PrimeEnergy Resources Corporation Reports First Quarter 2026 Results; Generates Strong Cash Flow Despite Negative Natural Gas Prices

About this update from Primeenergy Resources Corporation

[{"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.","length":209,"tagName":"p"},{"type":"text","content":"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.","length":226,"tagName":"p"},{"type":"text","content":"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.","length":222,"tagName":"p"},{"type":"horizontalRule"},{"type":"text","content":"First Quarter 2026 Highlights","length":29,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Generated net income of $4.3 million","length":36,"tagName":"p"}]},{"val":[{"type":"text","content":"Generated approximately $24 million in cash flow available to fund development activities","length":89,"tagName":"p"}]},{"val":[{"type":"text","content":"Maintained zero debt","length":20,"tagName":"p"}]},{"val":[{"type":"text","content":"Retained full access to the Company’s $115 million revolving credit facility","length":76,"tagName":"p"}]},{"val":[{"type":"text","content":"Repurchased 14,500 shares of common stock at an average price of $180.81 per share","length":82,"tagName":"p"}]},{"val":[{"type":"text","content":"Continued execution of a disciplined capital program focused on high-return horizontal drilling opportunities in West Texas and Oklahoma","length":136,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":439,"olType":false},{"type":"horizontalRule"},{"type":"text","content":"Management Commentary","length":21,"tagName":"p"},{"type":"text","content":"Charles E. Drimal, Jr., President of PrimeEnergy, commented:","length":60,"tagName":"p"},{"type":"text","content":"“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 ca...

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