PR Beats Q1 Estimates, Raises Oil Guidance as Trading Fuels Big Oil Beats

Permian Resources topped Q1 estimates on May 13 with $0.39 adjusted EPS and 412.9 MBoe/d output, raising 2026 oil guidance to 190-195k b/d amid elevated prices from Iran war disruptions. Coverage began May 6 with Next's up-to-8% non-EU price hikes due to £47M war costs; Shell led majors' beats May 7 at $6.92B adjusted earnings; Aramco reported 26% profit jump to $33.6B May 10 via 7M bpd East-West pipeline capacity. Analysts on May 11-12 credited BP, Shell, TotalEnergies' $3.3-4.75B trading windfalls, with YPF also beating May 12 on cost cuts and output gains.