PrimeEnergy Resources Corporation Reports Significant Increases in Q3 2024 Net Income and Production Volumes
PrimeEnergy Resources Corporation Reports Significant Increases in Q3 2024 Net Income and Production Volumes
PrimeEnergy Resources Corporation reported significant increases in net income and production for Q3 and the first nine months of 2024.
Quiver AI Summary
PrimeEnergy Resources Corporation reported a net income of $22.1 million for the third quarter of 2024, and $53.1 million for the nine months ending September 30, resulting in earnings per share of $8.80 and $20.93, respectively. The company saw significant increases in production volumes compared to the same periods in 2023, with oil production up 134.37% and natural gas production up 98.41% for the quarter. Total revenues for the third quarter were $69.5 million, a substantial rise from $37.6 million in the previous year, reflecting the company's strong performance in the oil and gas sector. The total assets as of September 30, 2024, were reported at $345.6 million, up from $288.6 million at the end of the previous year. PrimeEnergy, an independent oil and gas company based in Texas, continues to engage in the acquisition and production of oil and natural gas, with its shares traded on the Nasdaq under the symbol PNRG.
Potential Positives
- Net income for the quarter reached $22,076,000, significantly up from $10,720,000 in the same quarter of 2023, reflecting strong financial performance.
- Oil production increased by 134.37% year-over-year for the quarter, underscoring substantial growth in operational capacity.
- Natural gas production volumes nearly doubled, with a 98.41% increase, highlighting enhanced resource extraction capabilities.
- Total assets rose to $345,588,000, compared to $288,568,000 at the end of 2023, indicating a solid improvement in the company's financial position.
Potential Negatives
- Despite significant increases in revenue and production, the company may face future challenges due to inherent risks in oil and gas operations, as noted in their forward-looking statements.
- The forward-looking statements indicate uncertainty in future performance, including risks like drilling cost overruns and oil price volatility which could negatively impact financial stability.
- The increase in net income may be overshadowed by a decrease in shares used for calculating basic EPS, suggesting a potential dilution of earnings for shareholders.
FAQ
What are PrimeEnergy Resources Corporation's latest quarterly earnings?
PrimeEnergy Resources Corporation reported a net income of $22,076,000 for the quarter ended September 30, 2024.
How much did the company's oil production increase?
Oil production increased by 134.37%, with 757,000 barrels produced in Q3 2024 compared to 323,000 barrels in Q3 2023.
What is the revenue comparison for PrimeEnergy Resources?
The company reported revenues of $69,455,000 for Q3 2024, up from $37,575,000 in Q3 2023.
What are the earnings per share for the company?
The earnings per diluted share for the nine months ending September 30, 2024, is $20.93.
Where can I find more information about PrimeEnergy Resources Corporation?
Additional information is available by contacting Connie Ng at (713) 735-0000 ext 6416 or visiting their website.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PNRG Insider Trading Activity
$PNRG insiders have traded $PNRG stock on the open market 17 times in the past 6 months. Of those trades, 0 have been purchases and 17 have been sales.
Here's a breakdown of recent trading of $PNRG stock by insiders over the last 6 months:
- ROTHSCHILD ROBERT DE has traded it 12 times. They made 0 purchases and 12 sales, selling 29,000 shares.
- CLINT HURT has traded it 5 times. They made 0 purchases and 5 sales, selling 5,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PNRG Hedge Fund Activity
We have seen 35 institutional investors add shares of $PNRG stock to their portfolio, and 18 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- EAM INVESTORS, LLC added 5,948 shares (+inf%) to their portfolio in Q3 2024
- IFG ADVISORY, LLC removed 5,002 shares (-100.0%) from their portfolio in Q3 2024
- ADVANTAGE ALPHA CAPITAL PARTNERS LP removed 3,857 shares (-100.0%) from their portfolio in Q3 2024
- DIMENSIONAL FUND ADVISORS LP added 3,488 shares (+11.8%) to their portfolio in Q3 2024
- BANK OF AMERICA CORP /DE/ removed 2,988 shares (-55.7%) from their portfolio in Q2 2024
- CANNELL CAPITAL LLC removed 2,718 shares (-31.7%) from their portfolio in Q3 2024
- GOLDMAN SACHS GROUP INC added 2,390 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
HOUSTON, Nov. 14, 2024 (GLOBE NEWSWIRE) -- PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today net income of $22,076,000 for the quarter, and $53,127,000 for the nine months, ended September 30, 2024. This represents $8.80 and $20.93 per share, on a fully diluted basis, for the three and nine months ended September 30, 2024. As of November 14, 2024, the total outstanding shares including outstanding options are 2,485,000.
Oil and gas production volumes for the three months ended September 30, 2024 and 2023:
2024 | 2023 | Increase | Increase | ||||||||||||
Oil production (barrels) | 757,000 | 323,000 | 434,000 | 134.37 % | |||||||||||
Natural gas production (Mcf) | 2,144,000 | 1,081,000 | 1,063,000 | 98.41 % | |||||||||||
Natural gas liquids production (barrels) | 394,000 | 161,000 | 233,000 | 144.72 % | |||||||||||
Oil and gas production volumes for the nine months ended September 30, 2024 and 2023:
2024 | 2023 | Increase | Increase | ||||||||||||
Oil production (barrels) | 1,883,000 | 814,000 | 1,069,000 | 131.33 % | |||||||||||
Natural gas production (Mcf) | 5,030,000 | 2,766,000 | 2,264,000 | 81.85 % | |||||||||||
Natural gas liquids production (barrels) | 874,000 | 412,000 | 462,000 | 112.14 % | |||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenues | $ | 69,455,000 | $ | 37,575,000 | $ | 177,270,000 | $ | 96,109,000 | |||||||
Net Income | $ | 22,076,000 | $ | 10,720,000 | $ | 53,127,000 | $ | 22,220,000 | |||||||
Earnings per Common Share: | |||||||||||||||
Basic | $ | 12.63 | $ | 5.84 | $ | 29.88 | $ | 11.95 | |||||||
Diluted | $ | 8.80 | $ | 4.13 | $ | 20.93 | $ | 8.49 | |||||||
Shares Used in Calculation of: | |||||||||||||||
Basic EPS | 1,747,727 | 1,834,709 | 1,778,224 | 1,859,084 | |||||||||||
Basic | 2,508,631 | 2,593,924 | 2,538,268 | 2,617,758 | |||||||||||
Total assets at September 30, 2024, were $345,588,000 compared to $288,568,000 at December 31, 2023.
PrimeEnergy Resources Corporation 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.
