PrimeEnergy Resources Corporation Announces Year-end Drilling and Financial Results
16 Abril 2019 - 3:35PM
Business Wire
PrimeEnergy Resources Corporation (NASDAQ:
PNRG) announced today the following audited results for the years
ended December 31, 2018 and 2017:
Year Ended December 31,
2018
2017
Increase /
(Decrease)
Revenues (In 000’s) $ 118,100 $ 89,310 $ 28,790 Net Income (In
000’s) $ 14,529 $ 41,998 $ (27,469 ) Earnings per Common Share:
Basic $ 6.96 $ 18.99 $ (12.03 ) Diluted $ 5.11 $ 14.18 $ (9.07 )
Shares Used in Calculation of:
Basic EPS 2,089,055 2,211,985 (122,930 ) Diluted EPS 2,844,196
2,962,788 (118,592 )
Total assets at December 31, 2018 were $255,052,000 compared to
$246,765,000 at December 31, 2017. In 2018, PrimeEnergy
participated in drilling 28 gross (6.1 net) wells of which all were
successfully completed. Proved reserves at
December 31, 2018 were 6,414,000 barrels of oil,
2,719,000 barrels of natural gas liquids and 21,189,000 thousand
cubic feet of natural gas; or 12,665,000 barrels of oil equivalents
(“Boe”) with 99% of these reserves developed.
Oil and gas production and the average prices
received (excluding gains and losses from derivatives) for the
years ended December 31, 2018 and 2017 were as follows:
Twelve months ended December 31,
2018
2017
Increase /(Decrease)
Increase /(Decrease)
Barrels of Oil Produced 1,187,000 1,004,000 183,000
18.2
%
Average Price Received $ 60.46 $ 49.85 $ 10.61 21.3 %
Oil Revenue (In 000’s) $ 71,766 $ 50,041 $ 21,725 43.4 %
Mcf of Gas Sold 3,735,000 3,571,000 164,000 4.6 % Average
Price Received $ 2.30 $ 2.73 $ (0.43 ) (15.7 )% Gas Revenue
(In 000’s) $ 12,859 $ 9,745 $ 3,114 32.0 %
Barrels of Natural Gas Liquids Sold 463,000 305,000 158,000 51.8 %
Average Price Received $ 13.12 $ 14.30 $ (1.18 ) (8.3 )%
Natural Gas Liquids Revenue (In 000’s) $ 8,590 $ 7,097 $ 1,493
21.0 % Total Oil & Gas Revenue (In 000’s) $
93,215 $ 66,883 $ 26,332 39.4 %
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 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 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: https://www.businesswire.com/news/home/20190416005908/en/
Connie Ng, (713) 735-0000 ext 6416
PrimeEnergy Resources (NASDAQ:PNRG)
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