Centennial Resource Development, Inc. (NASDAQ: PR) reported Q1 EPS of $0.42, $0.05 better than the analyst estimate of $0.37. Revenue for the quarter came in at $1.24 billion versus the consensus estimate of $1.21 billion.

OUTLOOK

Based on recent operational results, Permian Resources increased its 2024 standalone oil and total production targets by approximately 2% to 148-152 MBbls/d and 310-330 MBoe/d, respectively, based on the mid-point of guidance. There are no other changes to the Company’s standalone guidance ranges.

The recent acquisitions noted above are expected to add approximately 3,500 Boe/d (~45% oil) of total production during the second half of 2024. The Company expects approximately $50 million of incremental capital expenditures associated with wells spud on the newly acquired acreage during the second half of 2024. Notably, the potential impact of the recently announced acquisitions is not included in the revised standalone guidance.

For earnings history and earnings-related data on Centennial Resource Development, Inc. (PR) click here.