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Permian Resources Corp

For the period ended Mar 31, 2025. Filed May 8, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 8, 2025

PR$21.72+0.9%Stored close · as of Nov 10, 2026

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2025

OR

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number 001-37697

(Exact Name of Registrant as Specified in its Charter)

Delaware47-5381253
(State of Incorporation)(I.R.S. Employer Identification No.)

300 N. Marienfeld St., Suite 1000

Midland, Texas 79701

(Address of principal executive offices)

(432)695-4222

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, par value $0.0001 per sharePRNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
☒☐☐☐☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

As of April 30, 2025, there were 799,869,518 shares of total common stock outstanding, including 700,818,708 shares of Class A Common Stock, par value $0.0001 per share, and 99,050,810 shares of Class C Common Stock, par value $0.0001 per share.

TABLE OF CONTENTS

Page
Glossary of Units of Measurements and Industry Terms3
Cautionary Statement Concerning Forward-Looking Statements5
Part I—FINANCIAL INFORMATION8
Item 1.Financial Statements (Unaudited)8
Consolidated Balance Sheets as of March 31, 2025 and December 31, 20248
Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 20249
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 202410
Consolidated Statements of Shareholders’ Equity for the Three Months Ended March 31, 2025 and 202412
Notes to Consolidated Financial Statements13
Note 1—Basis of Presentation and Summary of Significant Accounting Policies13
Note 2—Acquisitions15
Note 3—Accounts Receivable, Accounts Payable and Accrued Expenses15
Note 4—Long-Term Debt16
Note 5—Asset Retirement Obligations18
Note 6—Stock-Based Compensation19
Note 7—Derivative Instruments21
Note 8—Fair Value Measurements24
Note 9—Shareholders’ Equity and Noncontrolling Interest26
Note 10—Earnings Per Share27
Note 11—Commitments and Contingencies27
Note 12—Revenues28
Note 13—Subsequent Events29
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations30
Item 3.Quantitative and Qualitative Disclosures About Market Risk39
Item 4.Controls and Procedures43
Part II—OTHER INFORMATION43
Item 1.Legal Proceedings43
Item 1A.Risk Factors43
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds44
Item 5.Other Information44
Item 6.Exhibits45
Signatures46
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.