Q1 2024 Permian Resources Corp Earnings Call Transcript
Key Points
- Permian Resources Corp exceeded Q1 production expectations with a total production of 320,000 barrels of oil equivalent per day.
- Achieved significant operational efficiencies, including an 18% reduction in drilling days per well and a 50% reduction in completion days per well.
- Increased annual synergy target by $50 million due to successful integration and operational improvements.
- Strengthened financial position with leverage at approximately one times and increased liquidity to over $2 billion.
- Enhanced shareholder returns with an increased base dividend and continued share repurchases, demonstrating strong commitment to returning capital to shareholders.
- Facing challenges with gas takeaway capacity at Waha, which could impact gas sales and pricing.
- Anticipate a flat to modestly lower production profile in the second half of the year due to normal fluctuations in working interest.
- Potential ongoing challenges with power infrastructure in the Permian region, which could affect operational efficiency.
- While operational efficiencies are improving, there is still a gap in lease operating expenses (LOE) between legacy Earthstone and Permian Resources operations.
- Dependence on successful integration of acquisitions to maintain and enhance production and operational efficiencies.
Good morning, and welcome, everyone to Permian Resources conference call to discuss its first-quarter 2024 earnings conference call. Today's call is being recorded. A replay of the call will be accessible until May 22, 2024 by dialing 1-809-382-488 and entering the replay access code 24995 or by visiting the company's website at www.permianres.com.
At this time, I will turn the call over to Mr. Hays Mabry, Permian Resources's Vice President of Investor Relations, for some opening remarks. Please go ahead, Mr. Mabry.
Thanks, Bill, and thank you all for joining us on the company's first quarter 2020. For us on the call today are Will Hickey and James Walter, our Chief Executive Officer; and Guy Oliphint, our Chief Financial Officer. Yesterday, May 7, we filed a Form 8-K with an earnings reporting first quarter results. We also posted an earnings presentation to our website that we will reference during today's call. I would like to
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