PrimeEnergy Corporation Announces First Quarter Results
May 18 2018 - 3:36PM
Business Wire
PrimeEnergy Corporation (NASDAQ: PNRG) announced today the
following unaudited results for the quarters ended March 31,
2018 and 2017:
Three Months Ended March 31,
2018 2017
Increase / (Decrease)
Revenues (In 000’s) $ 28,467 $ 20,475 $ 7,992 Net Income (In 000’s)
$ 3,286 $ 22,297 $ (19,011 ) Earnings per Common Share: Basic $
1.53 $ 9.77 $ (8.24 ) Diluted $ 1.14 $ 7.35 $ (6.21 ) Shares Used
in Calculation of: Basic EPS 2,142,396 2,283,011 (140,615 ) Diluted
EPS 2,893,722 3,035,540 (141,818 )
Total assets at March 31, 2018 were $245,148 compared to
$246,765 at December 31, 2017.
Oil and natural gas production and the average prices received
(excluding gains and losses from derivatives) for the three months
ended March 31, 2018 and 2017 were as follows:
Three
Months Ended March 31, 2018 2017
Increase
/(Decrease)
Increase /(Decrease) Barrels of Oil Produced 323,000
175,000 148,000 85 % Average Price Received $ 62.23 $ 49.57 $ 12.67
26 % Oil Revenue (In 000’s) $ 20,101 $ 8,674 $ 11,427
132 % Mcf of Gas Sold 907,000 863,000 44,000 5 %
Average Price Received $ 2.61 $ 3.08 $ (0.47 ) (15 )% Gas
Revenue (In 000’s) $ 2,363 $ 2,658 $ (295 ) 11 %
Barrels of Natural Gas Liquids Sold 100,000 56,000 44,000 79 %
Average Price Received $ 26.00 $ 19.75 $ 6.25 32 %
Natural Gas Liquids Revenue (In 000’s) $ 2,600 $ 1,106 $ 1,494
135 % Total Oil & Gas Revenue (In 000’s) $
25,064 $ 12,438 $ 12,626 102 %
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,
Oklahoma and West Virginia. 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 press release contains forward-looking statements under the
federal securities laws. These statements are based on current
expectations, estimates and projections about the industry and
markets in which PrimeEnergy Corporation operates, management’s
beliefs and assumptions made by management. Forward-looking
statements are not guarantees of future performance and involve
certain risks and uncertainties, which are difficult to predict.
You should not place undue reliance on such forward-looking
statements. The Company does not assume any duty and does not
undertake to update its forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20180518005713/en/
PrimeEnergy CorporationConnie Ng, 713-735-0000 ext 6416
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