Midland-based Permian Resources Corp., the combine of the Centennial Resource-Colgate Energy merger announced in May, said last week it expects Q4 production of 140,000 to 150,000 boed (52 percent oil) with capital expenses of $300 million to $325 million assuming 38-to-42 gross wells spudded and completed. The combine is the largest pure-play exploration and production company in Permian Basin with assets in Reeves and Ward counties in Texas and Eddy and Lea in New Mexico (180,000 net leasehold acres, 40,000 net royalty acres).
The company plans to spud and complete 145-to-150 gross wells in 2023 with production of 150,000 to 165,000 boed (52 percent oil, 71 percent liquids). Capital expenses will be $1.15 billion to $1.35 billion. Permian Resources currently operates 8 drilling rigs with plans to reduce to 7 in November. Co-CEOs are Will Hickey and James Walter.
