Midland-based Permian Resources last week revised 2025 guidance after making a bolt-on acquisition in northern Delaware Basin. Permian Resources acquired 13,320 net acres and 8,700 net royalty acres from APA Corp. for $608 million. The deal adds about 100 new gross operated, two-mile locations that immediately compete for capital. Most of the inventory (65 percent operated, 99 percent held by production) is in the company’s Parkway asset in Eddy County, N.M. It’s expected to add 12,000 boed (45 percent oil) in 2025 second half. Another 4,500 non-operated acres could fit into the company’s plans.
James Walter, co-CEO, said May 7 that Permian Resources will reduce capital expenditures by $50 million (3 percent) at midpoint to $1.9 billion to $2.0 billion and maintain fullyear production guidance of 360,000 to 380,000 boed. Walter added, “We are lowering the mid-point of our capital expenditure budget by $50 million while maintaining our fullyear production guidance, demonstrating the high-quality nature of our asset base.”
Permian Resources expects to turn in line 275 gross wells – down from the forecast of 285 earlier this year and in line with 2024 levels.
First quarter production was 174,967 barrels of crude oil per day and 373,200 boed.
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