Operating Expenses
Dry Hole Expense
Permian Resources Dry Hole Expense decreased by 41.2% to $4.00M in Q1 2026 compared to the prior quarter. Year-over-year, this metric declined by 73.8%, from $15.25M to $4.00M. Over 4 years (FY 2021 to FY 2025), Dry Hole Expense shows an upward trend with a 42.0% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementIncome Statement
SectionOperating Expenses
CategoryEfficiency
SignalLower is better
VolatilityVolatile
First reportedQ4 2016
Last reportedQ1 2026May 7, 2026
How to read this metric
An increase suggests lower exploration success rates, which can negatively impact long-term reserve replacement and capital efficiency.
Detailed definition
This represents the costs associated with drilling exploratory wells that fail to discover commercial quantities of hydr...
Peer comparison
Specific to upstream oil and gas; peers with higher exploration focus will naturally report higher dry hole expenses.
Metric ID:
cop_dry_hole_expenseHistorical Data
20 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $1.76M | $1.84M | $3.19M | $2.31M | $1.95M | $2.35M | $4.77M | $4.37M | $5.26M | $5.03M | $4.67M | $11.49M | $5.98M | $6.96M | $6.36M | $15.25M | $5.06M | $4.93M | $6.80M | $4.00M |
| QoQ Change | — | +4.3% | +73.2% | -27.6% | -15.3% | +20.4% | +102.6% | -8.2% | +20.3% | -4.4% | -7.2% | +146.0% | -48.0% | +16.5% | -8.6% | +139.7% | -66.8% | -2.5% | +37.8% | -41.2% |
| YoY Change | — | — | — | — | +10.8% | +27.9% | +49.6% | +89.6% | +169.3% | +113.9% | -2.0% | +162.6% | +13.6% | +38.4% | +36.3% | +32.7% | -15.4% | -29.1% | +6.9% | -73.8% |
Range$1.76M – $15.25M
CAGR+18.8%
Avg YoY Growth+39.5%
Median YoY Growth+30.3%
Dry Hole Expense at Other Companies
Frequently Asked Questions
- What is Permian Resources's dry hole expense?
- Permian Resources (PR) reported dry hole expense of $4.00M in Q1 2026.
- How has Permian Resources's dry hole expense changed year-over-year?
- Permian Resources's dry hole expense decreased by 73.8% year-over-year, from $15.25M to $4.00M.
- What is the long-term trend for Permian Resources's dry hole expense?
- Over 4 years (2021 to 2025), Permian Resources's dry hole expense has grown at a 42.0% compound annual growth rate (CAGR), from $7.88M to $32.04M.
- What does dry hole expense mean?
- The cost of drilling wells that do not result in profitable oil or gas production.