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PrimeEnergy Resources Corporation Announces Third Quarter Results

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HOUSTON, November 19, 2021--(BUSINESS WIRE)--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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211119005705/en/

Contacts

Connie Ng, (713) 735-0000 ext 6416