Permian Resources Corporation Class A

Good morning and welcome to Permian Resources Conference Call to discuss its second quarter 2025 earnings. Today's call is being recorded. A replay of the call will be accessible until August 21, 2025 by dialing -660-6264 and entering the replay access code 92721 or by visiting the company's website at .permianres.com. At this time, I will turn the call over to Hayes Mabry, Permian Resources Vice President of Investor Relations, for some opening remarks. Please go ahead, sir.

Thanks, John, and thank you all for joining us. On the call today are Will Hickey and James Walter, our Chief Executive Officers, and Guy Olfen, our Chief Financial Officer. I would like to note that many of the comments during this call are forward-looking statements that involve risk and uncertainties that could affect our actual results or plans. Many of these risks are beyond our control and are discussed in more detail in the risk factors and the forward-looking statement sections of our filings with the SEC. Although we believe the expectations expressed are based on reasonable assumptions, they are not guarantees of future performance, and actual results may differ materially. We may also refer to non-GAAP financial measures. For any non-GAAP measure we use, a reconciliation to the nearest corresponding GAAP measure can be found in our earnings release or presentation. With that, I will turn the call over to Will Hickey, Co-CEO.

Thanks, Hayes. We are excited to discuss our second quarter results this morning. The operations team delivered our 11th consecutive quarter of solid operational execution in Q2 that included the fastest well drilled, the most drilled feet per day, and the lowest completion cost per foot in company history. This execution, combined with continued strong well results, support us raising our full-year production guidance while delivering a lower CAPEX guidance originally announced in February. Q2 is also a very volatile quarter that presented an opportunity for us to demonstrate our downturn playbook. In April, we opportunistically executed our buyback program with repurchases of $43 million of shares at an average price of $10.52 per share. And then in May, we signed the approximately $600 million Apache acquisition at lower than mid-cycle commodity prices. This acquisition is the exact type of deal we like to do with meaningful overlap with our existing assets, strong free cash flow, and inventory that competes for capital immediately. We closed the acquisition approximately six weeks ago and are even more excited about our ability to optimize operations and the acreage position. These types of countercyclical investments are exactly what we want to do to be able to deliver leading shareholder returns throughout the cycles. And we've done so while maintaining leverage of approximately one times and liquidity of $3 billion. After executing on all aspects of our downturn playbook and taking advantage of recent market volatility, we are still in a prime position to pursue further investment opportunities to create long-term shareholder value. Moving to Q2 reporting details, production exceeded expectations with oil production of .5,000 barrels of oil per day, which includes approximately 900 barrels of oil per day from the Apache acquisition, which is in line with our prior messaging. Total production for the quarter was 385,000 barrels of oil equivalent per day. Results were driven by strong well performance from both our base wells and recent pops, which resulted in an adjusted operating cash flow of 817 million and adjusted free cash flow of 312 million, with 505 million of cash capex. Additionally, our ground game machine continues to fire on all we added 1,300 net acres across 130 different grassroots acquisitions in Q2 to build additional interest ahead of near-term development. These opportunities remain some of the highest returning investments in our portfolio and are a core piece of the PR story to maximize the value of our assets. That, I'll turn it over to James.