-- Texas-headquartered Permian Resources (PR) managed to push up its hydrocarbons production in Q1 to capture more value from the surge in oil and gas prices after the outbreak of conflict in the Middle East it said in its Q1 earnings update on Wednesday.
It said it will seek further production increases while retaining flexibility to scale back in the event of a macroeconomic downturn.
The company increased the mid-point of FY 2026 production guidance, adding 3,500 barrels per day for a targeted 192,500 barrels. It said all other guidance metrics were unchanged.
Production averaged 412,900 barrels of oil equivalent per day, including 192,300 of oil, 103,300 barrels of natural gas liquids and 703 million cubic feet per day of natural gas.
Strong new well performance helped the company to produce beyond its own expectations in the quarter as well as steps it took in March to raise output incrementally, it said.
Permian Resources said it had reduced well costs on a per lateral foot basis through operational efficiencies. Drilling and completion costs fell about $685 per lateral foot, down about 2% from the previous quarter, it said.