Permian Resources generated a company-record $751 million in second-quarter free cash flow, nearly 50% above the prior quarter as oil prices rose. Negative Waha gas prices forced it to curtail about 20% of gas output, leaving the record’s repeatability uncertain.
The company raised its full-year oil-production guidance to 199,000 barrels per day and set its capital-spending midpoint at $1.95 billion. Working interest in completions reached 82%, above the original 75% expectation, adding 6,000 barrels per day for the same $521 million in capital spending.
Waha gas averaged negative $3.14 per Mcf in Q2 and touched negative $9.52; curtailments and hedges still yielded an all-in realization of $0.38 per Mcf. KeyBanc warned that improved gas takeaway could bring oversupply back by year-end. Total debt was $2.7 billion, down from $4.2 billion at 2024 year-end; five analysts had bullish price targets clustered between $27 and $30.
