PrimeEnergy Resources Corporation Announces Second Quarter Results

Rhea-AI Summary

PrimeEnergy Resources Corporation (NASDAQ: PNRG) reported net income of $10.0 million for the quarter and $11.5 million for the six months ended June 30, 2023. The company added first production from 18 wells completed in 2023 and has 7 additional wells in various stages of completion activities. The development plan includes drilling additional wells during the second half of 2023. Oil and natural gas production and average prices received for the three and six months ended June 30, 2023, and 2022 were also disclosed.

HOUSTON--(BUSINESS WIRE)-- PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today net income of $10.0 million for the quarter, and $11.5 million for the six months, ended June 30, 2023. This represents $3.82 and $4.37 per share, on a fully diluted basis, for the three and six months ended June 30, 2023. As of August 14, 2023 the total outstanding shares including outstanding options are 2,602,800.

"During the second quarter of 2023, the Company added the first production from 18 wells completed in 2023 and currently has 7 additional wells in various stages of completion activities with ConocoPhillips Corporation and Apache Corporation. The development plan includes the drilling of additional wells during the second half of 2023. The Company's revolving line of credit was increased from $60 million to $65 million and is totally undrawn as of August 14, 2023," said Beverly Cummings, Vice President and CFO of PrimeEnergy.

Oil and natural gas production and the average prices received for the three and six months ended June 30, 2023, and 2022 were as follows:

Three Months Ended June 30
		2023			2022			Increase / (Decrease)
Barrels of Oil Produced			297,022			235,000			62,022
Average Price Received		$	70.59		$	109.95		$	(39.36)
Oil Revenue (In 000’s)		$	20,968		$	25,838		$	(4,870)
Mcf of Gas Sold			884,456			800,000			84,456
Average Price Received		$	1.39		$	5.86		$	(4.47)
Gas Revenue (In 000’s)		$	1,228		$	4,657		$	(3,429)
Barrels of Natural Gas Liquids Sold			145,659			106,000			39,659
Average Price Received		$	19.09		$	41.72		$	(22.63)
Natural Gas Liquids Revenue (In 000’s)		$	2,780		$	4,422		$	(1,642)
Total Oil & Gas Revenue (In 000’s)		$	24,976		$	34,917		$	(9,941)

Six Months Ended June 30
		2023			2022			Increase / (Decrease)
Barrels of Oil Produced			490,373			165,000			(17,627)
Average Price Received		$	72.49		$	104		$	(30.15)
Oil Revenue (In 000’s)		$	35,546		$	52,143		$	(16,597)
Mcf of Gas Sold			1,685,540			1,577,000			108,540
Average Price Received		$	1.77		$	5.35		$	(3.58)
Gas Revenue (In 000’s)		$	2,980		$	8,403		$	(5,423)
Barrels of Natural Gas Liquids Sold			251,484			210,000			41,484
Average Price Received		$	20.57		$	39.40		$	(18.83)
Natural Gas Liquids Revenue (In 000’s)		$	5,174		$	8,273		$	(3,099)
Total Oil & Gas Revenue (In 000’s)		$	43,700		$	68,819		$	(25,119)

		Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Revenues		$	29,607,000		$	35,492,000		$	52,257,000		$	61,423,000
Net Income		$	10,090,000		$	10,983,000		$	11,500,000		$	22,125,000
Earnings per Common Share:
Basic		$	5.35		$	5.57		$	6.14		$	11.18
Diluted		$	3.82		$	4.02		$	4.37		$	8.08
Shares Used in Calculation of:
Basic EPS			1,885,684			1,972,979			1,871,474			1,979,690
Basic			2,643,952			2,730,164			2,629,771			2,736,569

Total assets at June 30, 2023 were $243,752,000 compared to $247,137,000 at December 31, 2022.

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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230814036759/en/

Connie Ng

(713) 735-0000 ext 6416

Source: PrimeEnergy Resources Corporation

FAQ

What is PrimeEnergy Resources Corporation's stock symbol?

PrimeEnergy Resources Corporation's stock is traded on the Nasdaq Stock Market under the symbol PNRG.

What is PrimeEnergy Resources Corporation's net income for the quarter and six months ended June 30, 2023?

PrimeEnergy Resources Corporation reported net income of $10.0 million for the quarter and $11.5 million for the six months ended June 30, 2023.

What are the key financial figures for PrimeEnergy Resources Corporation's oil and gas production?

The key financial figures for PrimeEnergy Resources Corporation's oil and gas production include barrels of oil produced, average price received, oil revenue, Mcf of gas sold, gas revenue, barrels of natural gas liquids sold, and natural gas liquids revenue for the three and six months ended June 30, 2023, and 2022.

Where is PrimeEnergy Resources Corporation primarily engaged in oil and gas activities?

PrimeEnergy Resources Corporation is primarily engaged in acquiring, developing, and producing oil and natural gas, and providing oilfield services, primarily in Texas and Oklahoma.