Welcome to our dedicated page for PrimeEnergy Resources Corporation news (Ticker: PNRG), a resource for investors and traders seeking the latest updates and insights on PrimeEnergy Resources Corporation stock.
PrimeEnergy Resources Corporation (symbol: PNRG) is an independent oil and natural gas company headquartered in Houston, Texas. The company specializes in acquiring, developing, and producing oil and natural gas, with a strong presence in Texas and Oklahoma. PrimeEnergy's core business activities include development and exploratory drilling, which are fundamental to the company's strategy of maximizing resource extraction efficiency.
The company owns both producing and non-producing properties and operates numerous onshore oil and gas wells through its subsidiaries. To support its operations, PrimeEnergy provides well servicing and support, ensuring the optimal performance and longevity of its wells.
PrimeEnergy is also actively involved in the acquisition of producing oil and gas properties, often collaborating with industry partners through joint ventures. This strategic approach allows the company to expand its resource base and financial stability, leveraging partnerships to enhance its operational capabilities.
Recently, the company has made significant progress in its drilling projects, resulting in increased production volumes and improved financial performance. PrimeEnergy continually explores new opportunities to optimize its asset portfolio and streamline its operations for better efficiency and profitability.
Prime offshore l.l.c., a subsidiary based in Houston, Texas, further supports the company's maritime operations, enhancing its logistical capabilities and operational reach.
PrimeEnergy Resources (NASDAQ: PNRG) reported strong financial results for Q2 2024. The company announced net income of $19.73 million for the quarter and $31.05 million for the first half of 2024. Earnings per share reached $7.77 and $12.16 on a fully diluted basis for the three and six months ended June 30, 2024, respectively.
PNRG experienced significant growth in production volumes across all categories. Oil production increased by 133.99%, natural gas by 95.49%, and natural gas liquids by 88.11% compared to Q2 2023. The company added production from 21 new wells and has 19 additional wells in various stages of development. PNRG's revolving line of credit was increased from $85 million to $115 million, with $105 million available as of August 14, 2024.
PrimeEnergy Resources Corporation (NASDAQ: PNRG) reported significant financial growth for the year ended December 31, 2022. Revenues increased to $125.1 million, up from $72.5 million in 2021, marking a 73.42% rise. Net income surged to $48.7 million compared to $2.1 million in the prior year. Basic earnings per share (EPS) rose to $24.91 against $1.05, while diluted EPS reached $17.95, compared to $0.76 in 2021. Oil production volumes increased by 27.24% to 939,000 barrels, and the average price received for oil rose to $96.70 per barrel from $68.39. Proved reserves as of December 31, 2022, were 16.7 million barrels of oil equivalent. The company maintains a $60 million credit facility, which remains unused as of April 14, 2023.
PrimeEnergy Resources Corporation (NASDAQ: PNRG) reported significant financial improvements for the periods ending June 30, 2022, compared to 2021. Revenues soared to $35.7 million for Q2 and $61.9 million for the first half, up from $13.7 million and $28.6 million, respectively. Net income rose to $11.0 million from a loss of $2.4 million in Q2 2021. Earnings per share reached $5.57 basic and $4.02 diluted, up from losses previously. Oil and gas production increased with oil production up 54.9%, and average prices received surged significantly, boosting overall revenues by 143.2%.
PrimeEnergy Resources Corporation (NASDAQ: PNRG) reported a net income of
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