HOUSTON–(BUSINESS WIRE)–PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today the
following unaudited results for the quarters ended March 31, 2019 and
2018:
|
Three Months Ended March 31, |
|||||||
| 2019 | 2018 | ||||||
| Revenues (In 000’s) | $ | 24,419 | $ | 28,467 | |||
| Net Income (In 000’s) | $ | (3,038 | ) | $ | 3,286 | ||
| Earnings per Common Share: | |||||||
| Basic | $ | (1.49 | ) | $ | 1.53 | ||
| Diluted | $ | (1.49 | ) | $ | 1.14 | ||
| Shares Used in Calculation of: | |||||||
| Basic EPS | 2,037,080 | 2,142,396 | |||||
| Diluted EPS | 2,037,080 | 2,893,722 | |||||
Total assets at March 31, 2019 were $258,530,000 compared to
$255,052,000 at December 31, 2018.
Oil and natural gas production and the average prices received
(excluding gains and losses from derivatives) for the three months ended
March 31, 2019 and 2018 were as follows:
| Three Months Ended March 31, | |||||||||||||
| 2019 | 2018 |
Increase / (Decrease) |
Increase / (Decrease) |
||||||||||
| Barrels of Oil Produced | 356,000 | 323,000 | 33,000 | 10 | % | ||||||||
| Average Price Received | $ | 52.80 | $ | 62.23 | $ | (9.43 | ) | (15 | )% | ||||
| Oil Revenue (In 000’s) | $ | 18,798 | $ | 20,101 | $ | (1,303 | ) | (6 | )% | ||||
| Mcf of Gas Sold | 948,000 | 907,000 | 41,000 | 5 | % | ||||||||
| Average Price Received | $ | 2.36 | $ | 2.61 | $ | (0.25 | ) | (10 | )% | ||||
| Gas Revenue (In 000’s) | $ | 2,235 | $ | 2,363 | $ | (128 | ) | (5 | )% | ||||
| Barrels of Natural Gas Liquids Sold | 142,000 | 100,000 | 42,000 | 42 | % | ||||||||
| Average Price Received | $ | 20.02 | $ | 26.00 | $ | (5.98 | ) | (23 | )% | ||||
| Natural Gas Liquids Revenue (In 000’s) | $ | 2,844 | $ | 2,600 | $ | 244 | 9 | % | |||||
| Total Oil & Gas Revenue (In 000’s) | $ | 23,877 | $ | 25,064 | $ | (1,187 | ) | (5 | )% | ||||
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, Oklahoma and West
Virginia. 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.
Contacts
Connie Ng
(713) 735-0000 ext 6416
