PrimeEnergy Resources Corporation Announces First Quarter Results | News

HOUSTON–(BUSINESS WIRE)–May 20, 2022–

PrimeEnergy Resources Corporation (NASDAQ: PNRG) today reported net income of $11.1 million, $5.62 per share, for the three months ended March 31, 2022. During the period, cash flow from operations and sale of properties totaled $23.3 million and excess cash was used to reduce bank indebtedness. Currently, the Company has no outstanding borrowings on its credit facility with an availability of $50 million. The re-determination of the borrowing base is scheduled for June 2022 and the Company expects availability to increase by 50% to approximately $75 million.

Oil and natural gas production and average prices received (excluding gains and losses on derivatives) for the three months ended March 31, 2022 and 2021 were as follows:

Quarter ended March 31

2022

2021

Increase /
(Decrease)

Increase /
(Decrease)

Barrels of oil produced

273,000

163,000

110,000

67.48

%

Average price received

$

96.36

$

56.87

$

39.48

69.43

%

Oil revenue (thousands)

$

26,305

$

9,270

$

17,035

183.76

%

Mcf of gas sold

777,000

665,000

112,000

16.84

%

Average price received

$

4.82

$

2.49

$

2.33

93.37

%

Gas revenues (in thousands)

$

3,746

$

1,658

$

2,088

125.93

%

Barrels of natural gas liquids sold

104,000

86,000

18,000

20.93

%

Average price received

$

37.03

$

20.29

$

16.74

82.40

%

Natural Gas Liquids Revenues (000s)

$

3,851

$

1,745

$

2,106

120.69

%

Total oil and gas revenues (thousands)

$

33,902

$

12,673

$

21,229

167.51

%

Quarter ended March 31

2022

2021

Revenues (in thousands)

$

26,213

$

13,004

Net profit (net loss) (in thousands)

$

11,142

$

(1,455

)

Earnings per ordinary share:

Basic

$

5.62

$

(0.73

)

Diluted

$

4.07

$

(0.73

)

Actions used in the calculation of:

Basic EPS

1,980,878

1,994,197

Diluted EPS

2,737,422

1,994,197

Total assets as of March 31, 2022 were $205,487,000 compared to $210,914,000 as of December 31, 2021.

PrimeEnergy is an independent oil and gas company actively engaged in the acquisition, development and production of oil and natural gas, and the provision of petroleum services, primarily in Texas and Oklahoma. The common shares of the Company are traded on the Nasdaq stock market under the symbol PNRG. If you have any questions about this release, please contact Connie Ng at (713) 735-0000 ext. 6416.

Forward-looking statements

This report contains forward-looking statements based on management’s current expectations, estimates and projections. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “projects” and “estimates”, and variations of these words and similar expressions refer to identify these 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 thereby created. These statements are not guarantees of future performance and involve risks and uncertainties and are based on a number of assumptions which may ultimately prove to be incorrect and, therefore, there can be no assurance that they will will prove correct. Actual results and results may differ materially from what is expressed or anticipated in these statements due to various risks and uncertainties. These risks and uncertainties include, among others, the possibility of drilling cost overruns and technical difficulties, volatility in oil and gas prices, competition, risks inherent in the Company’s oil and gas operations, the inaccurate nature the interpretation of seismic and other geological and geophysical data, the inaccuracy of reserve estimates and the Company’s ability to replace and expand oil and gas reserves. Accordingly, shareholders and potential investors are cautioned that certain events or circumstances could cause actual results to differ materially from those projected.

Show source version on businesswire.com:https://www.businesswire.com/news/home/20220520005311/en/

Connie Ng, (713) 735-0000 ext. 6416

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: ENERGY OTHER ENERGIES OIL/GAS

SOURCE: PrimeEnergy Resources Corporation

Copyright BusinessWire 2022.

PUBLISHED: 05/20/2022 11:39 AM/DISC: 05/20/2022 11:39 AM

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