PrimeEnergy Corporation (NASDAQ:PNRG) announced today the
following unaudited results for the periods ended June 30, 2014 and
2013:
Three Months Ended June 30, Six Months
Ended June 30, 2014 2013
Increase /(Decrease)
2014 2013
Increase /(Decrease)
Revenues (In 000’s) $ 29,329 $ 37,280 $ (7,951 ) $ 59,714 $ 64,250
$ (4,536 ) Net Income (In 000’s) $ 3,233 $ 6,094 $ (2,861 ) $ 6,042
$ 8,352 $ (2,310 ) Earnings per Common Share: Basic $ 1.37 $ 2.51 $
(1.14 ) $ 2.55 $ 3.39 $ (0.84 ) Diluted $ 1.04 $ 1.92 $ (0.88 ) $
1.93 $ 2.61 $ (0.68 ) Shares Used in Calculation of: Basic EPS
2,365,764 2,432,717 (66,953 ) 2,373,109 2,465,740 (92,631 ) Diluted
EPS 3,119,084 3,175,947 (56,863 ) 3,125,737 3,205,062 (79,325 )
Total assets at June 30, 2014 were $251,223,000 compared to
$242,922,000 at December 31, 2013.
The decrease in net income was principally due to an increase in
realized and unrealized losses on derivative instruments partially
offset by increases in oil and gas sales and field service income
and a first quarter 2014 gain on the sale of non-essential oil and
gas interests as well as related decreases in income tax
provisions.
Oil and gas production and the average prices received
(excluding gains and losses from derivatives) for the three and six
months ended June 30, 2014 and 2013 were as follows:
Three Months Ended June 30, Six Months
Ended June 30, 2014 2013
Increase /(Decrease)
2014 2013
Increase /(Decrease)
Barrels of Oil Produced 201,000 188,000 13,000 383,000 372,000
11,000 Average Price Received $ 95.25 $ 92.73 $ 2.52 $ 94.73 $
89.43 $ 5.30 Oil Revenue (In 000’s) $ 19,146 $ 17,360 $ 1,786 $
36,279 $ 33,224 $ 3,055 Mcf of Gas Produced 1,192,000 1,235,000
(43,000 ) 2,345,000 2,425,000 (80,000 ) Average Price Received $
5.80 $ 5.49 $ 0.31 $ 5.96 $ 5.06 $ 0.90 Gas Revenue (In 000’s) $
6,917 $ 6,775 $ 142 $ 13,985 $ 12,270 $ 1,715 Total
Oil & Gas Revenues (In 000’s) $ 26,063 $ 24,135 $ 1,928
$ 50,264 $ 45,494 $ 4,770
PrimeEnergy is an independent oil and gas company actively
engaged in acquiring, developing and producing oil and gas, and
providing oilfield services, primarily in Texas, Oklahoma, the Gulf
of Mexico, West Virginia, New Mexico, Colorado and Louisiana. 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.
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.
PrimeEnergy CorporationConnie Ng, 713-735-0000 ext 6416
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