PrimeEnergy Resources Corporation (PNRG) Announces Yearend Production and Financial Results

PrimeEnergy Resources Corporation (NASDAQ: PNRG):

 

Year Ended December 31,

 

2022

2021

Increase / (Decrease)

Revenues (In 000’s)

$

125,087

$

72,458

$

52,629

Net Income (In 000’s)

$

48,664

$

2,098

$

46,566

Earnings per Common Share:

 

 

 

Basic

$

24.91

$

1.05

$

23.86

Diluted

$

17.95

$

0.76

$

17.19

Shares Used in Calculation of:

 

 

 

Basic EPS

 

1,953,916

 

1,992,077

 

Diluted EPS

 

2,711,170

 

2,744,162

 

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the years ended December 31, 2022 and 2021, were as follows:

 

Years ended December 31,

Increase / (Decrease)

Increase / (Decrease)

2022

2021

Barrels of Oil Produced

 

939,000

 

738,000

 

201,000

27.24

%

Average Price Received

$

96.70

$

68.39

$

28.31

41.40

%

Oil Revenue (In 000’s)

$

90,803

$

50,474

$

40,329

79.90

%

Mcf of Gas Sold

 

3,325,000

 

3,236,000

 

89,000

2.75

%

Average Price Received

$

5.54

$

3.53

$

2.01

57.00

%

Gas Revenue (In 000’s)

$

18,428

$

11,432

$

6,996

1.20

%

Barrels of Natural Gas Liquids Sold

 

417,000

 

416,000

 

1,000

0.24

%

Average Price Received

$

35.70

$

26.97

$

8.73

32.37

%

Natural Gas Liquids Revenue (In 000’s).

$

14,887

$

11,220

$

3,667

32.68

%

Total Oil & Gas Revenue (In 000’s)

$

124,118

$

73,126

$

50,992

69.73

%

Proved reserves at December 31, 2022, were 7,171,000 barrels of oil, 4,330,000 barrels of natural gas liquids, and 31,307,000 thousand cubic feet of natural gas; or 16,719,000 barrels of oil equivalents.

Our current bank facility provides for a credit line of $60 million. As of April 14, 2023, it was totally unused.

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/20230414005460/en/

PrimeEnergy Resources Corporation [phone] FAX [phone]