Midland’s Permian Resources said its total production in first quarter was up more than 10 percent over 2025Q1, and officers expect another slight increase in 2Q. Production in Q1 was 413,000 boed (192,300 b/d of oil). The company doubled its workover rig count during Q1, according to co-CEO James Walter. After replacing hardware on fewer than 40 wells earlier in 2026, Permian Resources is now completing 90 workovers per month.
“We can accelerate TILs (turned in line) above and beyond what our original base plan highlighted,” co-CEO Will Hickey said May 7.
Permian Resources raised its fullyear production guidance by about 2 percent. The midpoint of fullyear oil production now is 192,500 b/d compared to 189,000 b/d in February. The company’s target is 250 for wells turned in line this year.
Hickey and Walter said the price of a barrel of oil will dictate whether they add more activity across the company’s 500,000 net acres in Delaware Basin or pull back slightly from current levels. Assets in New Mexico will receive about 65 percent of the $1.75 billion to $1.95 billion in 2026 funds for drilling, completion and infrastructure.
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