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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
About this update from Primeenergy Resources Corporation
[{"type":"text","content":"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 30Six 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 ...