PrimeEnergy Resources Corporation Announces Third Quarter Results

By: PrimeEnergy Resources via Business Wire

November 19, 2021 at 14:59 PM EST

PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today the following unaudited results for the periods ended September 30, 2021 and 2020:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2021			2020		2021			2020
Revenues	$	19,035,000		$	11,792,000	$	47,670,000		$	45,178,000
Net Income	$	(1,163,000	)	$	6,501,000	$	(5,021,000	)	$	65,000
Earnings per Common Share:
Basic	$	(0.58	)	$	3.26	$	(2.52	)	$	0.03
Shares Used in Calculation of:
Basic EPS		1,994,177			1,994,177		1,994,177			1,994,177

Total assets at September 30, 2021 were $202,178 compared to $200,484 at December 31, 2020.

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three and nine months ended September 30, 2021 and 2020 were as follows:

Nine months ended September 30,
		2021		2020	Increase / (Decrease)		Increase / (Decrease)
Barrels of Oil Produced		480,000		538,000		(58,000)	(10.80)%
Average Price Received	$	63.28	$	38.41	$	24.88	64.8%
Oil Revenue (In 000’s)	$	30,376	$	20,663	$	9,713	47.0%
Mcf of Gas Sold		2,395,000		2,038,000		357,000	17.5%
Average Price Received	$	3.32	$	1.20	$	2.12	177.1%
Gas Revenue (In 000’s)	$	7,948	$	2,441	$	5,507	225.6%
Barrels of Natural Gas Liquids Sold		298,000		319,000		(21,000)	(6.60)%
Average Price Received	$	26.11	$	10.07	$	16.04	159.3%
Natural Gas Liquids Revenue (In 000’s)	$	7,781	$	3,212	$	4,569	142.2%
Total Oil & Gas Revenue (In 000’s)	$	46,105	$	26,316	$	19,789	75.2%

Three months ended September 30,
		2021		2020	Increase / (Decrease)		Increase / (Decrease)
Barrels of Oil Produced		152,000		160,000		(8,000)	(5.0)%
Average Price Received	$	68.70	$	39.62	$	29.08	73.4%
Oil Revenue (In 000’s)	$	10.442	$	6,339	$	4,103	64.7%
Mcf of Gas Sold		950,000		496,000		454,000	91.5%
Average Price Received	$	4.21	$	2.12	$	2.09	98.5%
Gas Revenue (In 000’s)	$	3,998	$	1,052	$	2,946	280.0%
Barrels of Natural Gas Liquids Sold		103,000		106,000		(3,000)	(2.80)%
Average Price Received	$	35.26	$	13.91	$	21.35	153.5%
Natural Gas Liquids Revenue (In 000’s)	$	3,632	$	1,474	$	2,158	146.4%
Total Oil & Gas Revenue (In 000’s)	$	18,072	$	8,865	$	9,207	103.9%

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. 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.

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Contacts

Connie Ng, (713) 735-0000 ext 6416