Permian Resources
27 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.
Customers
Enterprise Crude Oil, LLC
earns from · 34%named as a riskThe loss of any of our major purchasers could materially and adversely affect our revenues in the near-term.Business (Item 1)
Shell Trading (US) Company
earns from · 31%named as a riskThe table below summarizes the purchasers that accounted for 10% or more of our total net revenues in at least one of the periods presented:Year Ended December 31,Business (Item 1)
BP America
earns from · 11%named as a riskThe table below summarizes the purchasers that accounted for 10% or more of our total net revenues in at least one of the periods presented:Year Ended December 31,Business (Item 1)
Suppliers
Third-party pipeline systems
depends onnamed as a riskWe rely on third-party pipeline systems to transport the majority of crude oil produced by our wells.Business (Item 1)
Other companies
Firm transportation and minimum volume commitments
depends on · $1.5 billionnamed as a riskAs of December 31, 2025, our aggregate long-term contractual obligation under our multi-year agreements was $1.5 billion, which represents the gross minimum obligation but does not include amounts that may be due under certain contracts that contain variable pricing or volumetric components as the future obligations cannot be determined.Risk factors (Item 1A)
Apache Corporation
$608 millionOn June 16, 2025, we completed an acquisition of approximately 13,000 net leasehold acres with Apache Corporation for an unadjusted purchase price of $608 million.Business (Item 1)
Places
Permian Basin
concentrated in · all of our total estimated proved reservesnamed as a riskAt December 31, 2025, all of our total estimated proved reserves were attributable to properties located in this area.Risk factors (Item 1A)
Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more
Hazards
Commodities and inputs
Natural gas liquids (NGL)
exposed to its price · $65.9 million for each 10% change in NGL prices per Bblnamed as a riskBased on our production for the year ended December 31, 2025, our oil and gas sales for the year ended December 31, 2025 would have moved up or down $425.1 million for each 10% change in oil prices per Bbl, $65.9 million for each 10% change in NGL prices per Bbl and $13.2 million for each 10% change in natural gas prices per Mcf.Market risk (Item 7A)
Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more
Henry Hub natural gas
exposed to its price · $13.2 million for each 10% change in natural gas prices per Mcfnamed as a riskOur estimated proved reserves as of December 31, 2025, and related standardized measure were calculated under rules of the SEC using twelve-month trailing average benchmark prices of $66.01 per barrel of oil (WTI Posted) and $3.39 per MMBtu (Henry Hub spot), which may be substantially higher or lower than the available spot prices in 2025.Risk factors (Item 1A)
Also named by AM, AR, ATI, BSM, BTU, CNX, CRGY, DVN and 13 more
WTI crude oil
exposed to its price · $425.1 million for each 10% change in oil prices per Bblnamed as a riskBased on our production for the year ended December 31, 2025, our oil and gas sales for the year ended December 31, 2025 would have moved up or down $425.1 million for each 10% change in oil prices per Bbl, $65.9 million for each 10% change in NGL prices per Bbl and $13.2 million for each 10% change in natural gas prices per Mcf.Market risk (Item 7A)
Also named by AR, CHRD, CRGY, EPD, EQT, FANG, KRP, OXY and 4 more
Water
depends onnamed as a riskDrought conditions have persisted in certain portions of Texas and New Mexico in past years.Risk factors (Item 1A)
Also named by ADM, BF/B, CDE, CELH, CNX, CRGY, DE, EOG and 9 more
Frac sand
depends onnamed as a riskWe have entered into certain multi-year supply and service agreements associated with energy and frac sand purchase agreements and have long-term agreements in place for drilling rigs, office rentals and other wellhead equipment.Risk factors (Item 1A)
Waha natural gas
exposed to its pricenamed as a riskThese natural gas basis swap contracts are settled utilizing the Inside FERC’s West Texas Waha price and the NYMEX Henry Hub price of natural gas.Market risk (Item 7A)
Regulators
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskChanges in FERC or state policies and regulations or laws may adversely affect the availability and reliability of firm and/or interruptible transportation service on interstate and intrastate pipelines, and we cannot predict what future action FERC or state regulatory bodies will take.Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Bureau of Land Management (BLM)
subject tonamed as a riskUnder certain circumstances, the BLM may require operations on federal leases to be suspended or terminated.Risk factors (Item 1A)
Also named by AESI, BTU, CHRD, CRC, CRGY, DC, DMLP, DVN and 7 more
Railroad Commission of Texas (TRRC)
subject tonamed as a riskFor example, the Railroad Commission of Texas (the “TRRC”) has issued rules that set the requirements for drilling, putting pipe down and cementing wells, testing and reporting obligations, and the disclosure of substances used in the hydraulic fracturing process.Risk factors (Item 1A)
Also named by APA, ATO, DMLP, DVN, MUR, NRG, OKE, TPL and 2 more
Laws and programs
New Mexico natural gas capture requirement
subject to · 98%named as a riskIn New Mexico, recent legislation codified a regulatory provision requiring operators to capture 98% of their produced natural gas.Business (Item 1)
OpCo revolving credit facility
depends on · $2.5 billionnamed as a riskAs of December 31, 2025, we had approximately $3.5 billion of total long-term debt and additional borrowing capacity of $2.5 billion under OpCo’s revolving credit facility, all of which would be secured if borrowed.Risk factors (Item 1A)
Endangered Species Act
subject tonamed as a riskWe may conduct operations on oil and natural gas leases in areas where certain species that are , were or are candidates to be listed as threatened or endangered are known to exist, including the Dunes Sagebrush Lizard and Lesser Prairie Chicken (the listing decisions of which are currently subject to ongoing litigation), and where other species that potentially could be listed as threatened or endangered under the ESA may exist.Business (Item 1)
Also named by CHRD, CNX, CRGY, CTVA, DC, FANG, KGS, LB and 4 more
Nationwide Permit 12
subject tonamed as a riskMany of our customers and service providers rely on permits obtained under the CWA for their oil and gas pipeline projects, the most common of which is Nationwide Permit 12 (“NWP 12”).Business (Item 1)
Underground Injection Control program
subject tonamed as a riskA change in UIC disposal well regulations or the inability to obtain permits for new disposal wells in the future may affect our ability to dispose of produced water and ultimately increase the cost of our operations.Business (Item 1)
EPA 2024 NSPS oil and gas rule
subject tonamed as a riskThe EPA’s NSPS regulatory program, and any new, more stringent emissions regulations promulgated by the EPA or any other federal or state agency, could raise our costs of regulatory compliance.Business (Item 1)