Permian Resources raises 2026 oil output guidance as third-quarter revenue beats forecast

Co-CEO James Walter expects $300m of extra free cash flow this year against the February plan, as the board declares a fourth-quarter base dividend of $0.16 a share.

Permian Resources raised the midpoint of its 2026 oil production guidance to 202.5 MBbls/d, or thousand barrels of oil a day. Third-quarter revenue of $1.96bn beat the $1.81bn expected. Earnings were $0.49 a share on a GAAP basis.

The company now guides to cash capital spending this year of $1.975bn to $2.075bn, with a midpoint of $2.025bn. The higher output target sits alongside that range.

Co-CEO James Walter said the company's focus on free cash flow is expected to generate an incremental $300m versus its original February plan this year, normalized for commodity prices. Normalizing strips out the oil price, so the figure speaks to operating and capital decisions more than to the market backdrop.

The board declared a fourth-quarter base dividend of $0.16 a share. That is a fixed cash commitment, and the extra $300m looks like the money behind it. The dividend is payable on December 31 to shareholders of record on December 17.