PrimeEnergy Resources Corporation Announces First Quarter Results
May 20 2022 - 11:39AM
Business Wire
PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today
net income of $11.1 million, $5.62 per share, for the quarter ended
March 31, 2022. During the period cash flow from operations and the
sale of properties totaled $23.3 million and excess cash has been
used to reduce bank debt. Currently the Company has no borrowings
outstanding on its credit facility with $50 million of
availability. The borrowing base redetermination is scheduled for
June 2022 and the Company expects the availability to increase 50%
to approximately $75 million.
Oil and natural gas production and the average prices received
(excluding gains and losses from derivatives) for the three months
ended March 31, 2022 and 2021 were as follows:
Three Months Ended March
31,
2022
2021
Increase / (Decrease)
Increase / (Decrease)
Barrels of Oil Produced
273,000
163,000
110,000
67.48
%
Average Price Received
$
96.36
$
56.87
$
39.48
69.43
%
Oil Revenue (In 000’s)
$
26,305
$
9,270
$
17,035
183.76
%
Mcf of Gas Sold
777,000
665,000
112,000
16.84
%
Average Price Received
$
4.82
$
2.49
$
2.33
93.37
%
Gas Revenue (In 000’s)
$
3,746
$
1,658
$
2,088
125.93
%
Barrels of Natural Gas Liquids Sold
104,000
86,000
18,000
20.93
%
Average Price Received
$
37.03
$
20.29
$
16.74
82.40
%
Natural Gas Liquids Revenue (In 000’s)
$
3,851
$
1,745
$
2,106
120.69
%
Total Oil & Gas Revenue (In 000’s)
$
33,902
$
12,673
$
21,229
167.51
%
Three
Months Ended March 31,
2022
2021
Revenues (In 000’s)
$
26,213
$
13,004
Net Income (Loss) (In 000’s)
$
11,142
$
(1,455
)
Earnings per Common Share:
Basic
$
5.62
$
(0.73
)
Diluted
$
4.07
$
(0.73
)
Shares Used in Calculation of:
Basic EPS
1,980,878
1,994,197
Diluted EPS
2,737,422
1,994,197
Total assets at March 31, 2022 were $205,487,000 compared to
$210,914,000 at December 31, 2021.
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
and Oklahoma. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220520005311/en/
Connie Ng, (713) 735-0000 ext 6416
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