PrimeEnergy Resources Corporation : Announces Second Quarter Results
August 19, 2020 at 08:12 pm EDT
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PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today the following unaudited results for the periods ended June 30, 2020 and 2019:
Three Months Ended June 30,
Six Months Ended June 30,
2020
2019
2020
2019
Revenues
$
7,278,000
$
31,534,000
$
33,386,000
$
55,953,000
Net Loss
$
(6,266,000
)
$
5,775,000
$
(6,436,000
)
$
2,737,000
Earnings per Common Share:
Basic
$
(3.14
)
$
2.85
$
(3.23
)
$
1.35
Shares Used in Calculation of:
Basic EPS
1,994,177
2,026,119
1,994,675
2,031,569
Total assets at June 30, 2020 were $218,930,000 compared to $229,365,000 at December 31, 2019.
Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three and six months ended June 30, 2020 and 2019 were as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2020
2019
Increase /
(Decrease)
2020
2019
Increase /
(Decrease)
Barrels of Oil Produced
144,000
332,000
(188,000
)
378,000
688,000
(310,000
)
Average Price Received
$
25.09
$
59.17
$
(11.00
)
$
37.89
$
55.84
$
(17.95
)
Oil Revenue
$
3,613,000
$
19,644,000
$
(16,031,000
)
$
14,324,000
$
38,442,000
$
(24,118
)
Mcf of Gas Sold
874,000
1,295,000
(421,000
)
1,812,000
2,243,000
(431,000
)
Average Price Received
$
0.62
$
1.05
$
(0.63
)
$
0.77
$
1.60
$
(0.83
)
Gas Revenue
$
543,000
$
1,355,000
$
(812
)
$
1,389,000
$
3,590,000
$
(2,201
)
Barrels of Natural Gas Liquids Sold
86,000
146,000
(60,000
)
213,000
288,000
(75,000
)
Average Price Received
$
5.76
$
16.27
$
(0.26
)
$
8.16
$
18.14
$
(9.98
)
Natural Gas Liquids Revenue
$
495,000
$
2,375,000
$
(1,880
)
$
1,738,000
$
5,219,000
$
(3,481
)
Total Oil & Gas Revenues
$
4,651,000
$
23,374,000
$
(18,723
)
$
17,451,000
$
47,251,000
$
(29,800
)
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 and Oklahoma. 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.
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PrimeEnergy Resources Corporation is an independent oil and natural gas company engaged in acquiring, developing, and producing oil and natural gas. It owns leasehold, mineral and royalty interests in producing and non-producing oil and gas properties across the United States, primarily in Oklahoma, and Texas. It operates approximately 630 active wells and owns non-operating interests and royalties in approximately 800 additional wells. It provides well-servicing support operations, site-preparation and construction services for oil and gas drilling and reworking operations, both in connection with its activities and providing contract services for third parties. It maintains an acreage position of approximately 16,940 gross acres in the Permian Basin of West Texas and eastern New Mexico, which is located in Reagan, Upton, Martin, and Midland counties. In Oklahoma, it is focused on the development of its reserves in Canadian, Grady, Kingfisher, Garfield, Major, and Garvin counties.