PrimeEnergy Resources Corporation (PNRG) Announces third Quarter Results
PrimeEnergy Resources (NASDAQ: PNRG) reported strong financial results for Q3 2024, with net income of $22.1 million ($8.80 per diluted share) for the quarter and $53.1 million ($20.93 per diluted share) for the nine months ended September 30, 2024. The company demonstrated significant production growth across all segments, with oil production up 134.37%, natural gas up 98.41%, and natural gas liquids up 144.72% compared to Q3 2023. Revenues increased to $69.5 million in Q3 2024 from $37.6 million in Q3 2023. Total assets grew to $345.6 million as of September 30, 2024, compared to $288.6 million at the end of 2023.
PrimeEnergy Resources (NASDAQ: PNRG) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un utile netto di 22,1 milioni di dollari (8,80 dollari per azione diluita) per il trimestre e 53,1 milioni di dollari (20,93 dollari per azione diluita) per i nove mesi terminati il 30 settembre 2024. L'azienda ha dimostrato una significativa crescita della produzione in tutti i segmenti, con un incremento della produzione di petrolio del 134,37%, gas naturale del 98,41% e liquidi di gas naturale del 144,72% rispetto al terzo trimestre del 2023. I ricavi sono aumentati a 69,5 milioni di dollari nel terzo trimestre del 2024 rispetto ai 37,6 milioni di dollari nel terzo trimestre del 2023. Gli attivi totali sono cresciuti a 345,6 milioni di dollari al 30 settembre 2024, rispetto ai 288,6 milioni di dollari alla fine del 2023.
PrimeEnergy Resources (NASDAQ: PNRG) reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos netos de 22,1 millones de dólares (8,80 dólares por acción diluida) para el trimestre y 53,1 millones de dólares (20,93 dólares por acción diluida) para los nueve meses que terminaron el 30 de septiembre de 2024. La empresa mostró un crecimiento significativo en la producción en todos los segmentos, con la producción de petróleo aumentando un 134,37%, el gas natural un 98,41% y los líquidos de gas natural un 144,72% en comparación con el tercer trimestre de 2023. Los ingresos crecieron a 69,5 millones de dólares en el tercer trimestre de 2024 desde 37,6 millones de dólares en el tercer trimestre de 2023. Los activos totales crecieron a 345,6 millones de dólares al 30 de septiembre de 2024, en comparación con 288,6 millones de dólares a finales de 2023.
PrimeEnergy Resources (NASDAQ: PNRG)는 2024년 3분기에 2210만 달러의 순이익(주당 희석 기준 8.80달러)를 기록하며 강력한 재무 실적을 보고했습니다. 2024년 9월 30일까지의 9개월 동안 5310만 달러(주당 희석 기준 20.93달러)였습니다. 회사는 모든 부문에서 상당한 생산 성장을 보였으며, 석유 생산량은 134.37%, 천연 가스는 98.41%, 천연 가스 액체는 144.72% 증가했습니다. 2023년 3분기와 비교하여 2024년 3분기의 수익은 6950만 달러로 증가했으며, 2023년 3분기에는 3760만 달러였습니다. 총 자산은 2024년 9월 30일 현재 3억 4560만 달러로 증가했으며, 2023년 말 2억 8860만 달러였습니다.
PrimeEnergy Resources (NASDAQ: PNRG) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un revenu net de 22,1 millions de dollars (8,80 dollars par action diluée) pour le trimestre et 53,1 millions de dollars (20,93 dollars par action diluée) pour les neuf mois se terminant le 30 septembre 2024. L'entreprise a montré une croissance significative de la production dans tous les segments, avec une augmentation de la production de pétrole de 134,37 %, du gaz naturel de 98,41 % et des liquides de gaz naturel de 144,72 % par rapport au troisième trimestre 2023. Les revenus ont augmenté à 69,5 millions de dollars au troisième trimestre 2024, contre 37,6 millions de dollars au troisième trimestre 2023. Les actifs totaux ont atteint 345,6 millions de dollars au 30 septembre 2024, contre 288,6 millions de dollars à la fin de 2023.
PrimeEnergy Resources (NASDAQ: PNRG) berichtete über starke Finanzergebnisse für das 3. Quartal 2024, mit einem Nettoeinkommen von 22,1 Millionen Dollar (8,80 Dollar pro verwässerter Aktie) für das Quartal und 53,1 Millionen Dollar (20,93 Dollar pro verwässerter Aktie) für die neun Monate bis zum 30. September 2024. Das Unternehmen verzeichnete ein signifikantes Produktionswachstum in allen Segmenten, mit einem Anstieg der Ölproduktion um 134,37%, Erdgas um 98,41% und Erdgasflüssigkeiten um 144,72% im Vergleich zum 3. Quartal 2023. Die Einnahmen stiegen im 3. Quartal 2024 auf 69,5 Millionen Dollar im Vergleich zu 37,6 Millionen Dollar im 3. Quartal 2023. Die Gesamtkapitalien wuchsen zum 30. September 2024 auf 345,6 Millionen Dollar, verglichen mit 288,6 Millionen Dollar Ende 2023.
- Net income increased 106% YoY to $22.1 million in Q3 2024
- Revenue grew 84.8% YoY to $69.5 million in Q3 2024
- Oil production increased 134.37% YoY
- Natural gas production up 98.41% YoY
- Natural gas liquids production rose 144.72% YoY
- Total assets increased 19.8% to $345.6 million
- None.
Insights
Exceptional quarterly performance with net income surging by
The company's balance sheet strengthened significantly, with total assets increasing by
The substantial increase in production volumes, coupled with robust financial metrics, suggests effective capital allocation and operational excellence in their Texas operations. This performance positions PNRG well in the competitive energy sector.
HOUSTON, Nov. 14, 2024 (GLOBE NEWSWIRE) -- PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today net income of
Oil and gas production volumes for the three months ended September 30, 2024 and 2023:
| 2024 | 2023 | Increase | Increase | ||||||||||||
| Oil production (barrels) | 757,000 | 323,000 | 434,000 | 134.37 | % | ||||||||||
| Natural gas production (Mcf) | 2,144,000 | 1,081,000 | 1,063,000 | 98.41 | % | ||||||||||
| Natural gas liquids production (barrels) | 394,000 | 161,000 | 233,000 | 144.72 | % | ||||||||||
Oil and gas production volumes for the nine months ended September 30, 2024 and 2023:
| 2024 | 2023 | Increase | Increase | ||||||||||||
| Oil production (barrels) | 1,883,000 | 814,000 | 1,069,000 | 131.33 | % | ||||||||||
| Natural gas production (Mcf) | 5,030,000 | 2,766,000 | 2,264,000 | 81.85 | % | ||||||||||
| Natural gas liquids production (barrels) | 874,000 | 412,000 | 462,000 | 112.14 | % | ||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenues | $ | 69,455,000 | $ | 37,575,000 | $ | 177,270,000 | $ | 96,109,000 | |||||||
| Net Income | $ | 22,076,000 | $ | 10,720,000 | $ | 53,127,000 | $ | 22,220,000 | |||||||
| Earnings per Common Share: | |||||||||||||||
| Basic | $ | 12.63 | $ | 5.84 | $ | 29.88 | $ | 11.95 | |||||||
| Diluted | $ | 8.80 | $ | 4.13 | $ | 20.93 | $ | 8.49 | |||||||
| Shares Used in Calculation of: | |||||||||||||||
| Basic EPS | 1,747,727 | 1,834,709 | 1,778,224 | 1,859,084 | |||||||||||
| Basic | 2,508,631 | 2,593,924 | 2,538,268 | 2,617,758 | |||||||||||
Total assets at September 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
What was PrimeEnergy Resources (PNRG) Q3 2024 net income?
How much did PNRG's oil production increase in Q3 2024?
What were PNRG's total revenues for Q3 2024?
What was PNRG's total asset value as of September 30, 2024?
