PrimeEnergy Corporation Announces First Quarter Results
PrimeEnergy Corporation (NASDAQ: PNRG) reported a net loss of $1,455,000 for Q1 2021, a substantial increase from a loss of $170,000 in Q1 2020.
Revenues dropped to $14,792,000, down from $26,108,000. Oil production decreased by 30.34% to 163,000 barrels, while gas sales fell by 29.10% to 665,000 Mcf.
Despite lower production volumes, the average price for oil rose by 24.25%, and gas prices surged by 177.03%, leading to an increase in gas revenue to $1,658,000, up 95.98% year-over-year.
- Gas revenue increased by 95.98% to $1,658,000.
- Average price received for gas rose by 177.03% to $2.49 per Mcf.
- Average price for oil increased by 24.25% to $56.87 per barrel.
- Natural gas liquids revenue rose by 40.39% to $1,745,000.
- Net loss widened to $1,455,000 from $170,000.
- Total revenues decreased by 43.59% from $26,108,000 to $14,792,000.
- Oil production dropped by 30.34% to 163,000 barrels.
- Gas sold decreased by 29.10% to 665,000 Mcf.
- Natural gas liquids sold fell by 32.28% to 86,000 barrels.
PrimeEnergy Corporation (NASDAQ: PNRG) announced today the following unaudited results for the quarters ended March 31, 2021 and 2020:
Three Months Ended March 31, |
||||||||
|
2021 |
|
2020 |
|||||
Revenues (In 000’s) |
$ |
14,792 |
|
$ |
26,108 |
|
||
Net Loss (In 000’s) |
$ |
(1,455 |
) |
$ |
(170 |
) |
||
Earnings per Common Share: |
|
|
||||||
Basic |
$ |
(0.73 |
) |
$ |
(0.09 |
) |
||
Diluted |
$ |
(0.73 |
) |
$ |
(0.09 |
) |
||
Shares Used in Calculation of: |
|
|
||||||
Basic EPS |
|
1,994,197 |
|
|
1,995,174 |
|
||
Diluted EPS |
|
1,994,197 |
|
|
1,995,174 |
|
||
Total assets at March 31, 2021 were
Oil and natural gas production and the average prices received (excluding gains and losses from derivatives) for the three months ended March 31, 2021 and 2020 were as follows:
|
|
|
Three Months Ended March 31, |
||||||||||
|
2021 |
|
2020 |
|
Increase / (Decrease) |
|
Increase / (Decrease) |
||||||
|
|
|
|
|
|||||||||
Barrels of Oil Produced |
|
163,000 |
|
234,000 |
|
(71,000 |
) |
(30.34 |
)% |
||||
Average Price Received |
$ |
56.87 |
$ |
45.77 |
$ |
11.10 |
|
24.25 |
% |
||||
Oil Revenue (In 000’s) |
$ |
9,270 |
$ |
10,711 |
$ |
(1,441 |
) |
(13.45 |
)% |
||||
Mcf of Gas Sold |
|
665,000 |
|
938,000 |
|
(273,000 |
) |
(29.10 |
)% |
||||
Average Price Received |
$ |
2.49 |
$ |
0.90 |
$ |
1.59 |
|
177.03 |
% |
||||
Gas Revenue (In 000’s) |
$ |
1,658 |
$ |
846 |
$ |
812 |
|
95.98 |
% |
||||
Barrels of Natural Gas Liquids Sold |
|
86,000 |
|
127,000 |
|
(41,000 |
) |
(32.28 |
)% |
||||
Average Price Received |
$ |
20.29 |
$ |
9.79 |
$ |
10.50 |
|
107.26 |
% |
||||
Natural Gas Liquids Revenue (In 000’s) |
$ |
1,745 |
$ |
1,243 |
$ |
502 |
|
40.39 |
% |
||||
Total Oil & Gas Revenue (In 000’s) |
$ |
12,673 |
$ |
12,800 |
$ |
(127 |
) |
(0.99 |
)% |
||||
PrimeEnergy is an independent oil and natural gas company actively engaged in acquiring, developing and producing oil and natural gas, and providing oilfield services, primarily in Texas and Oklahoma. The Company’s common stock is traded on the Nasdaq Stock Market under the symbol PNRG. If you have any questions on this release, please contact Connie Ng at (713) 735-0000 ext 6416.
Forward-Looking Statements
This Report contains forward-looking statements that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes", "projects" and "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and are subject to the safe harbors created thereby. These statements are not guarantees of future performance and involve risks and uncertainties and are based on a number of assumptions that could ultimately prove inaccurate and, therefore, there can be no assurance that they will prove to be accurate. Actual results and outcomes may vary materially from what is expressed or forecast in such statements due to various risks and uncertainties. These risks and uncertainties include, among other things, the possibility of drilling cost overruns and technical difficulties, volatility of oil and gas prices, competition, risks inherent in the Company's oil and gas operations, the inexact nature of interpretation of seismic and other geological and geophysical data, imprecision of reserve estimates, and the Company's ability to replace and expand oil and gas reserves. Accordingly, stockholders and potential investors are cautioned that certain events or circumstances could cause actual results to differ materially from those projected.
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FAQ
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