Amid the frenzy of megadeals last fall when Permian players went big-game hunting for more acreage, production, and reserves, two Boy Wonders found their company at the center of speculation: Would it be the next trophy claimed on a most wanted list that included EOG Resources, Endeavor Energy Resources, and Diamondback Energy? Like they say in Tinseltown, it’s an honor just to be nominated. But for Midland, Texas-based Permian Resources and the CEO duo behind it, keeping to script and a savvy growth strategy beats every other game in town.
Reese Energy Consulting today is following the latest news from Permian Resources helmed by the youngest co-CEOs making noise in the Permian—thirty-somethings Will Hickey and James Walter. Their rapid-fire, data-driven ascent to become the basin’s second-largest, pure-player is straight out of Central Casting—childhood friends sharing the same Dallas street whose name they took for their predecessor company, Colgate Resources.
First came a $7 billion merger in 2022 that launched Permian Resources with a jet pack to become the Delaware’s largest pure-play operator. Then a game changer last August when PR plunked down $4.5 billion for Earthstone Energy, doubling its Permian position to more than 400,000 acres, 68,000 net royalty acres, and 300 MBOED. The company has now sweetened its Delaware pot with two new acquisitions from undisclosed buyers. The $175 million deal adds a combined 11,500 net acres, 4,000 net royalty acres, and more than 100 gross operated locations. And, of course, another camera-ready smile starring Hickey and Walter.