Permian Resources earnings: third quarter 2026

Permian Resources, an oil and gas producer in Texas and New Mexico, had a much bigger quarter than a year ago. It pumped more and sold its oil for more, and its costs per barrel barely moved. Sales rose 48% to $1.96 billion and its profit from running the business more than doubled. It now expects to produce more oil this year than it said three months ago, though it also plans to spend a little more to get it. ¹

Against what analysts expected

The company's own adjusted earnings per share of $0.69 came in about 15% above the $0.60 analysts had expected on average, according to Nasdaq's earnings calendar. The reported figure of $0.49 was below that, held down by a loss on hedging contracts that used no cash, so on that measure it fell short; the adjusted figure is the one analysts forecast. ¹²

The strong points

• Sales rose 48% from a year ago, because the company both produced more and got a much better price, $85.73 a barrel against $64.77. ¹
• Operating profit, the profit from running the business before interest and tax, more than doubled to $887.8 million. ¹
• Free cash flow, the cash left after running the business and investing in it, rose to $846 million from $469 million a year earlier. ¹

The weak points

• The company raised its spending plan for the year to about $2.025 billion at the middle of the range, up from $1.95 billion. ¹
• Its hedging contracts, bets that protect it against falling prices, took $5.77 off every barrel of oil it sold this quarter. ¹

What the company expects

• The company raised its forecast for oil production this year to 201,000 to 204,000 barrels a day, up from 197,000 to 201,000, its second raise in a row. ¹
• For the last three months of the year it expects oil output above 210,000 barrels a day, helped by a purchase called Ridge Runner, with spending at about this quarter's level. ¹

Our verdict on the quarter

A very strong report. Permian Resources raised its oil production forecast for the year, earned well above what analysts expected on its own adjusted measure and grew sharply on a year ago, with only a modest rise in planned spending holding it back.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Our full analysis of Permian Resources: https://marketmedals.com/companies/permian-resources.html

Notes

1. Permian Resources's results release, 4 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 4 November 2026. ↩