PrimeEnergy Resources Corporation Announces Third Quarter Results
November 25 2020 - 5:56PM
Business Wire
PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today
the following unaudited results for the periods ended September 30,
2020 and 2019:
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Revenues
$
11,792,000
$
28,182,000
$
45,178,000
$
84,135,000
Net Income
$
6,501,000
$
2,512,000
$
65,000
$
5,249,000
Earnings per Common Share:
Basic
$
3.26
$
1.25
$
0.03
$
2.61
Shares Used in Calculation of:
Basic EPS
1,994,177
2,008,688
1,994,175
2,008,593
Total assets at September 30, 2020 were $208,681 compared to
$229,365 at December 31, 2019.
Oil and gas production and the average prices received
(excluding gains and losses from derivatives) for the three and
nine months ended September 30, 2020 and 2019 were as follows:
Nine months ended September
30,
2020
2019
Increase /
(Decrease)
Increase /
(Decrease)
Barrels of Oil Produced
538,000
1,012,000
(474,000
)
(47
)%
Average Price Received
$
38.41
$
54.72
$
(16.31
)
(30
)%
Oil Revenue (In 000’s)
$
20,663
$
55,370
$
(34,707
)
(63
)%
Mcf of Gas Sold
2,038,000
3,549,000
(1,241,000
)
(35
)%
Average Price Received
$
1.06
$
1.43
$
(0.37
)
(26
)%
Gas Revenue (In 000’s)
$
2,441
$
5,057
$
(2,616
)
(52
)%
Barrels of Natural Gas Liquids
Sold
319,000
445,000
(126,000
)
(28
)%
Average Price Received
$
10.07
$
15.52
$
(5.45
)
(35
)%
Natural Gas Liquids Revenue (In
000’s)
$
3,212
$
6,906
$
(3,694
)
(53
)%
Total Oil & Gas Revenue (In
000’s)
$
26,316
$
67,333
$
(41,017
)
(61
)%
Three months ended September
30,
2020
2019
Increase /
(Decrease)
Increase /
(Decrease)
Barrels of Oil Produced
160,000
323,000
(163,000
)
(50
)%
Average Price Received
$
39.62
$
52.41
$
(12.79
)
(24
)%
Oil Revenue (In 000’s)
$
6,339
$
16,928
$
(10,589
)
(63
)%
Mcf of Gas Sold
496,000
1,305,632
(809,632
)
(62
)%
Average Price Received
$
2.12
$
1.12
$
1.00
89
%
Gas Revenue (In 000’s)
$
1,052
$
1,467
$
(415
)
(28
)%
Barrels of Natural Gas Liquids
Sold
106,000
156,983
(50,983
)
(32
)%
Average Price Received
$
13.91
$
10.75
$
3.16
29
%
Natural Gas Liquids Revenue (In
000’s)
$
1,474
$
1,687
$
(213
)
(13
)%
Total Oil & Gas Revenue (In
000’s)
$
8,865
$
20,082
$
(11.217
)
(56
)%
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201125005934/en/
Connie Ng (713) 735-0000 ext 6416
PrimeEnergy Resources (NASDAQ:PNRG)
Historical Stock Chart
From Mar 2024 to Apr 2024
PrimeEnergy Resources (NASDAQ:PNRG)
Historical Stock Chart
From Apr 2023 to Apr 2024