Business
PrimeEnergy Resources Corporation Announces First Quarter Results
HOUSTON--(BUSINESS WIRE)-- PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today net income of $1.4 million, on a fully diluted basis, this
About this update from Primeenergy Resources Corporation
[{"type":"text","content":" HOUSTON--(BUSINESS WIRE)--\nPrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today net income of $1.4 million, on a fully diluted basis, this represents $0.53 per share for the quarter ended March 31, 2023. As of March 31, 2023, the borrowing base was $60 million and as of May 19, 2023, the Company has no outstanding borrowings under the Credit Facility.\n\n\nAs of March 31, 2023, the Company was participating in the drilling of 15 two-mile-long horizontal wells in Reagan County, Texas with 49.7% interest in five wells operated by Double Eagle and 25% interest in ten wells operated by Hibernia Energy. We are pleased to report that by April 30, 2023, all ten wells that PrimeEnergy drilled with Hibernia are now producing and the five wells drilled with Double Eagle are expected to be producing by June 15, 2023.\n\n\nOil and natural gas production and the average prices received (excluding gains and losses from derivatives) for the three months ended March 31, 2023, and 2022 were as follows:\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended March 31,\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\nIncrease /\n(Decrease)\n\n\n\n\n\n\n \n\n\n\n\n\n\nIncrease /\n(Decrease)\n\n\n\n\n\n\n\n\nBarrels of Oil Produced\n\n\n\n\n\n\n \n\n\n\n\n\n\n193,351\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n273,000\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n(79,649\n\n\n\n\n\n\n)\n\n\n\n\n\n\n\n(29.18\n\n\n\n\n\n\n)%\n\n\n\n\n\n\n\n\nAverage Price Received\n\n\n\n\n\n\n$\n\n\n\n\n\n\n75.40\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n96.36\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n(20.96\n\n\n\n\n\n\n)\n\n\n\n\n\n\n\n(21.76\n\n\n\n\n\n\n)%\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nOil Revenue (In 000’s)\n\n\n\n\n\n\n$\n\n\n\n\n\n\n14,578\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n26,305\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n(11,727\n\n\n\n\n\n\n)\n\n\n\n\n\n\n\n(44.58\n\n\n\n\n\n\n)%\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nMcf of Gas Sold\n\n\n\n\n\n\n \n\n\n\n\n\n\n801,084\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n777,000\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n24,084\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n3.10\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\nAverage Price Received\n\n\n\n\n\n\n$\n\n\n\n\n\n\n2.19\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n4.82\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n(2.63\n\n\n\n\n\n\n...