At a glance
Permian Resources Corporation is worth $21.37B, about 20 times its fiscal 2025 earnings. Revenue grew 1.3% to $5.07B in fiscal 2025, with 18.5% kept as profit; over 5 years it has grown 54.2% a year. It pays a 2.59% dividend yield, and returned $1.07B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +115.0% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Permian Resources is an independent oil and gas producer: it drills wells and sells the oil and gas they produce. All of its land is in the Permian Basin, mostly in the core of the Delaware Basin in West Texas and New Mexico. As of December 31, 2025, it held about 480,000 net acres of drilling leases. "Net" counts only its ownership share. About 67% of that acreage is in Texas and 33% is in New Mexico. It also held over 105,000 net royalty acres, which earn a share of production without paying drilling costs.
Oil is the main product. Of $5.07 billion in revenue for 2025, oil sales made up 83.9%, natural gas liquids (NGLs, such as propane) 13% and natural gas 2.6%. A small number of major buyers purchase most of its output. In 2025, production rose to 143.3 million barrels of oil equivalent, a unit that counts gas in oil terms. But the average sale price fell to $35.34 per barrel equivalent, from $39.77 in 2024.
Growth comes from drilling and buying land. In 2025 it spent $1.97 billion drilling and completing wells. It also paid $608 million for about 13,000 net acres in New Mexico from Apache Corporation. Proved reserves are the oil and gas it expects to recover profitably. They totaled 1.12 billion barrels of oil equivalent at the end of 2025.
Price history
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PR +115.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Oil sales | $4.25B | 83.9% |
| NGL sales | $658.5M | 13% |
| Natural gas sales | $131.7M | 2.6% |
| Oil and Gas, Purchased | $23.8M | 0.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.86B, up 55.1% from a year earlier, and net income was $792.5M (+282.6%).
- For fiscal 2025, revenue was $5.07B (+1.3% year over year; +54.2% a year from FY2020 to FY2025) with a 18.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +54.2% good |
|---|---|
| Operating margin | 28.9% good |
| Free cash flow margin | 71% good |
| Return on equity (FY2025) | 9.1% watch |
| Return on assets (FY2025) | 5.2% watch |
| Net cash (cash minus debt) | $-2.86B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $580.5M | $-682.8M | $170.3M |
| FY2021 | $1.03B | $138.2M | $524.7M |
| FY2022 | $2.13B | $515.0M | $1.37B |
| FY2023 | $3.12B | $476.3M | $2.18B |
| FY2024 | $5.00B | $984.7M | $3.40B |
| FY2025 | $5.07B | $935.2M | $3.59B |
Valuation snapshot
| Market value | $21.37B |
|---|---|
| P/E ratio | 19.9 |
| Dividend yield | 2.59% |
Rank among 1514 US companies
Market value at each year end
Permian Resources’s market value went from $5.36B at the end of 2022 to $21.37B on Oct 28, 2026, about 4.0 times as much; since the end of 2025 it is up 84%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $21.37B | +83.7% |
| 2025 | $11.64B | +0.7% |
| 2024 | $11.55B | +50.1% |
| 2023 | $7.70B | +43.6% |
| 2022 | $5.36B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PR price data to Oct 28, 2026 | +86.6% | +115.0% | +25.7% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +86.5% |
| 2025 | +1.8% |
| 2024 | +11.6% |
| 2023 | +49.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 18 sales ($60.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 4, 2026 | William M III Hickey Co-Chief Executive Officer, Director | sell | $16.5M |
| Mar 11, 2026 | William J Quinn Director | sell | $15.3M |
| Mar 4, 2026 | James H Walter Co-Chief Executive Officer, Director | sell | $12.4M |
| Mar 18, 2026 | William J Quinn Director | sell | $10.0M |
| Mar 4, 2026 | John Charles Bell EVP, General Counsel | sell | $2.8M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.08% | Sep 30, 2026 |
| Bold Energy Holdings, LLC | 2.14% | Mar 3, 2026 |
ETFs with the most weight in PR
| FXN First Trust Energy AlphaDEX Fund | 4.13% |
| OILT Texas Capital Texas Oil Index ETF | 3.83% |
| MGNR American Beacon GLG Natural Resources ETF | 3.21% |
| FCG First Trust Natural Gas ETF | 3.11% |
| XOP SPDR S&P Oil & Gas Exploration & Production ETF | 2.73% |
| PXE Invesco Energy Exploration & Production ETF | 2.67% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 2.27% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 2.04% |
What could go wrong
- Everything rides on one oil region. All its assets are in the Permian Basin, with about 67% of its leased acres in Texas and 33% in New Mexico. Pipeline bottlenecks, severe weather or new state rules could hit the whole company.
- Water supply and disposal limits. Fracking (pumping water and sand at high pressure to crack rock) needs lots of water, and wells also bring water up. Limits on getting or disposing of it could raise costs or cut output.
- Booked reserves may never be drilled. As of December 31, 2025, 29% of proved reserves (oil and gas it is reasonably sure it can recover) still needed new wells. Drilling-plan changes and lower prices led to downward revisions in 2025.
- Revenue hinges on the price of oil. Oil sales were 83.9% of 2025 revenue. The average price received fell from $74.87 a barrel in 2024 to $64.06 in 2025. Long slumps could force spending cuts or write-downs of property values.
- Debt limits room for error. As of June 30, 2026, total debt was about $2.99 billion against $132 million in cash. Loan terms restrict some activities; a smaller credit line or ratings downgrade could make borrowing harder.
- Dividends can shrink and shares can multiply. The board sets dividends at its discretion; per-share dividends fell from $0.71 in 2024 to $0.60 in 2025. Share count rose 47.4% from October 2021 to July 2026, shrinking each owner's slice.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Permian Resources began paying dividends in fiscal 2022, including what appears to be a special dividend. It has not raised its payout every year. Dividends per share went from $0.37 in 2023 to $0.71 in 2024, then fell to $0.60 in 2025. Dividends paid in 2025 equaled about 48% of net income. The yield was 2.59% as of October 28, 2026. The company bought back no stock from fiscal 2021 through 2025. Its share count rose about 47% between October 2021 and July 2026, so each share owns a smaller slice of the company. The board can change or stop dividends.
The price history here covers only about four years. It doesn't show how the stock did in the 2008 crisis, the 2020 COVID crash or the 2022 bear market. In fiscal 2020 the company, then named Centennial Resource Development, lost $683 million. In the three years to October 28, 2026, the shares fell as much as 39% from a peak. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Permian Resources make money?
Permian Resources drills wells in the Permian Basin of West Texas and New Mexico and sells the oil and gas they produce. Of its $5.07 billion in revenue for 2025, oil sales made up 83.9%, natural gas liquids 13% and natural gas 2.6%. A small number of major buyers purchase most of its output. Its profits rise and fall with oil prices. Its average oil price was $64.06 a barrel in 2025, down from $74.87 in 2024.
Does Permian Resources pay a dividend?
Yes. Permian Resources paid $0.60 per share in dividends for 2025, and the yield was 2.59% as of October 28, 2026. It has not raised its dividend every year: the amount per share fell from $0.71 in 2024. Dividends paid in 2025 equaled about 48% of net income. The company bought back no shares from fiscal 2021 through 2025. The board decides each payment, so the amount can change.
Where does Permian Resources drill for oil?
Only in the Permian Basin. Most of its land is in the core of the Delaware Basin in West Texas and New Mexico. As of December 31, 2025, it held about 480,000 net leasehold acres, roughly 67% in Texas and 33% in New Mexico. It also held over 105,000 net royalty acres. In June 2025 it bought about 13,000 net acres in New Mexico from Apache Corporation for $608 million. Because it works in one region, local pipeline, water or regulatory problems can affect the whole company.
How much debt does Permian Resources have?
As of June 30, 2026, Permian Resources had about $2.99 billion of total debt and $132 million of cash and investments. That left net debt of about $2.86 billion. Total equity was about $12.0 billion and total assets about $18.5 billion. The debt sits at its operating subsidiary, Permian Resources Operating, LLC. Lenders review the borrowing limit on its revolving credit line from time to time, and a lower limit would reduce the cash it can draw.
How has Permian Resources stock performed?
It has risen sharply, with large swings along the way. As of October 28, 2026, the share price was up 115% over one year and about 99% over three years, or 25.7% a year. Price returns by calendar year were 49.4% in 2023, 11.6% in 2024 and 1.8% in 2025, plus 86.6% in 2026 through October 28. Over those three years the shares also fell as much as 39.4% from a peak. In the quarter ended June 30, 2026, revenue rose 55.1% and net income rose 282.6% from a year earlier.