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Permian Resources Oil Output Rises 3% in Q2, Eyes New M&A Targets

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Permian Resources (PR) produced an average of 376,409 barrels of oil equivalent per day in Q2, including 198,071 barrels of oil per day, 86,191 barrels of natural gas liquids per day and 552.9 million cubic feet per day of natural gas, it said in an earnings release on Thursday.

Oil production alone increased 3% versus the prior quarter, the company said, and it realized an average price of $97.81 per barrel.

The company raised the mid-point of its full-year guidance for oil production to 199,000 bbl/d, a slight increase on the Q2 level.

The company acquired 54,000 net acres in the core of the Delaware Basin through about 190 distinct transactions summing $1.05 billion, it said.

Will Hickey, co-CEO of Permian Resources described the quarter as "exceptional", with the company managing to capture value from the surge in oil prices through a targeted response.

The company is trialing the use of surfactants on completion and production operations in order to increase recovery from assets, it said.

Permian Resources said it is executing its M&A strategy in the Delaware Basin with the advantage of a low cost profile, enabling operating efficiencies and a higher return on investment from pursued assets.

The company has identified more than 200 upside locations that have potential to compete for capital in the future, as Permian Resources offset operators delineate new zones.

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