PrimeEnergy Corporation (NASDAQ: PNRG) announced today the
following unaudited results for the periods ended June 30, 2018 and
2017:
Three Months Ended June 30,
Six Months Ended June 30, 2018 2017
Increase/(Decrease)
2018 2017 Increase Revenues (In
000’s) $ 22,387 $ 21,532 $ 855 $ 50,854 $ 42,007 $ 8,847 Net Income
(In 000’s) $ (560 ) $ 361 $ (921 ) $ 2,726 $ 22,659 $ (19,933 )
Earnings per Common Share: Basic $ (0.27 ) $ 0.16 $ (0.43 ) $ 1.29
$ 10.11 $ (8.82 ) Diluted $ (0.27 ) $ 0.12 $ (0.39 ) $ 0.95 $ 7.57
$ (6.62 ) Shares Used in Calculation of: Basic EPS 2,097,737
2,199,750 (102,013 ) 2,119,343 2,241,310 (121,967 ) Diluted EPS
2,097,737 2,949,261 (851,524 ) 2,873,347 2,992,329 (118,982 )
Total assets at June 30, 2018 were $242,799,000 compared to
$246,765,000 at December 31, 2017.
Oil and gas production and the average prices received
(excluding gains and losses from derivatives) for the three and six
months ended June 30, 2018 and 2017 were as follows:
Three Months Ended June 30,
Six Months Ended June 30, 2018 2017
Increase / (Decrease)
2018
2017
Increase / (Decrease)
Barrels of Oil Produced 261,000 226,000 35,000 584,000 401,000
183,000 Average Price Received $ 63.69 $ 45.30 $ 18.39 $
62.88 $ 47.16 $ 15.72 Oil Revenue (In 000’s) $ 16,622 $
10,237 $ 6,385 $ 36,723 $ 18,911 $ 17,812 Mcf of Gas Sold 964,000
831,000 133,000 1,871,000 1,694,000 177,000 Average Price Received
$ 2.06 $ 3.01 $ (0.95 ) $ 2.33 $ 3.05 $ (0.72 ) Gas Revenue (In
000’s) $ 1,989 $ 2,505 $ (516 ) $ 4,352 $ 5,163 $ (811 ) Barrels of
Natural Gas Liquids Sold 113,000 54,000 59,000 213,000 110,000
103,000 Average Price Received
$
27.42
$
23.35
$
4.06 $ 26.75 $ 21.52 $ 5.23 Natural Gas Liquids Revenue (In
000’s) 3,098 1,261 1,837 $ 5,698 $
2,367 $ 3,331 Total Oil & Gas Revenues (In 000’s) $
21,709 $ 14,003 $ 7,706 $ 46,773 $ 26,441 $ 20,332
PrimeEnergy Corporation, headquartered in Houston, Texas, 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 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.
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: https://www.businesswire.com/news/home/20180820005622/en/
PrimeEnergy CorporationConnie Ng, 713-735-0000 ext 6416
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