PrimeEnergy Corporation Announces Second Quarter Results
August 18 2017 - 4:15PM
Business Wire
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170818005520/en/
PrimeEnergy CorporationConnie Ng, 713-735-0000 ext 6416
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