PrimeEnergy Corporation : Announces Second Quarter Results
August 16, 2016 at 01:19 am IST
Share
PrimeEnergy Corporation (NASDAQ:PNRG) announced today the following
unaudited results for the periods ended June 30, 2016 and 2015:
Three Months Ended June 30,
Six Months Ended June 30,
2016
2015
Increase/ Decrease
2016
2015
Increase/ Decrease
Revenues (In 000’s)
$
14,057
$
19,502
$
(5,445)
$
27,219
$
42,297
$
(15,078)
Net Income (Loss) (In 000’s)
$
2,525
$
(1,933)
$
4,458
$
665
$
(1,920)
$
2,585
Earnings (Loss) per Common Share:
Basic
$
1.10
$
(0.84)
$
1.94
$
0.29
$
(0.83)
$
1.12
Diluted
$
0.83
$
(0.84)
$
1.67
$
0.22
$
(0.83)
$
1.05
Shares Used in Calculation of:
Basic EPS
2,294,195
2,313,963
2,294,686
2,316,144
Diluted EPS
3,044,400
2,313,963
3,044,595
2,316,144
Total assets at June 30, 2016 were $233,163,000 compared to $226,261,000
at December 31, 2015.
Oil and gas production and the average prices received (excluding gains
and losses from derivatives) for the three and six months ended June 30,
2016 and 2015 were as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2016
2015
Increase / (Decrease)
2016
2015
Increase / (Decrease)
Barrels of Oil Produced
150,000
199,000
(49,000)
312,000
393,000
(81,000)
Average Price Received
$
41.41
$
54.46
$
(13.05)
$
34.92
$
49.69
$
(14.77)
Oil Revenue (In 000’s)
$
6,212
$
10,833
$
(4,621)
$
10,896
$
19,533
$
(8,637)
Mcf of Gas Produced
1,079,000
1,268,000
(189,000)
2,184,000
2,453,000
(269,000)
Average Price Received
$
2.31
$
2.70
$
(0.39)
$
2.26
$
2.86
$
(0.60)
Gas Revenue (In 000’s)
$
2,496
$
3,422
$
(926)
$
4,942
$
7,020
$
(2,078)
Total Oil & Gas Revenues (In 000’s)
$
8,708
$
14,255
$
(5,547)
$
15,838
$
26,553
$
(10,715)
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, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160815006116/en/
PrimeEnergy Resources Corporation is an independent oil and natural gas company engaged in acquiring, developing, and producing oil and natural gas. The Company owns leasehold, mineral and royalty interests in producing and non-producing oil and gas properties across the United States, primarily in Oklahoma, and Texas. Through its subsidiaries Prime Operating Company, Eastern Oil Well Service Company, and EOWS Midland Company, it acts as operator and provides well-servicing support operations for many of the onshore oil and gas wells it operates, as well as for third parties. It operates approximately 534 active wells and owns non-operating interests and royalties in approximately 952 additional wells. It maintains an acreage position of approximately 16,407 gross (9,341 net) acres in the Permian Basin in West Texas, primarily in Reagan, Upton, Martin and Midland counties. It has over 511 producing wells in the Mid-Continent area, of which 128 wells are operated by the Company.