Permian Resources Corporation, headquartered in Midland, Texas, is an independent oil and natural gas company specializing in the acquisition, optimization, and development of high-return oil and natural gas properties. The company’s operations are primarily concentrated in the Permian Basin, with a significant focus on the Delaware Basin.
History
Permian Resources was formed through the merger of Centennial Resource Development and Colgate Energy in 2022. This strategic combination brought together two successful exploration and production (E&P) companies, creating a more robust and strategically compelling entity. The merger resulted in a complementary asset base with a deep inventory of high-quality locations capable of generating substantial free cash flow across various commodity price cycles.
In November 2023, Permian Resources further expanded its operations by completing an all-stock acquisition of Earthstone Energy, an independent oil and gas company. This transaction, valued at approximately $4.5 billion, enhanced the company’s scale and operational capabilities in the Delaware Basin.
Operations
Permian Resources operates over 450,000 net leasehold acres across the Permian Basin, making it the second-largest pure-play E&P company in the region. The majority of its assets are located within the Delaware Basin, specifically in Eddy and Lea Counties, New Mexico, and Reeves and Ward Counties, Texas. The company leverages its technical expertise and operational flexibility to develop and expand its portfolio, aiming to deliver leading shareholder returns.
Industries Served
As an upstream oil and gas company, Permian Resources primarily serves the energy sector by supplying crude oil and natural gas. Its operations contribute to meeting global energy demands, providing essential resources for various industries, including transportation, manufacturing, and power generation. The company’s commitment to responsible and sustainable development underscores its role in delivering affordable and abundant energy to the market.