Permian Resources Corporation Q4 FY2025 earnings call

• Q4 set records in operational metrics, 2025 free cash flow per share up 18% to $1.94 per share with debt reduction. • 2026 focus on maximizing shareholder value via Delaware Basin program, increasing Q4 base dividend by 7% to $0.16 per share. • 2025 had third consecutive year of strong execution, outperformed 2025 guidance by 5% in oil production, structurally lowered costs in drilling, completions, operating. • 2026 plan includes 5% higher production than 2025 with $120 million lower CAPEX, focusing on Delaware Basin assets, expected gas realizations to be $0.50 premium to Waha. • Continued success of acquisition strategy, closed ~$1.1 billion of acquisitions in 2025 adding locations and BOE/day.

In Q4, oil production was 188.6 thousand barrels per day, total production 401.5 thousand BOE per day. DNC cost per foot reduced to $700, cash capex for Q4 was $481 million, full year $1.97 billion. Q4 LOE $5.26 per BOE, cash G&A $0.80 per BOE, GP&T $1.18 per BOE. Adjusted operating cash flow $884 million, adjusted free cash flow $403 million. 2026 plan expects total production average 415,000 BOE per day, oil production 189,000 barrels per day, CAPEX $1.85 billion with ~$400 million non-D&C spend

• 2026 total production expected to average 415,000 BOE per day, oil production 189,000 barrels per day. • CAPEX for 2026 $1.85 billion with ~$400 million non-D&C spend. • Expect 2026 productivity in line or slightly better than 2024/2025. • Gas realizations expected to be $0.50 premium to Waha in 2026.

• Commodity price volatility could affect actual results. • Geopolitical driven oil price volatility may impact business. • Market conditions for M&A and lease sales could be competitive and affect acquisition opportunities. • Uncertainty in macro environment and oil price stability could impact growth plans.

Q: Strategy question on free cash flow per share growth.

A: Growth via numerator (organic and inorganic) and inventory quality.

Q: Capital allocation in 2026.

A: Base dividend first, then accretive acquisitions, accrue cash to balance sheet, buy back shares if dislocations exist.

Q: Ground game and M&A confidence.

A: Ground game consistent for decade, deals less price sensitive, see opportunities in New Mexico and Texas.

Q: Ancillary businesses.

A: Exploring power generation and other monetization, balance with upstream operations.

Q: Cost reductions and future levers.

A: More juice to squeeze on drilling side, reducing days and increasing ROP in lateral.

Q: M&A market and lease sales.

A: Deal pipeline strong, see larger packages and divestitures, federal lease sales competitive.

Q: Well productivity and longer laterals.

A: Consistent development plan, optimal lateral length depends on rate of return.

Q: Gas macro and marketing.

A: 2026 gas market challenging, PR insulated with hedges and marketing efforts.

Q: Free cash flow per share framework risks.

A: Need to avoid under investment, look at long-term growth.

Q: Growth in 2027.

A: Depends on macro and supply-demand balance, can return to growth with nimble team.

Q: Hedging and balance sheet.

A: Hedging targets 30%, 20%, 10% year one, two, three out, fits capital allocation.

Q: Transaction size and balance sheet.

A: Ample liquidity, low leverage, thoughtful on leverage for deals.

Q: Royalty opportunity.

A: Royalty business fits upstream, evaluating standalone value creation.

Q: CapEx and production cadence.

A: Production flat, CAPEX relatively equally weighted, no Q1 dip due to storm.

Q: Non-DNC spend and cash taxes.

A: Non-DNC spend less deflated, cash taxes low until 2028 or beyond.

Q: Accounts receivable and lateral length.

A: AR grows with business scale, average lateral length 11,000 feet with potential to go longer.

Q: Reserve replacement and investment grade.

A: Reserve replacement opportunity set driven, moving towards investment grade for lower cost of capital.