Permian Resources reports approximately 190 transactions across its Ward County, Parkway and broader ground-game program while updating its 2026 capital plan to $1.9 billion to $2.0 billion.
Published by Allstream Insiders.
Allstream Insiders Summary
Permian Resources has acquired approximately 54,000 net leasehold acres and 20,000 net royalty acres in the Delaware Basin through roughly 190 transactions announced during 2026. The company reports total consideration of approximately $1.05 billion for the combined acquisition program.
The acquired acreage is primarily concentrated around Permian Resources’ existing operating areas in Ward County, Texas, and Eddy County, New Mexico. The program includes a $520 million Ward County bolt-on that closed July 31, Parkway-area acquisitions in Eddy County, federal-lease purchases and smaller transactions that increased the company’s working interest in near-term development units.
Permian Resources separately updated its full-year 2026 cash capital guidance to $1.9 billion to $2.0 billion. Its supporting presentation assigns approximately $1.525 billion to drilling and completions and approximately $425 million to facilities, infrastructure, capital workovers and non-operated activity. Acquisition consideration and the operating capital program are separate company-reported measures and should not be combined into a single project budget.
Permian Resources 2026 Delaware Basin Program Tracker
| Program | Company-reported scope | Stage | Material scale or schedule |
|---|---|---|---|
| 2026 acquisition program | Approximately 190 Delaware Basin transactions | Executed or announced | ~$1.05 billion, ~54,000 net leasehold acres and ~20,000 net royalty acres |
| Ward County bolt-on | Largely non-operated Texas Delaware Basin acreage | Closed July 31, 2026 | ~$520 million, ~20,500 net acres and ~950 net royalty acres |
| Texas acreage trade | Exchange of lower-working-interest, largely non-operated acreage for a contiguous operated position | Agreement signed; closing expected during Q3 2026 | ~8,300 net acres traded out and ~11,100 net acres traded in |
| Parkway bolt-ons | Contiguous acreage around the Parkway asset in Eddy County, New Mexico | Acquired | ~15,200 net acres with an average lateral length of approximately 15,000 feet |
| 2026 cash capital program | Drilling, completions, facilities, infrastructure, workovers and non-operated activity | Active guidance | $1.9 billion to $2.0 billion |
| 2026 operated drilling program | Delaware Basin well development | Active guidance | Approximately 250 gross turned-in-line wells, average working interest above 80% and average lateral length of approximately 11,000 feet |
The combined acquisition statistics are presented by Permian Resources on a pro forma basis for the pending Texas acreage trade. The company distinguishes high-confidence development locations from additional upside locations that require further delineation.
Permian Resources Builds a $1.05 Billion Delaware Basin Acquisition Program
Permian Resources reports acquiring approximately 54,000 net leasehold acres in the core of the Delaware Basin for about $1.05 billion during 2026. The transactions also include approximately 20,000 net royalty acres and were completed through a combination of bolt-on acquisitions, federal-lease purchases, acreage trades and smaller ground-game transactions.
The company estimates that the combined acreage adds approximately 330 high-confidence net locations, normalized to 10,000-foot laterals. Permian Resources also identifies more than 200 additional potential locations, but characterizes those as upside inventory that could compete for capital as the company and nearby operators further delineate the acreage.
Permian Resources reports an average lateral length of approximately 12,500 feet and an approximately 80% eight-eighths net revenue interest across the combined acquired position. The acreage primarily offsets existing operations in Ward and Eddy counties, allowing portions of the newly acquired leasehold to be incorporated into longer development units or higher-working-interest operated blocks.
These transactions increase Permian Resources’ overall position to approximately 535,000 net acres across West Texas and southeastern New Mexico. Acreage additions alone do not establish a construction schedule, but they expand the inventory available for future drilling and completion decisions.
Ward County Bolt-On Adds Bone Spring and Wolfcamp Inventory
Permian Resources closed its approximately $520 million Ward County acquisition on July 31, 2026. The transaction added approximately 20,500 net leasehold acres and 950 net royalty acres in the Texas Delaware Basin.
The acquired position is approximately 35% operated and entirely held by production. At closing, the assets produced approximately 5,000 barrels of oil equivalent per day, about half of which was oil. Permian Resources identifies the acquired development inventory primarily within the Bone Spring and Wolfcamp intervals.
The Ward County acreage directly offsets Permian Resources’ existing position. According to the company, the proximity could extend lateral lengths and increase its working interest in existing development units. The acquisition nevertheless remains largely non-operated, meaning other operators control a significant portion of the current activity and timing across the acquired acreage.
Permian Resources included approximately $25 million of Ward County-related spending in its updated 2026 capital guidance. The company did not present the transaction’s $520 million acquisition consideration as part of that $25 million operating-capital amount.
Texas Acreage Trade Would Increase the Operated Position
Permian Resources entered an acreage-trade agreement with an offset operator on August 3, 2026. The company expects the transaction to close during the third quarter, subject to completion of the agreement.
Under the proposed exchange, Permian Resources would:
- trade approximately 8,300 net acres that are primarily non-operated and carry lower working interests;
- receive approximately 11,100 contiguous, operated net acres;
- maintain the same production level through the exchange; and
- consolidate Bone Spring and Wolfcamp targets into a more contiguous development position.
Permian Resources estimates that the exchange would increase the traded position from approximately 35% operated to 95% operated. Its presentation also identifies approximately 120 net operated locations, normalized to 10,000-foot laterals, after the trade compared with approximately 50 before it. The average prospective lateral length would increase from approximately 10,600 feet to 12,600 feet.
Those figures describe the pro forma acreage configuration. They do not mean all identified locations have been sanctioned for drilling or assigned a specific completion schedule.
Parkway Bolt-Ons Expand Eddy County Development Inventory
The Parkway transactions add approximately 15,200 net acres around Permian Resources’ existing Eddy County position. The program combines acreage purchased through a January 2026 Bureau of Land Management lease sale with an option exercised through Tascosa Energy Partners.
Permian Resources reports that it funded and operated a Third Bone Spring test well under an agreement that provided an option to acquire most of Tascosa’s nearby position. Following the test, the company acquired approximately 9,600 net acres through the federal lease sale and exercised its option for another 5,600 net acres from Tascosa.
The combined Parkway position has a company-reported average lateral length of approximately 15,000 feet and an approximately 82% eight-eighths net revenue interest. Permian Resources describes the acreage as contiguous, offsetting its existing core position and containing stacked development targets.
2026 Capital Plan Directs $1.525 Billion to Drilling and Completions
Permian Resources updated its 2026 cash capital program to a range of $1.9 billion to $2.0 billion. The company’s midpoint is approximately $1.95 billion.
Its presentation divides that capital program into two principal categories:
| 2026 capital category | Company guidance |
|---|---|
| Drilling and completions | ~$1.525 billion |
| Facilities, infrastructure, capital workovers and non-operated activity | ~$425 million |
| Total cash capital expenditures | $1.9 billion–$2.0 billion |
Permian Resources attributes the updated range to higher working interests obtained through its ground-game transactions and approximately $25 million associated with the Ward County bolt-on. The higher working interests increase the company’s share of development costs as well as its ownership in the completed wells.
The operated program remains based on approximately 250 gross wells turned to production during 2026, an average working interest above 80% and an average lateral length of approximately 11,000 feet. Permian Resources expects to use the same drilling-rig and completion-crew base while incorporating the higher working interests into its development plan; the release does not provide the number of rigs or crews.
Four-Mile Laterals and Surfactant Trials Extend the Technical Program
Permian Resources reports drilling its first four-mile laterals during the second quarter. The company also increased its use of water-based drilling mud and deployed wellbore-design changes intended to reduce costs.
The operational update identifies several additional initiatives:
- surfactant trials across completion and production operations;
- continued optimization of power supply and field compression;
- increased prefabrication of production facilities; and
- expanded remote oversight of field operations.
Permian Resources describes the surfactant work as a trial intended to evaluate potential recovery improvements. It has not announced a fieldwide rollout or a separate procurement program for the technology.
Allstream Perspective
Permian Resources’ 2026 program combines acreage consolidation with a capital plan weighted toward drilling and completions. The most immediate development indicators are the approximately $1.525 billion drilling-and-completion allocation, the approximately 250 gross turned-in-line wells and the higher working interest across the 2026 program.
The Ward County acquisition and pending acreage trade are materially different stages. The Ward County bolt-on has closed, while the acreage exchange is expected to close during the third quarter. The trade could increase Permian Resources’ control over development timing and support longer operated laterals if it closes as planned.
For contractors, manufacturers and service providers, the disclosed program could support demand for drilling and directional services, casing, cementing, OCTG, pressure pumping, completion chemicals, water management, production equipment, prefabricated facilities, compression, electrical systems and workover services. These are potential work categories associated with the company’s stated activity and technology programs—not announced awards, open bid packages or contractor selections.
The acquisition inventory extending across Bone Spring and Wolfcamp targets provides a longer-term development base, but future well timing will depend on Permian Resources’ capital allocation, operating control, commodity conditions and further technical delineation.
