After increasing oil production in third quarter by 5 percent over previous quarter, Midland’s Permian Resources increased midpoint of guidance for 2026 oil production to 202,500 barrels per day. The company said last week in its operations report, “The increase in full year production guidance is primarily driven by strong new well and base performance, increased working interest and continuation of higher workover activity.” Oil production in 3Q was 208,029 b/d with total production of 457,528 boed. Permian Resources also reset cash capital expenses for 2026 to a range of $1.975 billion to $2.075 billion.
Will Hickey, co-CEO, said Nov. 4, “During the 3Q we responded to a strong price environment with higher production across all three commodity streams… We were able to generate production growth while maintaining cost discipline – delivering record low total controllable cash costs per barrel of oil equivalent.”
In 3Q Permian Resources executed about 175 transactions primarily in northern Delaware Basin to add 24,000 net acres and 9,000 royalty acres for total consideration of $1.15 billion. The deals included acquisition of Ridge Runner Resources.
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