Permian Resources is an independent oil and gas company focused entirely on the Delaware Basin in the Permian Basin, drilling horizontal wells to produce crude oil, NGLs, and natural gas from the Wolfcamp and Bone Spring shale formations. Oil is the dominant economic driver. As of year-end 2025, the company holds roughly 480,000 net leasehold acres across West Texas and New Mexico, operates over 2,900 producing wells, and produces roughly 143,000 BOE/d. Permian Resources sells crude oil, NGLs, and natural gas to commodity purchasers at market prices, with Enterprise Crude Oil accounting for roughly a third of revenues. The company has shifted natural gas sales away from the Permian's Waha hub to Gulf Coast and Central Texas hubs to avoid Waha's historically negative pricing. Permian Resources grows through a combination of organic drilling (~190-210 net wells per year), hundreds of small bolt-on "ground game" acquisitions annually, and larger asset deals—like the ~$608M Apache acquisition in 2025. The company also converts non-operated interests into operated positions to maximize its low-cost operating model. Management targets free cash flow per share growth as its primary metric, and allocates capital across a base dividend, M&A, and opportunistic buybacks, while maintaining roughly 1x leverage and a conservative balance sheet.