After producing 401,500 boed in fourth quarter, Midland-based Permian Resources last week forecast 400,000-to-430,000 boed for fullyear 2026. The forecast for crude oil production for 2026 is 186,000-to-192,000 barrels per day after 4Q oil production of 188,633 b/d. In 4Q the company also reduced costs 14 percent from 2024 to about $700 per foot.
James Walter, co-CEO, said Feb. 25, “We are well positioned to continue delivering outsized value creation for shareholders. We have a high-quality inventory base in the top U.S. oil shale basin, a tremendous team with a track record of low-cost execution, a strong pipeline of attractive acquisition opportunities, and a balance sheet that allows us to continue to pursue an ‘all-of-the-above’ capital allocation strategy.”
Capital expenditures for 2026 are forecast at $1.75 billion-to-$1.95 billion (turn in line about 250 gross wells). The company said 65 percent of operating activity in 2026 will be in New Mexico, 30 percent in Texas and 5 percent in Midland Basin. In 2025 Permian Resources executed about $1.1 billion of acquisitions for 30,000 net acres and 19,000 net royalty acres (700 transactions).
The company holds about 480,000 net acres in west Texas and southeastern New Mexico and is “the second largest Permian Basin pure play exploration and production company.”
On its earnings call Feb. 26, Walter and co-CEO Will Hickey told analysts Permian Resources has the financial strength to spend up to $3 billion in deals between now and the end of 2027 “without taking on much debt.”
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