PrimeEnergy Resources Corporation Announces Second Quarter Results
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%.
- Revenues increased by 143.2% year-over-year, reaching $68.1 million.
- Net income for H1 2022 was $22.1 million, a turnaround from a loss of $3.9 million in H1 2021.
- Basic EPS reached $5.57 for Q2 2022 compared to a loss of $1.20 in Q2 2021.
- Oil production increased by 54.9% in the first half of 2022.
- Company returned $4.5 million to shareholders through share repurchases.
- Gas production increased only by 9.1%, indicating slower growth compared to oil production.
|
Three Months Ended |
|
Six Months Ended |
|||||||||||
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
||||
Revenues |
$ |
35.7 |
$ |
13.7 |
|
$ |
61.9 |
$ |
28.6 |
|
||||
Net Income (loss) |
$ |
11.0 |
$ |
(2.4 |
) |
$ |
22.1 |
$ |
(3.9 |
) |
||||
Earnings per Common Share: |
|
|
|
|||||||||||
Basic |
$ |
5.57 |
$ |
(1.20 |
) |
$ |
11.18 |
$ |
(1.93 |
) |
||||
Diluted |
$ |
4.02 |
$ |
(1.20 |
) |
$ |
8.08 |
$ |
(1.93 |
) |
||||
Shares Used in Calculation of: |
||||||||||||||
Basic EPS |
1,972,979 |
1,994,177 |
1,979,690 |
1,994,177 |
||||||||||
Diluted EPS |
2,730,164 |
1,994,177 |
2,736,569 |
1,994,177 |
||||||||||
During
Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three and six months ended
|
Six months ended |
||||||||||
|
|
2022 |
|
2021 |
Increase /
|
Increase /
|
|||||
Barrels of Oil Produced |
|
508,000 |
|
328,000 |
|
180,000 |
54.9 |
% |
|||
Average Price Received |
$ |
102.64 |
$ |
60.77 |
$ |
41.87 |
68.9 |
% |
|||
Oil Revenue (In millions) |
$ |
52.1 |
$ |
19.9 |
$ |
32.2 |
161.8 |
% |
|||
|
|
|
|
|
|||||||
Mcf of Gas Sold |
|
1,577,000 |
|
1,445000 |
|
132,000 |
9.1 |
% |
|||
Average Price Received |
$ |
5.35 |
$ |
2.73 |
$ |
2.62 |
96.0 |
% |
|||
Gas Revenue (In millions) |
$ |
8.4 |
$ |
3.9 |
$ |
4.5 |
115.4 |
% |
|||
|
|
|
|
|
|||||||
Barrels of Natural Gas Liquids Sold |
|
210,000 |
|
195,000 |
|
15,000 |
7.7 |
% |
|||
Average Price Received |
$ |
39.40 |
$ |
21.28 |
$ |
18.12 |
85.2 |
% |
|||
Natural Gas Liquids Revenue (In millions) |
$ |
8.2 |
$ |
4.1 |
$ |
4.1 |
100 |
% |
|||
|
|
|
|
|
|||||||
Total Oil & Gas Revenue (In millions) |
$ |
68.1 |
$ |
28.0 |
$ |
40.1 |
143.2 |
% |
|||
|
Three months ended |
|||||||||||
|
|
2022 |
|
2021 |
Increase /
|
Increase /
|
||||||
Barrels of Oil Produced |
|
235,000 |
|
165,000 |
|
70,000 |
|
42.4 |
% |
|||
Average Price Received |
$ |
109.95 |
$ |
64.63 |
$ |
45.32 |
|
70.1 |
% |
|||
Oil Revenue (In millions) |
$ |
25.8 |
$ |
10.6 |
$ |
15.2 |
|
143.4 |
% |
|||
|
|
|
|
|
||||||||
Mcf of Gas Sold |
|
800,000 |
|
780,000 |
|
20,000 |
|
2.6 |
% |
|||
Average Price Received |
$ |
5.86 |
$ |
2.94 |
$ |
2.92 |
|
99.3 |
% |
|||
Gas Revenue (In millions) |
$ |
4.6 |
$ |
2.2 |
$ |
2.4 |
|
109.1 |
% |
|||
|
|
|
|
|
||||||||
Barrels of Natural Gas Liquids Sold |
|
106,000 |
|
109,000 |
|
(3,000 |
) |
(2.8 |
)% |
|||
Average Price Received |
$ |
41.72 |
$ |
22.06 |
$ |
19.6 |
|
128.1 |
% |
|||
Natural Gas Liquids Revenue (In millions) |
$ |
4.4 |
$ |
2.4 |
$ |
2.0 |
|
83.9 |
% |
|||
|
|
|
|
|
||||||||
Total Oil & Gas Revenue (In millions) |
$ |
34.9 |
$ |
15.3 |
$ |
19.6 |
|
127.3 |
% |
|||
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/20220818005756/en/
Source:
FAQ
What were PrimeEnergy Resources Corporation's revenues for Q2 2022?
How much did PrimeEnergy's net income increase in the first half of 2022?
What is the earnings per share for PNRG for Q2 2022?
How did oil production change for PrimeEnergy in H1 2022?
What is the total oil and gas revenue reported by PrimeEnergy for H1 2022?
