SEPTEMBER 3, 2024 Barclays CEO Energy-Power Conference
PR Today
Permian Resources Company Overview Largest pure-play Delaware Basin E&P company with 450,000 net acres, 85,000 net royalty acres and Premier Delaware PR Key Statistics 325 MBoe/d of FY24E production Basin Pure-Play Scale and balance…
PRs Strategy is Driven by Focus on Long Term Value Creation PR Strategic Value Drivers PR Then vs Now Oil Production (MBo/d) 153 95% Delivered production per share 78 growth of 1.5x through balance of high-return organic growth…
Delaware Basin Offers Unparalleled Resource and Stacked Pay 350 MMBbls Delaware Delaware Sands U. Avalon M. Avalon 250 MMBbls L. Avalon Midland 1st BS Sand 2nd BS Shale U. Spraberry 2nd BS Sand M. Spraberry L.…
Delaware Basin is Unmatched in Rock Quality, Inventory and Well Productivity Producing Intervals1 Average Well Oil Productivity (Bo/ft) by Basin2 13 Delaware 36 10 Williston 25 Midland 24 Eagle Ford 23 DJ 17 4 4 3 SCOOP / STACK…
Relentless Focus on Cost Control Drives Peer Leading Cost Structure Overview Q224 Total Controllable Cash Costs1 ( / Boe) Permian Pure-Plays Continued focus on low-cost leadership Higher operational efficiencies have resulted in…
Successful M&A Execution Creates Long-Term Shareholder Value 1 CORPORATE M&A HIGHLIGHTS PR Acquisition Map Closed the Earthstone acquisition in November 2023 25% 10-year 4.5 B transaction value financed with 100% equity FCF / share…
Consistent Financial Strategy Has PR on Path to Investment Grade Financial Strength Financial Highlights PR has maintained a consistent leverage profile since formation, while executing 6 B of accretive acquisitions and increasing FCF…
Strong Balance Sheet Supports Value Creation Through Cycles Overview Debt Maturity Profile ( MM) 1,2 PR is committed to maintaining a strong balance sheet Note Maturities Committed RBL Borrowing Base In July 2024, issued 1.0 B of…
Continued Execution Drives Total Shareholder Return 2024E Total Production / Share Growth 2024E Cash Flow / Share Growth Total Shareholder Return (Since PR Formation)1 28% 85% 38% 60% 13% 7% 6% 10% 9% 16% 3% (4)% (1)%…
PR is the Only Company to Meaningfully Grow FCFPS without Increasing Leverage Free Cash Flow per Share Growth versus Change in Leverage 1,2 0.0x Peer 1 Low FCF/share growth Peer 2 High FCF/share growth with neutral leverage with…
Shareholder Return Update
Updated Return of Capital Policy Prioritizes Base Dividend Overview Base Dividend Yield (%)2 Increasing quarterly base dividend to 0.15 per share (0.60 per share 4.4% 4.2% annually) from 0.06 per share previously, while removing…
Compelling Value Proposition Continues with Premier Assets & Increased Scale PR equity has outperformed key indices and Permian And still provides significant upside to its valuation peers with 10 B market cap since its formation…
Appendix
Permian Resources Q224 Operational and Financial Overview Pro Forma Market Statistics (Data in MM, except per share data)1 Per Share Q224 Key Statistics (s in MM, except per share data) Total (Basic) Common Shares Outstanding 802.5…
Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX Reconciliation1 FY23 FY24 ( in thousands, unless specified) Q1 Q2 Q3 Q4 FY23 Q1 Q2 Net income attributable to Class A Common Stock 102,120 73,399 45,433 255,354…
Reconciliation of Adjusted Operating Cash Flow and Adjusted Free Cash Flow Adjusted Operating Cash Flow and Adjusted Free Cash Flow Reconciliation1 Based on Cash Capital Expenditures Three Months Ended June 30, (in thousands,…
Reconciliation of Adjusted Net Income Adjusted Net Income Reconciliation1 Three Months Ended June 30, ( in thousands) 2024 2023 Net income attributable to Class A Common Stock 235,100 73,399 Net income attributable to…
Reconciliation of Net Debt-to-LQA EBITDAX Net Debt-to-LQA EBITDAX Reconciliation1 ( in thousands) June 30, 2024 Long-term debt, net 3,872,077 Unamortized debt discount, premium and issuance costs on senior notes 12,371…
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