Permian Resources Corporation operates as an upstream exploration and production (E&P) company, primarily engaged in the development of crude oil and liquids-rich natural gas reserves. The company's asset base consists of approximately 480,000 net leasehold acres concentrated in the core of the Delaware Basin, specifically across Eddy and Lea Counties in New Mexico, and Reeves and Ward Counties in Texas. Formed through the 2022 merger of Centennial Resource Development and Colgate Energy, the company has grown its scale through strategic acquisitions, including the purchase of Earthstone Energy in 2023. Permian Resources focuses on capital-efficient pad drilling, long-lateral horizontal wells, and optimizing production to generate free cash flow. The company sells its extracted crude oil, natural gas, and natural gas liquids into wholesale energy markets.
