PrimeEnergy Resources Corporation (PNRG) Announces Second Quarter Results
HOUSTON, Aug. 14, 2024 (GLOBE NEWSWIRE) -- PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today net income of $19.73 million for the quarter, and $31.05 million for the six months, ended June 30, 2024. This represents $7.77 and $12.16 per share, on a fully diluted basis, for the three and six months ended June 30, 2024. As of August 14, 2024, the total outstanding shares including outstanding options are 2,519,271.
"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 $85 million to $115 million with $105 million of availability as of August 14, 2024," said Beverly Cummings, Vice President and CFO of PrimeEnergy.
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 | 133.99% | ||||
| Natural gas production (Mcf) | 1,729,000 | 884,456 | 844,544 | 95.49% | ||||
| Natural gas liquids production (barrels) | 274,000 | 145,659 | 128,341 | 88.11% |
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 | 129.62% | ||||
| Natural gas production (Mcf) | 2,886,000 | 1,685,540 | 1,200,460 | 71.22% | ||||
| Natural gas liquids production (barrels) | 480,000 | 251,484 | 228,516 | 90.87% |
| 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 $334,761,000 compared to $288,568,000 at December 31, 2023.
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.
