Midland-based Permian Resources said recently it met or exceeded production targets in first quarter and remains on track to achieve full-year production and capital expenditure guidance. Oil production in Q1 was 78,332 barrels per day (in line with guidance), and total production was 153,822 boed (ahead of guidance) for the independent oil and natural gas company whose assets and operations are in core of the Delaware Basin. Will Hickey, co-CEO, said May 8, “Permian Resources delivered another strong operational quarter as we remain focused on executing on our 2023 plan with quarterly production and costs in line with or ahead of expectations.” Permian Resources announced total cash capital expenses of $315 million and total accrued capital expenses of $360 million.
Co-CEO James Walter said the company expects to begin drilling activity in the next 12 months on about half of the acreage acquired in Q1 in an trade that improved its position in Eddy County, N.M. Permian Resources traded into about 3,400 net acres adjacent to its existing acreage.