PrimeEnergy Corporation Announces Second Quarter Results

PrimeEnergy Corporation (NASDAQ:PNRG) announced today the following unaudited results for the periods ended June 30, 2017 and 2016:

     
Three Months Ended June 30, Six Months Ended June 30,
2017   2016  

Increase/(Decrease)

2017   2016  

Increase

Revenues (In 000’s) $ 21,532 $ 14,057 $ 7,475 $ 42,007 $ 27,219 $ 14,878

Net Income (In 000’s)

$ 361 $ 2,525 $ (2,164 ) $ 22,659 $ 665 $ 21,994

Earnings per Common Share:

Basic $ 0.16 $ 1.10 $ (0.94 ) $ 10.11 $ 0.29 $ 9.82
Diluted $ 0.12 $ 0.83 $ (0.71 ) $ 7.57 $ 0.22 $ 7.35
Shares Used in Calculation of:
Basic EPS 2,199,750 2,294,195 2,241,310 2,294,686
Diluted EPS 2,949,261 3,044,400 2,992,329 3,044,595
 

Total assets at June 30, 2017 were $230,024,000 compared to $214,654,000 at December 31, 2016.

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three and six months ended June 30, 2017 and 2016 were as follows:

     
Three Months Ended June 30, Six Months Ended June 30,
2017   2016  

Increase /
(Decrease)

2017   2016  

Increase /
(Decrease)

Barrels of Oil Produced 226,000 150,000 76,000 401,000 312,000 89,000
Average Price Received $ 45.30 $ 41.41 $ 3.89   $ 47.16 $ 34.92 $ 12.20  
Oil Revenue (In 000’s) $ 10,237 $ 6,212 $ 4,025 $ 18,911 $ 10,896 $ 8,015
Mcf of Gas Produced 1,060,000 1,079,000 (19,000 ) 2,173,000 2,184,000 (11,000 )
Average Price Received $ 3.55 $ 2.31 $ 1.24   $ 3.47 $ 2.26 $ 1.21  
Gas Revenue (In 000’s) $ 3,766 $ 2,496 $ 1,270   $ 7,530 $ 4,942 $ 2,588  
Total Oil & Gas Revenues (In 000’s) $ 14,003 $ 8,708 $ 5,295   $ 26,441 $ 15,838 $ 10,603  
 

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.