PrimeEnergy Resources Corporation (PNRG) Announces Yearend Production and Financial Results

Rhea-AI Summary

PrimeEnergy Resources Corporation (NASDAQ: PNRG) reported significant financial growth for the year ended December 31, 2022. Revenues increased to $125.1 million, up from $72.5 million in 2021, marking a 73.42% rise. Net income surged to $48.7 million compared to $2.1 million in the prior year. Basic earnings per share (EPS) rose to $24.91 against $1.05, while diluted EPS reached $17.95, compared to $0.76 in 2021. Oil production volumes increased by 27.24% to 939,000 barrels, and the average price received for oil rose to $96.70 per barrel from $68.39. Proved reserves as of December 31, 2022, were 16.7 million barrels of oil equivalent. The company maintains a $60 million credit facility, which remains unused as of April 14, 2023.

Positive

• Revenues increased to $125.1 million, a 73.42% rise from $72.5 million in 2021.
• Net income surged to $48.7 million compared to $2.1 million in 2021.
• Basic EPS rose to $24.91, up from $1.05.
• Diluted EPS reached $17.95, compared to $0.76 in the previous year.
• Oil production increased by 27.24% to 939,000 barrels.
• Average price received for oil rose to $96.70 from $68.39.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- PrimeEnergy Resources Corporation (NASDAQ: PNRG):

	Year Ended December 31,
	2022			2021			Increase / (Decrease)
Revenues (In 000’s)	$	125,087		$	72,458		$	52,629
Net Income (In 000’s)	$	48,664		$	2,098		$	46,566
Earnings per Common Share:
Basic	$	24.91		$	1.05		$	23.86
Diluted	$	17.95		$	0.76		$	17.19
Shares Used in Calculation of:
Basic EPS		1,953,916			1,992,077
Diluted EPS		2,711,170			2,744,162

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the years ended December 31, 2022 and 2021, were as follows:

		Years ended December 31,								Increase / (Decrease)			Increase / (Decrease)
		2022				2021
Barrels of Oil Produced				939,000				738,000			201,000		27.24		%
Average Price Received		$		96.70		$		68.39		$	28.31		41.40		%
Oil Revenue (In 000’s)		$		90,803		$		50,474		$	40,329		79.90		%
Mcf of Gas Sold				3,325,000				3,236,000			89,000		2.75		%
Average Price Received		$		5.54		$		3.53		$	2.01		57.00		%
Gas Revenue (In 000’s)		$		18,428		$		11,432		$	6,996		1.20		%
Barrels of Natural Gas Liquids Sold				417,000				416,000			1,000		0.24		%
Average Price Received		$		35.70		$		26.97		$	8.73		32.37		%
Natural Gas Liquids Revenue (In 000’s).		$		14,887		$		11,220		$	3,667		32.68		%
Total Oil & Gas Revenue (In 000’s)		$		124,118		$		73,126		$	50,992		69.73		%

Proved reserves at December 31, 2022, were 7,171,000 barrels of oil, 4,330,000 barrels of natural gas liquids, and 31,307,000 thousand cubic feet of natural gas; or 16,719,000 barrels of oil equivalents.

Our current bank facility provides for a credit line of $60 million. As of April 14, 2023, it was totally unused.

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/20230414005460/en/

PrimeEnergy Resources Corporation

(713) 735-0000

FAX (713) 735-0090

Source: PrimeEnergy Resources Corporation

FAQ

What were PrimeEnergy Resources Corporation's revenues for 2022?

PrimeEnergy Resources Corporation reported revenues of $125.1 million for the year ended December 31, 2022.

How much did PrimeEnergy's net income increase in 2022?

Net income for PrimeEnergy Resources Corporation increased to $48.7 million in 2022, up from $2.1 million in 2021.

What is the EPS for PrimeEnergy Resources Corporation in 2022?

The basic earnings per share (EPS) for PrimeEnergy was $24.91, and diluted EPS was $17.95 for the year ended December 31, 2022.

How much oil did PrimeEnergy produce in 2022?

PrimeEnergy Resources Corporation produced 939,000 barrels of oil in 2022, representing a 27.24% increase from the previous year.

What was the average price received for oil by PrimeEnergy in 2022?

The average price received for oil by PrimeEnergy Resources Corporation was $96.70 per barrel in 2022.

What are the proved reserves for PrimeEnergy Resources as of December 31, 2022?

As of December 31, 2022, PrimeEnergy Resources Corporation had proved reserves of 16.7 million barrels of oil equivalent.