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Permian Resources Corp

Logo: permianres.com4

American oil and natural gas company1

In its 2026 annual report the company says: “Permian Resources Corporation is an independent oil and natural gas company focused on driving returns to our stockholders through the acquisition, optimization and development of high-return crude oil and associated liquids-rich natural gas reserves. Our principal business objective is to generate leading shareholder returns by leveraging our technical expertise and operational flexibility to optimally develop our oil and natural gas resources.”78 It is headquartered in Midland, United States.1

Price unavailable

Last updated Oct 21, 2026.

Overview

$5.1BRevenue, fiscal 20255
$935.2MNet income, fiscal 20255

Compare with Chord Energy Corporation, Antero Resources or Marathon Oil, or pick any stock.

  • TickerPR on NYSE1
  • Industrypetroleum industry1
  • HeadquartersMidland, United States1
  • Websitepermianres.com
  • Incorporated inDE6
  • Business address300 N. Marienfeld St., Suite 1000, Midland, Tx 797016
  • Filer categoryLarge accelerated filer6
  • Legal formCorporation3
  • LEI25490023TX4AHF18OB673
  • StatusActive3
  • LEI statusIssued and current3
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 104441053

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

28.9%Operating margin5
18.5%Net margin5
1.3%Revenue growth, 20255
9.1%Return on equity5
0.34×Debt to equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Crude Oil brought in 84% of the revenue Permian Resources Corp broke down this way in fiscal 2025.

  1. Crude Oil$4.3B584%down 3% from 2024
  2. Natural Gas Liquids (NGL)$658.5M513%up 3% from 2024
  3. Natural Gas$131.7M53%up 54760% from 2024
  4. Oil and Gas, Purchased$23.8M50%
Products and services by year
Products and services202320242025
Crude Oil$2.7B$4.4B$4.3B
Natural Gas Liquids (NGL)$282.0M$637.5M$658.5M
Natural Gas$142.1M$240.0K$131.7M
Oil and Gas, Purchased$0$0$23.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs76¢$3.8B
  • Income tax6¢$284.2M
  • Profit18¢$935.2M

Out of $5.1B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid12¢$447.7M
  • Kept or used elsewhere88¢$3.2B

Out of $3.6B of cash from operations.5

Financial statements

Revenue891011125$5.1B in 2025+468% since 2018
0$2.0B$4.0B$6.0B2018: $891.0M$891.0M20182019: $944.3M$944.3M2019+6%2020: $580.5M$580.5M2020−39%2021: $1.0B$1.0B2021+77%2022: $2.1B$2.1B2022+107%2023: $3.1B$3.1B2023+46%2024: $5.0B$5.0B2024+60%2025: $5.1B$5.1B2025+1%
Operating income891011125$1.5B in 2025+417% since 2018
-$1.0B0$1.0B$2.0B2018: $283.2M$283.2M20182019: $79.4M$79.4M2019−72%2020: -$780.1M-$780.1M20202021: $370.6M$370.6M20212022: $1.0B$1.0B2022+172%2023: $1.1B$1.1B2023+9%2024: $1.7B$1.7B2024+59%2025: $1.5B$1.5B2025−16%
Net income891011125$935.2M in 2025+368% since 2018
-$1.0B-$500.0M0$500.0M$1.0B2018: $199.9M$199.9M20182019: $15.8M$15.8M2019−92%2020: -$682.8M-$682.8M20202021: $138.2M$138.2M20212022: $515.0M$515.0M2022+273%2023: $476.3M$476.3M2023−8%2024: $984.7M$984.7M2024+107%2025: $935.2M$935.2M2025−5%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Oil and gas sales$5.1B$5.0B$3.1B
Lease operating expenses$753.1M$685.2M$373.8M
Severance and ad valorem taxes$390.3M$377.7M$240.8M
Gathering, processing and transportation expenses$200.1M$183.6M$89.3M
Depreciation, depletion and amortization$2.0B$1.8B$1.0B
General and administrative expenses$186.5M$174.6M$161.9M
Merger and integration expense$0$18.1M$125.3M
Impairment and abandonment expense$8.0M$9.9M$6.7M
Exploration and other expenses$32.0M$30.8M$19.3M
Total operating expenses$3.6B$3.3B$2.0B
Net gain (loss) on sale of long-lived assets$0$375.0K$211.0K
Income from operations$1.5B$1.7B$1.1B
Interest expense-$283.1M-$296.2M-$177.2M
Gain (Loss) on Extinguishment of Debt-$270.1M-$8.6M$0
Net gain (loss) on derivative instruments$445.7M$95.0M$114.0M
Other income (expense)$27.8M$16.1M$2.3M
Total other income (expense)-$79.6M-$193.7M-$60.9M
Income before income taxes$1.4B$1.6B$1.0B
Income tax expense-$284.2M-$300.3M-$155.9M
Net income$1.1B$1.3B$879.7M
Less: Net income attributable to noncontrolling interest-$163.8M-$265.8M-$403.4M
Net income attributable to Class A Common Stock$935.2M$984.7M$476.3M
Basic (in dollars per share)$1.31$1.54$1.36
Diluted (in dollars per share)$1.28$1.45$1.24

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Corporate structure

Permian Resources Corp sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Permian Resources Corp

  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Permian Resources Corp, latest Mar 26, 2026 (4 filings since Feb 9, 2023)
  • EnCap Partners GP, LLC Filed SCHEDULE 13G/A on Permian Resources Corp, latest Mar 5, 2026
  • William J. Quinn Filed SCHEDULE 13D/A on Permian Resources Corp, latest Sep 19, 2025
  • RIVERSTONE HOLDINGS LLC Filed SCHEDULE 13D/A on Permian Resources Corp, latest Sep 17, 2025 (6 filings since Mar 14, 2023)
  • BlackRock Filed SC 13G/A on Permian Resources Corp, latest Nov 8, 2024 (7 filings since Feb 3, 2023)
  • PEARL ENERGY INVESTMENTS II, L.P. Filed SC 13D/A on Permian Resources Corp, latest Jun 21, 2024 (2 filings since May 16, 2024)
  • Luxe Energy, LLC Filed SC 13D/A on Permian Resources Corp, latest May 17, 2024 (6 filings since Sep 12, 2022)
  • PEARL ENERGY INVESTMENTS, L.P. Filed SC 13D/A on Permian Resources Corp, latest Mar 6, 2024 (2 filings since Sep 12, 2022)
  • Bold Energy Holdings, LLC Filed SC 13G/A on Permian Resources Corp, latest Feb 13, 2024 (2 filings since Nov 3, 2023)
  • State Street Corporation Filed SC 13G/A on Permian Resources Corp, latest Jan 23, 2024 (2 filings since Feb 3, 2023)
  • James H. Walter Filed SC 13D on Permian Resources Corp, latest Sep 12, 2022
  • William M. Hickey Iii. Filed SC 13D on Permian Resources Corp, latest Sep 12, 2022
  • Permian Resources Corp Midland, Texas, United States
    • Permian Resources Operating, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Permian Resources Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$57.1M5 Dec 31, 2025$50.4M5 Dec 31, 2024+13.2%
Finance-lease assets$14.9M5 Dec 31, 2025$15.0M5 Dec 31, 2024−1.0%
Operating-lease assets (leased space)$132.8M5 Dec 31, 2025$119.7M5 Dec 31, 2024+10.9%
Oil and gas properties$16.2B5 Dec 31, 2025$15.4B5 Dec 31, 2024+5.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$153.7M5 Dec 31, 2025$479.3M5 Dec 31, 2024−67.9%

Leadership

Who has led Permian Resources Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Mark G. Papa2016–2020
  2. Sean R. Smith2020–2022
  3. James H. Walter2022–now

Chair

  1. Sean R. Smith2022

Chief financial officer

  1. George S. Glyphis2016–2022
  2. Guy M. Oliphint2023–now

Chief operating officer

  1. Sean R. Smith2016–2020
  2. Matthew R. Garrison2020–2023
20202025
Board members and other officers (26)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Permian Resources Operating, LLC Delaware7

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Centennial Resource Development, Inc.Aug 25, 2016 to Aug 30, 20226
  • Silver Run Acquisition CorpNov 17, 2015 to Oct 14, 20166

Timeline

  1. Aug 5, 20268-K Results of operations; Regulation FD disclosure46
  2. May 19, 20268-K Executive or director change; Shareholder vote47
  3. May 6, 20268-K Results of operations; Regulation FD disclosure48
  4. May 6, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation49
  5. Feb 25, 20268-K Results of operations; Regulation FD disclosure50
  6. Jan 21, 20268-K Executive or director change51
  7. Dec 22, 20258-K Entered a material agreement; New debt or obligation; Unregistered sale of shares52
  8. Dec 18, 2025Founded Permian Resources Corp is founded3
  9. Nov 5, 20258-K Results of operations; Regulation FD disclosure53
  10. Oct 30, 20258-K Entered a material agreement; New debt or obligation54
  11. Sep 16, 20258-K Regulation FD disclosure; Other events55
  12. Sep 2, 20258-K Other events56
  13. Aug 28, 20258-K Debt or obligation accelerated57
  14. Sep 6, 2022New chief executive James H. Walter becomes CEO16
  15. Apr 6, 2020New chief executive Sean R. Smith becomes CEO17
  16. Feb 23, 2016New chief executive Mark G. Papa becomes CEO18

Calendar

Coming up

  1. Nov 4, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.37 a share, on Nov 5, 2025.58

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results46
  2. May 6, 2026Reported quarterly or annual results48
  3. Feb 25, 2026Reported quarterly or annual results50
  4. Nov 5, 2025Reported quarterly or annual results53
  5. Aug 6, 2025Reported quarterly or annual results59
  6. May 7, 2025Reported quarterly or annual results60
  7. Feb 25, 2025Reported quarterly or annual results61
  8. Nov 6, 2024Reported quarterly or annual results62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

503 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 75 major events, 201 insider forms, 37 large holders, 170 other. The latest 20:

  1. Sep 15, 2026SD EDGAR
  2. Sep 3, 2026144 EDGAR
  3. Sep 3, 2026144 EDGAR
  4. Sep 3, 2026144 EDGAR
  5. Sep 3, 20264 EDGAR
  6. Sep 3, 20264 EDGAR
  7. Sep 3, 20264 EDGAR
  8. Aug 26, 20264 EDGAR
  9. Aug 26, 20264 EDGAR
  10. Aug 6, 20264 EDGAR
  11. Aug 6, 20264 EDGAR
  12. Aug 6, 202610-Q EDGAR
  13. Aug 5, 20268-K EDGAR
  14. Jun 23, 20264 EDGAR
  15. May 21, 2026144 EDGAR
  16. May 21, 20264 EDGAR
  17. May 21, 20264 EDGAR
  18. May 21, 20264 EDGAR
  19. May 21, 20264 EDGAR
  20. May 21, 20264 EDGAR

The 503 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

101 open-market trades by officers, directors and large owners since October 2021: 5 buys and 96 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 3, 2026Oliphint Guy MEVP, Chief Financial OfficerSale5,103$23.75$121.2KForm 4
Sep 3, 2026Shannon Robert ReganEVP, Chief Accounting OfficerSale5,104$23.75$121.2KForm 4
Sep 3, 2026Bell John CharlesEVP, General CounselSale5,492$23.75$130.4KForm 4
May 21, 2026Oliphint Guy MEVP, Chief Financial OfficerSale62,769$20.44$1.3MForm 4
Mar 18, 2026Marquez AronDirectorSale7,750$19.62$152.1KForm 4
Mar 18, 2026Quinn William JDirectorSale512,429$19.59$10.0MForm 4
Mar 17, 2026Marquez AronDirectorSale5,250$19.58$102.8KForm 4
Mar 12, 2026Tepper JeffreyDirectorSale50,000$19.38$969.0KForm 4
Mar 11, 2026Quinn William JDirectorSale800,000$19.15$15.3MForm 4
Mar 4, 2026Oliphint Guy MEVP, Chief Financial OfficerSale4,999$18.28$91.4KForm 4
Mar 4, 2026Walter James HCo-Chief Executive OfficerSale673,425$18.38$12.4MForm 4
Mar 4, 2026Bell John CharlesEVP, General CounselSale158,385$18.39$2.9MForm 4
Mar 4, 2026Hickey William M IIICo-Chief Executive OfficerSale898,423$18.38$16.5MForm 4
Mar 4, 2026Shannon Robert ReganEVP, Chief Accounting OfficerSale5,000$18.28$91.4KForm 4
Mar 3, 2026Oliphint Guy MEVP, Chief Financial OfficerSale6,412$18.68$119.8KForm 4
Mar 3, 2026Bell John CharlesEVP, General CounselSale4,128$18.71$77.2KForm 4
Mar 3, 2026Shannon Robert ReganEVP, Chief Accounting OfficerSale3,865$18.71$72.3KForm 4
Jan 6, 2026Oliphint Guy MEVP, Chief Financial OfficerSale172,904$13.63$2.4MForm 4
Jan 6, 2026Shannon Robert ReganEVP, Chief Accounting OfficerSale106,405$13.63$1.5MForm 4
Jan 6, 2026Walter James HCo-Chief Executive OfficerSale467,700$13.63$6.4MForm 4

All 101 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025James H. WalterCo‑Chief Executive Officer$11.4M77
2025William M. Hickey IIICo‑Chief Executive Officer$11.4M77
2025Guy M. OliphintExecutive Vice President and Chief Financial Officer$475.0K$5.3M77
2025Robert R. ShannonExecutive Vice President and Chief Accounting Officer$395.8K$5.0M77
2025John C. BellExecutive Vice President, General Counsel and Secretary$400.0K$5.0M77
2024Guy M. OliphintExecutive Vice President and Chief Financial Officer$475.0K$4.9M77
2024John C. BellExecutive Vice President, General Counsel and Secretary$400.0K$3.0M77
2024Robert R. ShannonExecutive Vice President and Chief Accounting Officer$380.0K$2.9M77
2023Guy M. OliphintExecutive Vice President and Chief Financial Officer$439.9K$6.1M77
2023John C. BellExecutive Vice President, General Counsel and Secretary$375.0K$847.6K77
2023James H. WalterCo‑Chief Executive Officer$4.3K77

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.79,044,298$1.5B0.0%+7,983,588
Vanguard Portfolio Management LLC41,264,996$759.7M0.0%+1,538,862
Vanguard Capital Management LLC35,747,918$658.1M0.0%+1,629,654
State Street Corp27,699,371$509.9M0.0%+2,011,136
Dimensional Fund Advisors LP27,193,401$500.6M0.1%−4,125,071
Post Oak Energy Holdings, LLC21,048,629$387.5M100.0%No change
Barrow Hanley Mewhinney & Strauss LLC20,979,855$386.2M1.2%−13,593,155
Capital World Investors20,324,301$374.2M0.0%+17,152,633
Wellington Management Group Llp20,156,113$371.1M0.1%+763,059
Geode Capital Management, LLC18,201,110$335.2M0.0%+3,975,960
Boston Partners18,115,841$333.6M0.3%−525,937
Nuveen, LLC16,166,151$297.6M0.1%+92,390
Massachusetts Financial Services Co /ma/15,241,771$280.6M0.1%−1,034,864
Citadel Advisors LLC14,433,052$265.7M0.2%−1,822,953
Fmr LLC14,132,975$260.2M0.0%+1,239,775
Victory Capital Management Inc11,805,584$217.3M0.1%+694,356
American Century Companies Inc10,201,224$187.8M0.1%+270,832
Aqr Capital Management LLC8,791,714$161.9M0.1%+3,755,585
Alyeska Investment Group, L.P.7,907,283$145.6M0.4%+1,154,685
Qube Research & Technologies Ltd7,742,626$142.5M0.2%+2,760,095
Renaissance Technologies LLC7,606,637$140.0M0.2%−227,400
Bank of New York Mellon Corp7,556,797$139.1M0.0%−7,683,241
Morgan Stanley7,503,487$138.1M0.0%+1,566,698
Alliancebernstein L.P.6,324,511$134.8M0.0%+1,603,601
Invesco Ltd.7,311,423$134.6M0.0%−670,522

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Aug 9, 2023Michael GuestRepublican, HouseBuy$1,001 - $15,000+19.0%Report
Dec 12, 2022Christopher L. Jacobs, HouseBuy$1,001 - $15,000+67.7%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Permian Resources Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPermian Resources Corp2
  • CIK0001658566
  • Employer ID (EIN)41-333878278
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company78
  • Incorporated inDelaware78
  • Fiscal year endsDecember 312
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address300 N. Marienfeld St., Suite 1000, Midland, TX 797012
  • Phone432-695-42222
  • Shares outstanding812,013,436 Common Class A shares; 24,247,985 Common Class C shares as of Feb 20, 202678
  • Public float$10.5B as of Jun 30, 202578
  • AuditorKPMG LLP, Dallas, Texas PCAOB ID 185; it also attests to the company’s internal control over financial reporting78
  • On EDGAR sinceNov 17, 20152
  • Filings984 in all: 4 (368), 8-K (160), 144 (63), 3 (41), 10-Q (32), DEFA14A (29), 424B3 (28), SC 13G/A (28)2
    All 54 form types

    SC 13D/A (26), CORRESP (19), UPLOAD (18), 425 (15), SC 13G (15), DEF 14A (12), 10-K (10), EFFECT (8), S-8 (8), 8-K/A (7), SC 13D (7), 424B7 (6), PRER14A (6), S-3ASR (6), S-8 POS (6), 424B5 (5), ARS (4), PRE 14A (4), 25-NSE (3), 5 (3), S-1 (3), S-1/A (3), S-3 (3), S-3/A (3), SD (3), 8-A12B (2), CT ORDER (2), DEFM14A (2), DRS/A (2), DRSLTR (2), FWP (2), POS AM (2), POSASR (2), PREM14A (2), SCHEDULE 13D/A (2), SCHEDULE 13G/A (2), 15-12G (1), 25 (1), 424B4 (1), 8-K12B (1), CERT (1), CERTNAS (1), DRS (1), S-1MEF (1), S-4 (1), S-4/A (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 6, 2026
    Latest 8-K (8-K) Aug 5, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, par value $0.0001 per sharePRNew York Stock Exchange

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).78

Risk factors and legal proceedings

The risks Permian Resources Corp names in Item 1A of its 10-K filed Feb 26, 2026: 49 risks under these headings, as written.78

  • Risks Related to Commodity Prices
  • Commodity prices are volatile, and a sustained period of low commodity prices for oil, NGLs and natural gas could adversely affect our business, financial condition and results of operations.
  • If commodity prices decrease to a level such that our future undiscounted cash flows from our properties are less than their carrying value, we may be required to take write-downs of the carrying values of our properties.
  • Risks Related to Our Reserves, Leases and Drilling Locations
  • Reserve estimates depend on many assumptions that may turn out to be inaccurate. Any material inaccuracies in reserve estimates or underlying assumptions will materially affect the quantities and present value of our reserves.
  • Unless we replace our reserves with new reserves and develop those reserves, our reserves and production will decline, which would adversely affect our future cash flows and results of operations.
  • The development of our estimated PUDs may take longer and may require higher levels of capital expenditures than we currently anticipate. Therefore, our estimated PUDs may not be ultimately developed or produced.
  • Certain of our undeveloped leasehold acreage is subject to leases that will expire over the next several years unless production is established on units containing the acreage, the primary term is extended through continuous drilling provisions or the leases are renewed.
  • Our identified drilling locations are scheduled out over many years, making them susceptible to uncertainties that could materially alter the occurrence or timing of their drilling.
  • Properties that we decide to drill may not yield oil or natural gas in commercially viable quantities.
  • Risks Related to Our Operations
  • Our development and acquisition projects require substantial capital expenditures. We may be unable to obtain required capital or financing on satisfactory terms, or at all, which could lead to a decline in our ability to access or grow production and reserves.
The other 40 risks
  • Drilling for and producing oil and natural gas are high risk activities with many uncertainties that could adversely affect our business, financial condition or results of operations. Additionally, we may not be insured for, or our insurance may be inadequate to protect us against, these risks.
  • Many of our properties are in areas that may have been partially depleted or drained by offset wells and certain of our wells may be adversely affected by actions other operators may take when drilling, completing, or operating wells that they own.
  • Part of our strategy involves using some of the latest available horizontal drilling and completion techniques, which involve risks and uncertainties in their application.
  • Our operations are substantially dependent on the availability of water. Restrictions on our ability to obtain water may have an adverse effect on our financial condition, results of operations and cash flows.
  • Our ability to produce crude oil, NGLs and natural gas economically and in commercial quantities could be impaired if we are unable to recycle or dispose of the produced water we produce in an economical and environmentally safe manner.
  • Our producing properties are concentrated in the Permian Basin, making us vulnerable to risks associated with operating in a single geographic area.
  • The marketability of our production is dependent upon transportation and other facilities, most of which we do not control. If these facilities are unavailable, or if we are unable to access these facilities on commercially reasonable terms, our operations could be interrupted and our revenues reduced.
  • We have entered into multi-year agreements with some of our suppliers, service providers and the purchasers of our oil and natural gas, which contain minimum volume commitments. Any failure by us to satisfy the minimum volume commitments could lead to contractual penalties that could adversely affect our results of operations and financial position.
  • The unavailability or high cost of additional drilling rigs, equipment, supplies, personnel and oilfield services could adversely affect our ability to execute our development plans within our budget and on a timely basis.
  • We could experience periods of higher costs if commodity prices rise. These increases could reduce our profitability, cash flow and ability to complete development activities as planned.
  • We depend upon a small number of significant purchasers for the sale of most of our oil, NGL and natural gas production.
  • We may incur losses as a result of title defects in the properties in which we invest.
  • Multi-well pad drilling may result in volatility in our operating results.
  • We may be unable to make attractive acquisitions or successfully integrate acquired businesses, and any inability to do so may disrupt our business and hinder our ability to grow.
  • We are heavily dependent on our information and operational technology systems and other digital technologies.
  • The loss of senior management or technical personnel could adversely affect operations.
  • We may be unable to compete effectively with larger companies, which may adversely affect our results of operations and financial condition.
  • Risks Related to Our Derivative Transactions, Debt and Access to Capital
  • Our derivative activities could result in financial losses or could reduce our earnings.
  • Our leverage and debt service obligations may adversely affect our financial condition, results of operations, business prospects and our ability to make payments on our outstanding debt.
  • We may not be able to generate sufficient cash to service all of OpCo’s indebtedness and may be forced to take other actions to satisfy OpCo’s obligations under applicable debt instruments, which may not be successful.
  • Restrictions in OpCo’s existing and future debt agreements could limit our growth and ability to engage in certain activities.
  • If OpCo is unable to comply with the restrictions and covenants in the agreements governing its indebtedness, there could be a default under the terms of these agreements, which could result in an acceleration of payment of funds that OpCo has borrowed.
  • Any significant reduction in the borrowing base under OpCo’s revolving credit facility as a result of the periodic borrowing base redeterminations or otherwise may negatively impact our ability to fund our operations.
  • If we experience liquidity concerns, we could face a downgrade in our debt ratings which could restrict our access to, and negatively impact the terms of, current or future financings or trade credit.
  • Increases in interest rates could adversely affect our business.
  • Risks Related to Legislative and Regulatory Initiatives
  • Federal, state and local legislative and regulatory initiatives relating to hydraulic fracturing as well as governmental reviews of such activities could result in increased costs and additional operating restrictions or delays in the completion of oil and natural gas wells and adversely affect our production.
  • Conservation measures, technological advances and any negative shift in market perception toward the oil and natural gas industry could reduce demand for oil and natural gas.
  • Our operations may be exposed to significant delays, costs and liabilities as a result of environmental and occupational health and safety requirements applicable to our business activities.
  • Climate change laws and regulations restricting emissions of GHGs could increase our costs and reduce demand for the oil and natural gas we produce.
  • Restrictions on drilling activities intended to protect certain species of wildlife may adversely affect our ability to conduct drilling activities in areas where we operate.
  • A negative shift in investor sentiment towards the oil and natural gas industry and increased attention to sustainability and conservation matters may adversely impact our business.
  • Any restrictions on oil and natural gas development on federal lands have the potential to adversely impact our operations.
  • Changes in tax laws or regulations or the interpretation thereof or the imposition of new or increased taxes may increase our future tax liabilities, which could adversely affect our business, results of operation, financial condition and cash flows.
  • Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business, investments and results of operations.
  • Risks Related to Our Common Stock and Capital Structure
  • Our cash flow is dependent upon the ability of our operating subsidiaries to make cash distributions to us, the amount of which will depend on various factors.
  • If we experience any material weakness or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial reporting, which would harm our business and the value of our Class A Common Stock.
  • There may be future sales or other dilution of our equity, which may adversely affect the market price of our common stock.
  • The declaration of dividends and any repurchases of our common stock are each within the discretion of our board of directors based upon a review of relevant considerations, and there is no guarantee that we will pay any dividends on or repurchase shares of our common stock in the future or at levels anticipated by our stockholders.
  • Provisions contained in our Charter and Bylaws, as well as provisions of Delaware law, could impair a takeover attempt, which may adversely affect the market price of our common stock.
  • The Charter designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for substantially all actions and proceedings that may be initiated by stockholders, which could limit shareholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.

Legal proceedings

Refer to Note 13—Commitments and Contingencies under Part II, Item 8 of this Annual Report for more information regarding our legal proceedings.

Environmental. Due to the nature of the oil and gas industry, we are exposed to environmental risks. We have various policies and procedures to minimize and mitigate the risks from environmental contamination and we conduct periodic reviews to identify changes in our environmental risk profile. Liabilities are recorded when environmental damages resulting from events are probable and the costs can be reasonably estimated. Item 103 of Regulation S-K promulgated under the Exchange Act requires disclosure regarding certain proceedings arising under federal, state or local environmental laws when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that the Company reasonably believes will exceed a specified threshold. Pursuant to such item, we have elected to use a $1 million threshold for purposes of determining whether disclosure of any such proceedings is required. We believe proceedings under this threshold are not material to our business and financial condition.

The opening of Item 3, Legal Proceedings.78

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