Midland-based Permian Resources said Tuesday it is raising 2024 production guidance by 2 percent. And two bolt-on acquisitions of $270 million recently signed and completed in Eddy County are adding another 1 percent to production. “The acquired acreage is analogous to our high-quality Parkway position,” co-CEO Will Hickey said. “This area represents one of the highest returning assets within our portfolio.”
In 2024Q1 Permian Resources produced 151,794 barrels of oil per day with 319,514 boed. Both of those totals topped the forecasts of Permian Resources in February thanks to better well productivity and faster-than-expected integration of assets acquired from Earthstone Energy.
Co-CEOs Hickey and James Walter said new production guidance is about 150,000 barrels of oil per day and 320,000 boed. Hickey added, “Outstanding well results and higher operational efficiencies across both legacy Permian Resources and Earthstone assets drove robust production during the quarter. This outperformance provided us with the confidence to increase standalone production guidance and represents a solid start to the year.”