Permian Resources Corporation (Permian Resources) operates as an independent oil and natural gas company.
Properties
The company’s assets are primarily concentrated in the core of the Permian Basin and consist of large, contiguous acreage blocks in West Texas and New Mexico. As of December 31, 2024, the company had approximately 450,000 net leasehold acres and approximately 88,000 net royalty acres. Approximately 71% of the company’s total acreage is located in Texas and the remaining 29% is l...
Permian Resources Corporation (Permian Resources) operates as an independent oil and natural gas company.
Properties
The company’s assets are primarily concentrated in the core of the Permian Basin and consist of large, contiguous acreage blocks in West Texas and New Mexico. As of December 31, 2024, the company had approximately 450,000 net leasehold acres and approximately 88,000 net royalty acres. Approximately 71% of the company’s total acreage is located in Texas and the remaining 29% is located in New Mexico.
Marketing and Customers
The company markets the majority of the production from properties it operates on account of both itself and the other working interest owners in these properties. The company normally sells production to a relatively small number of customers, as is customary in the company's business. The purchasers that accounted for 10% or more of the company's total net revenues for the year ended December 31, 2023, were Shell Trading (US) Company; Enterprise Crude Oil, LLC; and BP America.
Transportation
During the initial development of its fields, the company considers all gathering and delivery infrastructure options in the areas of its production. The majority of the company's oil production is sold at the wellhead as it enters third-party gathering pipelines. The purchaser then transports the oil by pipeline or truck to a tank farm, another pipeline or a refinery. The company's natural gas is either transported by gathering lines from the wellhead to a central delivery point and is then gathered by third-party lines to a gas processing facility or gathered by a third-party directly from the wellhead.
Regulation of the Oil and Natural Gas Industry
The company is required to observe such anti-market manipulation laws and related regulations enforced by FERC under the EP Act of 2005 and those enforced by the U.S. Commodity Futures Trading Commission (the 'CFTC') under the Commodity Exchange Act, as amended (the 'CEA') and CFTC regulations promulgated thereunder.
The company's operations are subject to stringent federal, state and local laws and regulations governing the occupational safety and health aspects of its operations, the discharge of materials into the environment, and protection of the environment and natural resources (including threatened and endangered species and their habitats).
Significant existing and proposed environmental and occupational safety and health laws, as amended from time to time, to which the company's business operations are subject to include the Resource Conservation and Recovery Act ('RCRA') and comparable state laws; the Comprehensive Environmental Response, Compensation, and Liability Act ('CERCLA'), also known as the Superfund law, and comparable state laws; the Clean Water Act (the 'CWA') and comparable state laws; the Oil Pollution Act of 1990; the federal Safe Drinking Water Act ('SDWA') and analogous state laws; the federal Clean Air Act (the 'CAA') and comparable state laws; the National Environmental Policy Act; National Environmental Policy Act (NEPA); the federal Endangered Species Act ('ESA') and comparable state laws; and the Migratory Bird Treaty Act.
The company is subject to the requirements of the Occupational Safety and Health Act, as implemented by the Occupational Safety and Health Administration (OSHA), and comparable state statutes, whose purpose is to protect the health and safety of workers. In addition, OSHA’s hazard communication standard, the Emergency Planning and Community Right-to-Know Act, the EPA’s Risk Management Program rule, and comparable state statutes and their implementing regulations, require that the company organize and/or disclose information about hazardous materials used or produced in its operations, and that this information be provided to employees, state and local governmental authorities, and citizens.
History
The company was incorporated in 2015. It was formerly known as Silver Run Acquisition Corporation and changed its name to Centennial Resource Development, Inc. in 2016 and then to Permian Resources Corporation in 2022.