Permian Basin

Advantaged portfolio of more than 1,750,000 net acres in the Delaware and Midland basins of West Texas and Southeast New Mexico. Production reached one million barrels of net oil-equivalent per day in 2025. Stacked formations allow production of multiple geologic zones from single surface locations; factory development uses multi-well pads with horizontal wells completed by hydraulic fracture stimulation. Acreage transactions enabling longer laterals and diversified land assets via non-operated JVs and royalty positions contribute to higher returns. 2025 extensions and discoveries in shale and tight were among the year's largest reserve additions.