion. Co-CEO James Walter added, “Our Delaware Basin-leading cost structure, creative thinking and local relationships continue to provide us with a durable competitive advantage for growing the business and driving equity returns. We are confident that we can continue to prosecute this same strategy for years to come.”
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