# Permian Resources

> Permian Resources is a publicly traded independent oil and natural gas producer based in Midland, Texas. Formed in 2022 through the combination of Centennial Resource Development and Colgate Energy, it buys and develops acreage concentrated in the Delaware Basin of West Texas and southeastern New Mexico. It sells crude oil, natural gas and natural gas liquids to wholesale purchasers, with a strategy built around nearby acquisitions, operating costs and returns to shareholders.

- **Founded:** 2022
- **Headquarters:** Midland, United States
- **Founders:** Will Hickey (Founder and Co-Chief Executive Officer; co-founded predecessor Colgate Energy in 2015), James Walter (Founder and Co-Chief Executive Officer; co-founded predecessor Colgate Energy in 2015)
- **Products:** Crude oil, Natural gas, Natural gas liquids
- **Notable:** Completed the Centennial-Colgate combination on September 1, 2022., Closed the Earthstone acquisition on November 1, 2023; announced value was approximately $4.5 billion including net debt., In February 2024, reported a 50% reduction in downtime on legacy Earthstone Midland Basin assets since closing.

## Products & services

- **Crude oil** — Production from operated and non-operated Permian Basin properties sold to wholesale commodity purchasers.
- **Natural gas** — Associated gas produced alongside oil and marketed through gathering and processing arrangements.
- **Natural gas liquids** — Liquids recovered from the produced gas stream and marketed as commodity products.

## Achievements

- Completed the Centennial-Colgate combination on September 1, 2022.
- Closed the Earthstone acquisition on November 1, 2023; announced value was approximately $4.5 billion including net debt.
- In February 2024, reported a 50% reduction in downtime on legacy Earthstone Midland Basin assets since closing.
- Reported $1.6 billion of adjusted free cash flow for 2025, a company-defined non-GAAP measure.
- Reported replacing all developed inventory through acquisitions for a third consecutive year in 2025.

## Latest updates

- **2026-10** — On October 15, scheduled third-quarter 2026 results for November 4 after market close. Results had not been released as of October 22.
- **2026-08** — Reported second-quarter oil production of 198,071 barrels per day and curtailed some gas-heavy production exposed to negative Waha pricing.
- **2026-05** — Reported first-quarter drilling and completion costs of approximately $685 per lateral foot.
- **2026-02** — Announced full-year 2025 results and increased the quarterly base dividend to $0.16 per share.

## Links

- Website: https://permianres.com/
- LinkedIn: https://www.linkedin.com/company/permianres

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Profile page: https://yespress.io/permian-resources
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Last updated: 2026-10-22