Permian Resources Corporation was incorporated in 2015 (originally as Centennial Resource Development, Inc.) and is headquartered in Midland, Texas. The company emerged as a “pure-play” independent oil and natural gas producer focused on the Delaware Basin, a core region within the broader Permian Basin spanning West Texas and southeastern New Mexico. In 2022, the company changed its name to Permian Resources and reoriented its strategy by merging assets from Earthstone Energy, significantly expanding its acreage and production footprint.
Permian Resources focuses on acquiring, optimizing, and developing liquids rich oil and natural gas properties. It maintains a large contiguous holding—over 450,000 net leasehold acres—concentrated in Reeves and Ward counties in Texas and Eddy and Lea counties in New Mexico. Its strategy combines targeted bolt-on acquisitions, grassroots leasing, and portfolio optimization, complementing its development of core acreage with high-return well inventory.
Since completing the Earthstone acquisition in late 2023, it has added tens of thousands of acres via additional bolt-ons—most recently purchasing assets from APA Corp for $608 million—to extend its footprint . A later divestiture of midstream infrastructure in early 2025 allowed Permian Resources to concentrate on upstream activity and maintain its position as one of the Permian's lowest-cost operators.
Permian Resources is actively advancing its drilling and development execution. In mid-2024, it secured around 29,500 net acres from Occidental (“Barilla Draw”) adjacent to its existing acreage and included infrastructure such as pipelines and water systems. By 2025, expanded Northern Delaware assets were delivering additional production and enabling a leaner investment plan targeting about 275 turn-in-line wells at a $1.9–2.0 billion capital budget. This approach keeps operational momentum aligned with a strong liquidity position and commitment to shareholder returns via dividends and buybacks.