Key Highlights

  • Adjusted Operating Cash Flow of USD 1,364 million, less USD 518 million of cash capital expenditures, left USD 846 million of adjusted free cash flow in the third quarter.
  • Total output averaged 457.5 thousand barrels of oil equivalent per day, rising 22% from the prior quarter, while oil reached 208.0 thousand barrels a day, up 5%.
  • GAAP diluted EPS landed at USD 0.49, compared with USD 0.08 a year ago, and adjusted Net Income came to USD 0.69 per adjusted diluted share versus USD 0.37.
  • The company closed about 175 transactions worth roughly USD 1.15 billion, including the USD 1.025 billion Ridge Runner purchase, and the base Dividend holds at USD 0.16.

Output Climbs as Gas and Liquids Wells Come Back Online

Permian Resources (NYSE:PR) reported third-quarter 2026 figures on November 4, 2026. Overall production increased 22% sequentially, supported by NGL volumes up 37% and Natural Gas up 42% after high gas-to-oil ratio wells were restored. Those wells had been curtailed during the second quarter when regional gas prices went negative. Oil fetched USD 85.73 a barrel on a realized basis, NGLs USD 24.22 a barrel and gas USD 0.74 per Mcf. Class A holders were credited with USD 420.2 million of net income, down from USD 792.5 million in the second quarter, after a USD 308.6 million derivative loss.

Unit Costs at a Low and the Ridge Runner Acquisition

Controllable cash costs fell to a company-record USD 7.05 per barrel of oil equivalent. Lease Operating Expense dropped 8% to USD 5.11, and cash G&A declined 16% to USD 0.73. The Delaware Basin company finished about 175 deals that added roughly 24,000 net acres and 13,000 barrels of oil equivalent per day. Ridge Runner closed October 30, 2026 and was producing around 6 thousand barrels of oil daily. Contingent payments up to USD 125 million could follow, linked to quarterly WTI prices across 2027 and 2028. A natural gas Revenue sentence in the release contradicts the accompanying table, so that figure is excluded here.

Guidance, Leverage and the Base Dividend

Oil output guidance at the midpoint climbed to 202.5 thousand barrels per day, 13.5 thousand over the February plan, while capex guidance widened to USD 1.975 billion to USD 2.075 billion. Oil volumes in the final quarter ought to top 210 thousand barrels daily. Leverage was near 0.5 times, and USD 325 million of legacy notes were redeemed during the quarter. Year-end leverage is expected below 0.5 times, after Ridge Runner was funded with cash and commercial paper. The release identifies Commodity prices as the primary risk. The USD 0.16 base dividend goes to holders of record on December 17, 2026, with payment due December 31, 2026.

Where Things Stand

Volume, pricing and cost each contributed. Output rose 22% from the prior quarter, oil realizations averaged USD 85.73 and unit costs hit a record low, together yielding adjusted free cash flow of USD 846 million. Permian Resources (NYSE:PR) also spent on acquisitions, and GAAP Earnings absorbed a derivative loss. Investors can monitor the 10-Q due November 5, 2026, the same-day call, oil volumes in the final quarter and the Ridge Runner earnout exposure.