PNRG PrimeEnergy Resources Corporation

PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today the following unaudited results for the periods ended September 30, 2022 and 2021:

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

 

2022

2021

 

 

2022

2021

 

 

Revenues

$

39,651,000

$

17,311,000

 

 

$

101,562,000

$

42,292,000

 

Net Income

$

13,154,000

$

(1,163,000

)

 

$

35,279,000

$

(5,021,000

)

Earnings per Common Share:

 

 

 

 

 

Basic

$

6.79

$

(0.58

)

 

$

17.95

$

(2.52

)

Earnings per Common Share:

 

 

 

 

Diluted

$

4.88

$

(0.58

)

 

$

12.96

$

(2.52

)

Shares Used in Calculation of:

 

 

 

 

 

Basic EPS

 

1,937,091

 

1,994,177

 

 

 

1,965,334

 

1,994,177

 

Shares Used in Calculation of:

 

 

 

 

 

Diluted EPS

2,694,906

 

1,994,177

 

 

 

2,722,522

 

1,994,177

 

 

 

 

 

 

 

Total assets at September 30, 2022 were $212,899,000 compared to $210,914,000 at December 31, 2021. The Company currently has available a $75 million line of credit with no outstanding borrowings as of November 21, 2022.

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three and nine months ended September 30, 2022 and 2021 were as follows:

 

 

 

Nine months ended September 30,

 

 

 

2022

 

 

2021

Increase / (Decrease)

Increase / (Decrease)

Barrels of Oil Produced

 

752,500

 

480,000

 

272,500

56.8

%

Average Price Received

$

100.39

$

63.28

$

37.11

58.6

%

Oil Revenue (In 000’s)

$

75,546

$

30,376

$

45,170.00

148.7

%

Mcf of Gas Sold

 

2,456,800

 

2,395,000

 

61,800

2.6

%

Average Price Received

$

6.01

$

3.32

$

2.69

81

%

Gas Revenue (In 000’s)

$

14,762

$

7,948

$

6,814,000

85.7

%

Barrels of Natural Gas Liquids Sold

 

332,400

 

298,000

 

34,400

11.5

%

Average Price Received

$

37.54

$

26.11

$

11.43

43.8

%

Natural Gas Liquids Revenue (In 000’s)

$

12,477

$

7,781

$

4,696

60.4

%

Total Oil & Gas Revenue (In 000’s)

$

102,785

$

46,105

$

56,680

122.9

%

 

 

 

Three months ended September 30,

 

 

2022

 

2021

Increase / (Decrease)

Increase / (Decrease)

Barrels of Oil Produced

 

244,500

 

152,000

 

92,500

 

60.9

%

Average Price Received

$

95.72

$

68.70

$

27.02

 

39.3

%

Oil Revenue (In 000’s)

$

23,403

$

10,442

$

12,961

 

124.1

%

Mcf of Gas Sold

 

879,800

 

950,000

 

(70,200

)

(7.39

)%

Average Price Received

$

7.23

$

4.21

$

3.02

 

71.7

%

Gas Revenue (In 000’s)

$

6,359

$

3,998

$

2,631

 

59.1

%

Barrels of Natural Gas Liquids Sold

 

122,400

 

103,000

 

19,400

 

18.8

%

Average Price Received

$

34.35

$

35.26

$

(0.91

)

(2.59

)%

Natural Gas Liquids Revenue (In 000’s)

$

4,204

$

3.632

$

572

 

15.7

%

Total Oil & Gas Revenue (In 000’s)

$

33,966

$

18,072

$

15,894

 

87.9

%

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 in Texas. 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/20221121005602/en/

Connie Ng, (713) 735-0000 ext 6416