Permian Resources Corporation reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Operating revenues for Q3 2024 reached $1,215.6 million, a 60% increase from $758.5 million in Q3 2023. For the nine-month period, revenues totaled $3,704.7 million, up 85% from $1,998.2 million in the prior year. This growth was driven by substantial increases in oil and natural gas production, with oil sales rising 66% to $1,099.3 million in Q3 2024 and 88% to $3,265.3 million for the nine months.
Net income for Q3 2024 was $456.5 million, compared to $98.3 million in Q3 2023, while net income for the nine months was $995.0 million, up from $467.1 million in the previous year. The net income attributable to Class A Common Stock for Q3 2024 was $386.4 million, significantly higher than $45.4 million in Q3 2023. Basic earnings per share for Q3 2024 were $0.56, compared to $0.14 in the same quarter of 2023.
Total operating expenses for Q3 2024 were $820.8 million, up from $451.9 million in Q3 2023, primarily due to increased production volumes and costs associated with the Earthstone merger. The merger, completed on November 1, 2023, contributed to a rise in general and administrative expenses, which increased to $43.8 million from $34.5 million in Q3 2023.
The company completed a significant acquisition on September 17, 2024, acquiring oil and gas properties from Occidental Petroleum for $743.5 million, which included 29,500 net leasehold acres and a fully integrated midstream system. This acquisition is expected to enhance shareholder returns and add core inventory locations in the Permian Basin.
As of September 30, 2024, total assets increased to $16.6 billion from $15.0 billion at the end of 2023, while total liabilities rose to $6.3 billion from $5.7 billion. Long-term debt increased to $4.2 billion from $3.8 billion. The company also reported cash and cash equivalents of $272.0 million, up from $73.3 million at the end of 2023.
In terms of capital expenditures, Permian Resources incurred $1.6 billion for development during the nine months ended September 30, 2024, fully funded by cash flows from operations. The company also declared and paid dividends totaling $440.3 million during the same period, reflecting a commitment to return capital to shareholders.
About Permian Resources Corp
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