PrimeEnergy Resources Corporation (PNRG) Announces Second Quarter Results
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 (NASDAQ: PNRG) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. L'azienda ha annunciato un utile netto di 19,73 milioni di dollari per il trimestre e 31,05 milioni di dollari per il primo semestre del 2024. Gli utili per azione hanno raggiunto 7,77 e 12,16 dollari su base totalmente diluita per i tre e sei mesi terminati il 30 giugno 2024, rispettivamente.
PNRG ha registrato una crescita significativa dei volumi di produzione in tutte le categorie. La produzione di petrolio è aumentata del 133,99%, quella di gas naturale del 95,49% e quella dei liquidi di gas naturale dell'88,11% rispetto al secondo trimestre del 2023. L'azienda ha aggiunto produzione da 21 nuovi pozzi e ha 19 pozzi aggiuntivi in diverse fasi di sviluppo. La linea di credito revolving di PNRG è stata aumentata da 85 milioni a 115 milioni di dollari, con 105 milioni disponibili al 14 agosto 2024.
PrimeEnergy Resources (NASDAQ: PNRG) reportó resultados financieros sólidos para el segundo trimestre de 2024. La empresa anunció un ingreso neto de 19,73 millones de dólares para el trimestre y 31,05 millones de dólares para la primera mitad de 2024. Las ganancias por acción alcanzaron 7,77 y 12,16 dólares sobre una base totalmente diluida para los tres y seis meses que terminaron el 30 de junio de 2024, respectivamente.
PNRG experimentó un crecimiento significativo en los volúmenes de producción en todas las categorías. La producción de petróleo aumentó 133,99%, la de gas natural 95,49% y la de líquidos de gas natural 88,11% en comparación con el segundo trimestre de 2023. La empresa añadió producción de 21 nuevos pozos y tiene 19 pozos adicionales en varias etapas de desarrollo. La línea de crédito rotativa de PNRG se incrementó de 85 millones a 115 millones de dólares, con 105 millones disponibles al 14 de agosto de 2024.
프라임에너지 리소스 (NASDAQ: PNRG)는 2024년 2분기에 강력한 재무 결과를 보고했습니다. 회사는 19.73 백만 달러의 순이익을 분기별로 발표했으며, 2024년 상반기에는 31.05 백만 달러를 기록했습니다. 주당 순이익이 각기 7.77 달러 및 12.16 달러로, 2024년 6월 30일에 종료된 3개월 및 6개월 기준으로 전량 희석 기준으로 달성했습니다.
PNRG는 모든 카테고리에서 생산량의 상당한 성장을 경험했습니다. 원유 생산량은 133.99% 증가했으며, 천연가스는 95.49%, 천연가스 액체는 88.11% 증가했습니다. 이는 2023년 2분기 대비 증가한 수치입니다. 회사는 21개의 새로운 유정에서 생산을 추가했으며, 19개의 추가 유정이 다양한 개발 단계에 있습니다. PNRG의 회전 신용 한도는 8,500만 달러에서 1억 1,500만 달러로 늘어났으며, 2024년 8월 14일 기준으로 1억 5백만 달러가 사용 가능합니다.
PrimeEnergy Resources (NASDAQ: PNRG) a annoncé de solides résultats financiers pour le deuxième trimestre 2024. La société a annoncé un revenu net de 19,73 millions de dollars pour le trimestre et 31,05 millions de dollars pour le premier semestre 2024. Les bénéfices par action ont atteint 7,77 et 12,16 dollars sur une base entièrement diluée pour les trois et six mois se terminant le 30 juin 2024, respectivement.
PNRG a connu une croissance significative des volumes de production dans toutes les catégories. La production de pétrole a augmenté de 133,99%, celle de gaz naturel de 95,49% et celle des liquides de gaz naturel de 88,11% par rapport au deuxième trimestre 2023. L'entreprise a ajouté de la production en provenance de 21 nouveaux puits et compte 19 puits supplémentaires à divers stades de développement. La ligne de crédit renouvelable de PNRG a été augmentée de 85 millions à 115 millions de dollars, avec 105 millions de dollars disponibles au 14 août 2024.
PrimeEnergy Resources (NASDAQ: PNRG) hat starke Finanzergebnisse für das zweite Quartal 2024 gemeldet. Das Unternehmen gab einen Nettogewinn von 19,73 Millionen Dollar für das Quartal und 31,05 Millionen Dollar für die erste Hälfte des Jahres 2024 bekannt. Der Gewinn pro Aktie betrug 7,77 und 12,16 Dollar auf voll verwässerter Basis für die drei und sechs Monate bis zum 30. Juni 2024, jeweils.
PNRG verzeichnete ein signifikantes Wachstum bei den Produktionsmengen in allen Kategorien. Die Ölproduktion stieg um 133,99%, die Erdgasproduktion um 95,49% und die Produktion von Erdgasflüssigkeiten um 88,11% im Vergleich zum zweiten Quartal 2023. Das Unternehmen hat die Produktion aus 21 neuen Brunnen hinzugefügt und hat 19 weitere Brunnen in verschiedenen Entwicklungsstadien. Der revolvierende Kreditrahmen von PNRG wurde von 85 Millionen auf 115 Millionen Dollar erhöht, wobei am 14. August 2024 105 Millionen Dollar verfügbar waren.
- Net income increased to $19.73 million for Q2 2024, up from $10.09 million in Q2 2023
- Diluted EPS grew to $7.77 in Q2 2024 from $3.82 in Q2 2023
- Oil production volumes increased by 133.99% compared to Q2 2023
- Natural gas production volumes rose by 95.49% year-over-year
- Revenues for Q2 2024 reached $64.83 million, up from $35.72 million in Q2 2023
- Total assets increased to $334.76 million as of June 30, 2024, from $288.57 million at the end of 2023
- Revolving line of credit increased from $85 million to $115 million
- None.
Insights
PrimeEnergy Resources 's Q2 2024 results demonstrate strong financial performance and significant growth. Net income reached
The expanded credit line from
PrimeEnergy's Q2 results reveal impressive operational achievements in the oil and gas sector. The company's production growth is noteworthy, with oil output more than doubling year-over-year. This surge in production, coupled with the addition of 21 new wells and 19 more in progress, indicates aggressive expansion of their asset base.
The collaboration with industry leaders like Apache and Pioneer Natural Resources for drilling activities suggests strategic partnerships that could enhance operational efficiency and market position. The planned additional drilling in H2 2024 signals continued momentum in production growth.
However, investors should monitor how sustainable this growth rate is, considering potential challenges such as price volatility in the energy market and environmental regulations that could impact future operations and profitability.
HOUSTON, Aug. 14, 2024 (GLOBE NEWSWIRE) -- PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today net income of
"During the second quarter of 2024, the Company added the first production from 21 new wells and currently has 19 additional wells in various stages of drilling and completion activities with DE IV Operating LLC., Apache Corporation and Pioneer Natural Resources. The development plan includes the drilling of additional wells during the second half of 2024
The Company's revolving line of credit was increased from
Oil and gas production volumes for the three months ended June 30, 2024 and 2023:
| 2024 | 2023 | Increase | Increase | |||||
| Oil production (barrels) | 695,000 | 297,022 | 397,978 | |||||
| Natural gas production (Mcf) | 1,729,000 | 884,456 | 844,544 | |||||
| Natural gas liquids production (barrels) | 274,000 | 145,659 | 128,341 |
Oil and gas production volumes for the six months ended June 30, 2024 and 2023:
| 2024 | 2023 | Increase | Increase | |||||
| Oil production (barrels) | 1,126,000 | 490,373 | 635,627 | |||||
| Natural gas production (Mcf) | 2,886,000 | 1,685,540 | 1,200,460 | |||||
| Natural gas liquids production (barrels) | 480,000 | 251,484 | 228,516 |
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
Revenues | $ | 64,825,000 | $ | 35,719,000 | $ | 107,815,000 | $ | 58,534,000 | ||||
| Net Income | $ | 19,732,000 | $ | 10,090,000 | $ | 31,051,000 | $ | 11,500,000 | ||||
| Earnings per Common Share: | ||||||||||||
| Basic | $ | 11.08 | $ | 5.35 | $ | 17.31 | $ | 6.14 | ||||
| Diluted | $ | 7.77 | $ | 3.82 | $ | 12.16 | $ | 4.37 | ||||
| Shares Used in Calculation of: | ||||||||||||
| Basic EPS | 1,780,583 | 1,885,684 | 1,783,640 | 1,871,474 | ||||||||
| Basic | 2,540,322 | 2,643,952 | 2,553,147 | 2,629,771 | ||||||||
Total assets at June 30, 2024, were
PrimeEnergy Resources Corporation 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.
FAQ
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