Permian Resources Business Summary

Permian Resources Corp (PR) operates as a pure-play independent oil and natural gas exploration and production company, generating revenue through the extraction and sale of crude oil, natural gas liquids (NGLs), and natural gas. The company’s business model is centered on the acquisition, development, and optimization of high-margin unconventional assets exclusively within the Delaware Basin, a sub-basin of the Permian. Revenue is driven by commodity sales to midstream providers and refineries, with a strategic focus on maximizing free cash flow through low-cost operations, high-intensity lateral drilling, and aggressive consolidation of acreage. Its primary business segments are categorized by geographic focus areas within West Texas and Southeast New Mexico. Permian Resources competes directly with other Delaware-focused E&Ps such as Diamondback Energy, Matador Resources, and Devon Energy. Relative to these peers, PR distinguishes itself as a top-tier consolidator with an industry-leading cost structure and a unique co-CEO leadership model that prioritizes capital efficiency and aggressive shareholder return programs. The company is led by Co-Chief Executive Officers Will Hickey and James Walter, who co-founded Colgate Energy and steered it through its transformative merger with Centennial Resource Development and subsequent acquisition of Earthstone Energy. Both Hickey and Walter bring extensive private equity and operational backgrounds, having previously held roles at NGP Energy Capital Management and Denham Capital. The executive leadership team is further bolstered by President and Chief Financial Officer Guy Oliphint, a former Managing Director at Jefferies with deep expertise in energy investment banking, and Chief Operating Officer Chad McAllaster, who oversees the technical execution of the company’s drilling and completion programs. The board of directors includes notable figures such as Steven J. Shapiro and representatives from major institutional backers like Riverstone Holdings and NGP, reflecting a strong pedigree in energy finance and large-scale asset management.