PrimeEnergy Resources Corporation Announces Third Quarter Unaudited Results

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PrimeEnergy Resources Corporation (NASDAQ: PNRG) Announces Strong Q3 2023 Results with Increased Production and Revenue. The company reported a rise in oil and gas production but a decrease in average prices received. Total assets increased to $253,575,000, and the borrowing base remained at $65 million with no outstanding borrowings under the Credit Facility. The fully diluted shares outstanding are 2,588,076, and 80,424 shares have been retired at an average price of $92.54 during 2023.

HOUSTON--(BUSINESS WIRE)-- PrimeEnergy Resources Corporation (NASDAQ: PNRG) announces third quarter unaudited results for the periods ended September 30, 2023 and 2022.

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three and nine months ended September 30, 2023, and 2022 were as follows:

		Three Months Ended September 30,
		2023			2022			Increase / (Decrease)
Barrels of Oil Produced			323,188			244,500			78,688
Average Price Received		$	81.69		$	95.72		$	(14.03	)
Oil Revenue (In 000’s)		$	26,402		$	23,403		$	2,999
Mcf of Gas Sold			1,080,588			879,800			200,788
Average Price Received		$	2.29		$	7.23		$	(4.94	)
Gas Revenue (In 000’s)		$	2,472		$	6,359		$	(3,887	)
Barrels of Natural Gas Liquids Sold			161,003			122,400			38,603
Average Price Received		$	19.56		$	34.35		$	(14.79	)
Natural Gas Liquids Revenue (In 000’s)		$	3,149		$	4,204		$	(1,055	)
Total Oil & Gas Revenue (In 000’s)		$	32,023		$	33,966		$	(1,943	)

		Nine Months Ended September 30,
		2023			2022			Increase / (Decrease)
Barrels of Oil Produced			813,561			752,500			61,061
Average Price Received		$	76.14		$	100.39		$	(24.25	)
Oil Revenue (In 000’s)		$	61,948		$	75,546		$	(13,598	)
Mcf of Gas Sold			2,766,128			2,456,800			309,328
Average Price Received		$	1.97		$	6.01		$	(4.04	)
Gas Revenue (In 000’s)		$	5,452		$	14,762		$	(9,310	)
Barrels of Natural Gas Liquids Sold			412,487			332,400			80,087
Average Price Received		$	20.18		$	37.54		$	(17.36	)
Natural Gas Liquids Revenue (In 000’s)		$	8,323		$	12,477		$	(4,154	)
Total Oil & Gas Revenue (In 000’s)		$	75,723		$	102,785		$	(27,062	)

		Three Months Ended September 30,						Nine Months Ended September 30,
		2023			2022			2023			2022
Revenues		$	35,360,000		$	39,651,000		$	87,617,000		$	101,738,000
Net Income		$	10,720,000		$	13,154,000		$	22,220,000		$	35,279,000
Earnings per Common Share:
Basic		$	5.84		$	6.79		$	11.95		$	17.95
Earnings per Common Share:
Diluted		$	4.13		$	4.88		$	8.49		$	12.96
Shares Used in Calculation of:
Basic EPS			1,834,709			1,937,091			1,859,084			1,965,334
Shares Used in Calculation of:
Diluted EPS			2,593,924			2,694,906			2,617,758			2,722,522

Total assets at September 30, 2023, were $253,575,000 compared to $247,137,000 at December 31, 2022. As of November 17, 2023, the Company’s borrowing base remained at $65 million with no outstanding borrowings under the Credit Facility. As of November 17, 2023 the fully diluted shares outstanding are 2,588,076. We have retired 80,424 shares at an average price of $92.54 during 2023.

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. 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/20231117747835/en/

Connie Ng, (713) 735-0000 ext 6416

Source: PrimeEnergy Resources Corporation

FAQ

What is the ticker symbol of PrimeEnergy Resources Corporation?

The ticker symbol of PrimeEnergy Resources Corporation is PNRG.

Where is PrimeEnergy Resources Corporation traded?

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

What were the total assets at the end of September 30, 2023?

The total assets at September 30, 2023, were $253,575,000 compared to $247,137,000 at December 31, 2022.

What is the borrowing base of PrimeEnergy Resources Corporation?

As of November 17, 2023, the Company’s borrowing base remained at $65 million with no outstanding borrowings under the Credit Facility.

What are the fully diluted shares outstanding for PrimeEnergy Resources Corporation?

As of November 17, 2023, the fully diluted shares outstanding are 2,588,076.