PrimeEnergy Resources Corporation Announces Second Quarter Results
August 18 2022 - 7:02PM
Business Wire
PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today
the following unaudited results for the periods ended June 30, 2022
and 2021:
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Revenues
$
35.7
$
13.7
$
61.9
$
28.6
Net Income (loss)
$
11.0
$
(2.4
)
$
22.1
$
(3.9
)
Earnings per Common Share:
Basic
$
5.57
$
(1.20
)
$
11.18
$
(1.93
)
Diluted
$
4.02
$
(1.20
)
$
8.08
$
(1.93
)
Shares Used in Calculation of:
Basic EPS
1,972,979
1,994,177
1,979,690
1,994,177
Diluted EPS
2,730,164
1,994,177
2,736,569
1,994,177
During July 2022 the Company amended its Credit agreement adding
West Texas National Bank to our bank group which includes Citibank
and Fifth Third Bank. This reserves based line of credit totals
$300 million, with an increased borrowing base of $75 million. As
of August 18, 2022, the Company has no outstanding borrowings under
this line and has ample liquidity on its balance sheet to execute
its current business plan. The Company has returned $4,515,000 to
its shareholders during 2022 under its ongoing share repurchase
program which represents approximately 3% of the outstanding
shares.
Oil and gas production and the average prices received
(excluding gains and losses from derivatives) for the three and six
months ended June 30, 2022 and 2021 were as follows:
Six months ended June
30,
2022
2021
Increase / (Decrease)
Increase / (Decrease)
Barrels of Oil Produced
508,000
328,000
180,000
54.9
%
Average Price Received
$
102.64
$
60.77
$
41.87
68.9
%
Oil Revenue (In millions)
$
52.1
$
19.9
$
32.2
161.8
%
Mcf of Gas Sold
1,577,000
1,445000
132,000
9.1
%
Average Price Received
$
5.35
$
2.73
$
2.62
96.0
%
Gas Revenue (In millions)
$
8.4
$
3.9
$
4.5
115.4
%
Barrels of Natural Gas Liquids Sold
210,000
195,000
15,000
7.7
%
Average Price Received
$
39.40
$
21.28
$
18.12
85.2
%
Natural Gas Liquids Revenue (In
millions)
$
8.2
$
4.1
$
4.1
100
%
Total Oil & Gas Revenue (In
millions)
$
68.1
$
28.0
$
40.1
143.2
%
Three months ended June
30,
2022
2021
Increase / (Decrease)
Increase / (Decrease)
Barrels of Oil Produced
235,000
165,000
70,000
42.4
%
Average Price Received
$
109.95
$
64.63
$
45.32
70.1
%
Oil Revenue (In millions)
$
25.8
$
10.6
$
15.2
143.4
%
Mcf of Gas Sold
800,000
780,000
20,000
2.6
%
Average Price Received
$
5.86
$
2.94
$
2.92
99.3
%
Gas Revenue (In millions)
$
4.6
$
2.2
$
2.4
109.1
%
Barrels of Natural Gas Liquids Sold
106,000
109,000
(3,000
)
(2.8
)%
Average Price Received
$
41.72
$
22.06
$
19.6
128.1
%
Natural Gas Liquids Revenue (In
millions)
$
4.4
$
2.4
$
2.0
83.9
%
Total Oil & Gas Revenue (In
millions)
$
34.9
$
15.3
$
19.6
127.3
%
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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220818005756/en/
PrimeEnergy Resources Corporation Connie Ng at (713) 735-0000
ext 6416
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