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PrimeEnergy Resources Corporation Reports First Quarter 2026 Results; Generates Strong Cash Flow Despite Negative Natural Gas Prices
PrimeEnergy Resources Corporation Reports First Quarter 2026 Results; Generates Strong Cash Flow Despite Negative Natural Gas
About this update from Primech Holdings Ltd.
[{"type":"text","content":"HOUSTON, May 20, 2026 (GLOBE NEWSWIRE) -- PrimeEnergy Resources Corporation (NASDAQ: PNRG) (“PrimeEnergy” or the “Company”) today reported financial and operating results for the quarter ended March 31, 2026. PrimeEnergy reported first quarter 2026 net income attributable to common stockholders of $4.3 million, or $2.67 per basic share, compared to net income of $9.1 million, or $5.40 per basic share, for the first quarter of 2025. Despite unprecedented negative natural gas prices in the Permian Basin, the Company generated approximately $24 million in cash flow available to fund development activities and other corporate purposes during the quarter.First Quarter 2026 HighlightsGenerated net income of $4.3 millionGenerated approximately $24 million in cash flow available to fund development activitiesMaintained zero debtRetained full access to the Company’s $115 million revolving credit facilityRepurchased 14,500 shares of common stock at an average price of $180.81 per shareContinued execution of a disciplined capital program focused on high-return horizontal drilling opportunities in West Texas and OklahomaManagement Commentary Charles E. Drimal, Jr., President of PrimeEnergy, commented: “The first quarter of 2026 demonstrated the resilience of our asset base and the strength of our balance sheet. During the quarter, our realized natural gas price averaged negative $0.40 per Mcf, resulting in negative gas revenue. These unusual pricing conditions were caused by a lack of pipeline capacity in the Permian Basin.” “Based on discussions with our marketing group, we expect this pricing environment may continue throughout 2026 and could become more severe until additional pipeline capacity is placed into service.” “Despite these unprecedented market conditions, PrimeEnergy remained profitable and generated approximately $24 million in cash flow during the quarter. We ended the quarter with no debt outstanding and full availability under our $115 million revolving credit facility, providing substantial financial flexibility to continue developing our assets.” “We also continued our long-standing share repurchase program, acquiring 14,500 shares during the quarter at an average price of approximately $180.81 per share. We believe our common stock continues to trade at a substantial discount to the intrinsic value of our assets, and we...