Market Overview

PrimeEnergy Resources Corporation Announces Second Quarter Results

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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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