PrimeEnergy Resources Corporation (PNRG) Announces Yearend Production and Financial Results
PrimeEnergy Resources (PNRG) reported substantial growth in its yearend 2024 financial results. Total oil and gas revenue surged 107.01% to $223,042,000, driven by significant production increases across all segments. Oil production rose 123.43% to 2,556,000 barrels, while natural gas sales increased 88.18% to 7,766,000 Mcf.
The company's net income doubled to $55,404,000, with basic earnings per share reaching $31.43, up from $15.19 in 2023. Total revenues climbed to $237,796,000, marking a $104,986,000 increase from the previous year. As of December 31, 2024, proved reserves stood at 10,609 barrels of oil, 8,267 barrels of natural gas liquids, and 45,815 MMcf of natural gas.
PrimeEnergy Resources (PNRG) ha registrato una crescita significativa nei risultati finanziari di fine anno 2024. I ricavi totali da petrolio e gas sono aumentati del 107,01%, raggiungendo 223.042.000 dollari, grazie a un incremento sostanziale della produzione in tutti i settori. La produzione di petrolio è cresciuta del 123,43%, arrivando a 2.556.000 barili, mentre le vendite di gas naturale sono aumentate dell'88,18%, toccando 7.766.000 Mcf.
Il reddito netto dell'azienda è raddoppiato, raggiungendo 55.404.000 dollari, con un utile base per azione di 31,43 dollari, rispetto ai 15,19 del 2023. I ricavi totali sono saliti a 237.796.000 dollari, con un incremento di 104.986.000 dollari rispetto all'anno precedente. Al 31 dicembre 2024, le riserve accertate ammontavano a 10.609 barili di petrolio, 8.267 barili di liquidi di gas naturale e 45.815 MMcf di gas naturale.
PrimeEnergy Resources (PNRG) reportó un crecimiento sustancial en sus resultados financieros de fin de año 2024. Los ingresos totales por petróleo y gas aumentaron un 107,01% hasta 223.042.000 dólares, impulsados por incrementos significativos en la producción en todos los segmentos. La producción de petróleo creció un 123,43% hasta 2.556.000 barriles, mientras que las ventas de gas natural aumentaron un 88,18% hasta 7.766.000 Mcf.
El ingreso neto de la empresa se duplicó a 55.404.000 dólares, con ganancias básicas por acción de 31,43 dólares, frente a los 15,19 de 2023. Los ingresos totales subieron a 237.796.000 dólares, lo que representa un aumento de 104.986.000 dólares respecto al año anterior. Al 31 de diciembre de 2024, las reservas probadas eran de 10.609 barriles de petróleo, 8.267 barriles de líquidos de gas natural y 45.815 MMcf de gas natural.
PrimeEnergy Resources (PNRG)는 2024년 연말 재무 실적에서 상당한 성장을 보고했습니다. 총 석유 및 가스 매출은 전 부문에서의 생산 증가에 힘입어 107.01% 증가한 2억 2,304만 2,000달러를 기록했습니다. 석유 생산량은 123.43% 증가한 255만 6,000배럴을, 천연가스 판매량은 88.18% 증가한 776만 6,000 Mcf를 기록했습니다.
회사의 순이익은 두 배로 늘어난 5,540만 4,000달러를 기록했으며, 기본 주당순이익은 2023년 15.19달러에서 31.43달러로 증가했습니다. 총 매출은 2억 3,779만 6,000달러로 전년 대비 1억 498만 6,000달러 증가했습니다. 2024년 12월 31일 기준으로 입증된 매장량은 석유 10,609배럴, 천연가스 액체 8,267배럴, 천연가스 45,815 MMcf였습니다.
PrimeEnergy Resources (PNRG) a annoncé une croissance substantielle dans ses résultats financiers de fin d'année 2024. Les revenus totaux du pétrole et du gaz ont bondi de 107,01 % pour atteindre 223 042 000 dollars, grâce à une augmentation significative de la production dans tous les segments. La production de pétrole a augmenté de 123,43 % pour atteindre 2 556 000 barils, tandis que les ventes de gaz naturel ont progressé de 88,18 % à 7 766 000 Mcf.
Le revenu net de l'entreprise a doublé pour atteindre 55 404 000 dollars, avec un bénéfice de base par action de 31,43 dollars, contre 15,19 dollars en 2023. Les revenus totaux ont grimpé à 237 796 000 dollars, soit une augmentation de 104 986 000 dollars par rapport à l'année précédente. Au 31 décembre 2024, les réserves prouvées s'élevaient à 10 609 barils de pétrole, 8 267 barils de liquides de gaz naturel et 45 815 MMcf de gaz naturel.
PrimeEnergy Resources (PNRG) verzeichnete ein erhebliches Wachstum in seinen Finanzergebnissen zum Jahresende 2024. Die gesamten Einnahmen aus Öl und Gas stiegen um 107,01 % auf 223.042.000 US-Dollar, angetrieben durch deutliche Produktionssteigerungen in allen Segmenten. Die Ölproduktion erhöhte sich um 123,43 % auf 2.556.000 Barrel, während der Verkauf von Erdgas um 88,18 % auf 7.766.000 Mcf zunahm.
Der Nettoertrag des Unternehmens verdoppelte sich auf 55.404.000 US-Dollar, mit einem Basisgewinn je Aktie von 31,43 US-Dollar gegenüber 15,19 US-Dollar im Jahr 2023. Die Gesamteinnahmen stiegen auf 237.796.000 US-Dollar, was eine Steigerung von 104.986.000 US-Dollar gegenüber dem Vorjahr bedeutet. Zum 31. Dezember 2024 beliefen sich die nachgewiesenen Reserven auf 10.609 Barrel Öl, 8.267 Barrel Erdgasflüssigkeiten und 45.815 MMcf Erdgas.
- Net income doubled to $55.4 million in 2024
- Oil production increased 123.43% to 2.56 million barrels
- Total revenue grew 107.01% to $223 million
- Basic EPS more than doubled to $31.43 from $15.19
- Natural gas price received declined 77.60% to $0.43 per Mcf
- Oil price decreased 1.35% to $75.80 per barrel
- Gas revenue dropped 58.30% to $3.3 million
Insights
PrimeEnergy's 2024 financial results demonstrate remarkable operational growth with substantial production increases driving significant financial improvements. The company achieved a
The company's net income doubled to
While natural gas faced significant headwinds with average prices falling
The composition of revenue is heavily weighted toward oil (
PrimeEnergy's operational execution in 2024 has been exemplary, with production volumes more than doubling across all three hydrocarbon streams. This volume-centric growth strategy has proven highly effective in an environment of volatile commodity prices, particularly in natural gas where prices collapsed by
The company's ability to increase oil production by
Despite the significant natural gas price headwind, PrimeEnergy's strategic focus on oil (which constitutes
This operational transformation has created substantial shareholder value, evidenced by the doubling of both basic and diluted earnings per share. For a smaller independent producer to achieve such dramatic production growth while maintaining profitability represents exceptional operational execution in the upstream energy sector.
HOUSTON, April 15, 2025 (GLOBE NEWSWIRE) -- The following table summarizes the primary components of production volumes and average sales prices realized for the years ended December 31, 2024 and 2023 (excluding realized gains and losses from derivatives).
| Years ended December 31, | Increase / | Increase / | |||||||||||||||||
| 2024 | 2023 | (Decrease) | (Decrease) | ||||||||||||||||
| Barrels of Oil Produced | 2,556,000 | 1,144,000 | 1,412,000 | 123.43 | % | ||||||||||||||
| Average Price Received | $ | 75.80 | $ | 76.84 | $ | (1.04 | ) | (1.35 | ) | % | |||||||||
| Oil Revenue (In 000’s) | $ | 193,737 | $ | 87,906 | $ | 105,831 | 120.39 | % | |||||||||||
| Mcf of Gas Sold | 7,766,000 | 4,127,000 | 3,639,000 | 88.18 | % | ||||||||||||||
| Average Price Received | $ | 0.43 | $ | 1.92 | $ | (1.49 | ) | (77.60 | ) | % | |||||||||
| Gas Revenue (In 000’s) | $ | 3,309 | $ | 7,935 | $ | (4,626 | ) | (58.30 | ) | % | |||||||||
| Barrels of Natural Gas Liquids Sold | 1,284,000 | 606,000 | 678,000 | 111.88 | % | ||||||||||||||
| Average Price Received | $ | 20.25 | $ | 19.64 | $ | 0.61 | 3.11 | % | |||||||||||
| Natural Gas Liquids Revenue (In 000’s) | $ | 25,996 | $ | 11,901 | $ | 14,095 | 118.44 | % | |||||||||||
| Total Oil & Gas Revenue (In 000’s) | $ | 223,042 | $ | 107,742 | $ | 115,300 | 107.01 | % | |||||||||||
Proved reserves at December 31, 2024, were 10,609 barrels of oil, 8,267 barrels of natural gas liquids, and 45,815 MMcf of natural gas.
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | Increase / (Decrease) | |||||||||
| Revenues (In 000’s) | $ | 237,796 | $ | 132,810 | $ | 104,986 | |||||
| Net Income (In 000’s) | $ | 55,404 | $ | 28,103 | $ | 27,301 | |||||
| Earnings per Common Share: | |||||||||||
| Basic | $ | 31.43 | $ | 15.19 | $ | 16.24 | |||||
| Diluted | $ | 21.95 | $ | 10.77 | $ | 11.18 | |||||
| Shares Used in Calculation of: | |||||||||||
| Basic EPS | 1,762,644 | 1,849,780 | |||||||||
| Diluted EPS | 2,523,581 | 2,608,786 | |||||||||
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 extension 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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