PrimeEnergy Resources Corporation (PNRG) Announces Yearend Production and Financial Results
Rhea-AI Summary
PrimeEnergy Resources (PNRG) reported substantial growth in its yearend 2024 financial results. Total oil and gas revenue surged 107.01% to $223,042,000, driven by significant production increases across all segments. Oil production rose 123.43% to 2,556,000 barrels, while natural gas sales increased 88.18% to 7,766,000 Mcf.
The company's net income doubled to $55,404,000, with basic earnings per share reaching $31.43, up from $15.19 in 2023. Total revenues climbed to $237,796,000, marking a $104,986,000 increase from the previous year. As of December 31, 2024, proved reserves stood at 10,609 barrels of oil, 8,267 barrels of natural gas liquids, and 45,815 MMcf of natural gas.
Positive
- Net income doubled to $55.4 million in 2024
- Oil production increased 123.43% to 2.56 million barrels
- Total revenue grew 107.01% to $223 million
- Basic EPS more than doubled to $31.43 from $15.19
Negative
- Natural gas price received declined 77.60% to $0.43 per Mcf
- Oil price decreased 1.35% to $75.80 per barrel
- Gas revenue dropped 58.30% to $3.3 million
News Market Reaction – PNRG
On the day this news was published, PNRG declined 8.28%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, April 15, 2025 (GLOBE NEWSWIRE) -- The following table summarizes the primary components of production volumes and average sales prices realized for the years ended December 31, 2024 and 2023 (excluding realized gains and losses from derivatives).
| Years ended December 31, | Increase / | Increase / | |||||||||||||||||
| 2024 | 2023 | (Decrease) | (Decrease) | ||||||||||||||||
| Barrels of Oil Produced | 2,556,000 | 1,144,000 | 1,412,000 | 123.43 | % | ||||||||||||||
| Average Price Received | $ | 75.80 | $ | 76.84 | $ | (1.04 | ) | (1.35 | ) | % | |||||||||
| Oil Revenue (In 000’s) | $ | 193,737 | $ | 87,906 | $ | 105,831 | 120.39 | % | |||||||||||
| Mcf of Gas Sold | 7,766,000 | 4,127,000 | 3,639,000 | 88.18 | % | ||||||||||||||
| Average Price Received | $ | 0.43 | $ | 1.92 | $ | (1.49 | ) | (77.60 | ) | % | |||||||||
| Gas Revenue (In 000’s) | $ | 3,309 | $ | 7,935 | $ | (4,626 | ) | (58.30 | ) | % | |||||||||
| Barrels of Natural Gas Liquids Sold | 1,284,000 | 606,000 | 678,000 | 111.88 | % | ||||||||||||||
| Average Price Received | $ | 20.25 | $ | 19.64 | $ | 0.61 | 3.11 | % | |||||||||||
| Natural Gas Liquids Revenue (In 000’s) | $ | 25,996 | $ | 11,901 | $ | 14,095 | 118.44 | % | |||||||||||
| Total Oil & Gas Revenue (In 000’s) | $ | 223,042 | $ | 107,742 | $ | 115,300 | 107.01 | % | |||||||||||
Proved reserves at December 31, 2024, were 10,609 barrels of oil, 8,267 barrels of natural gas liquids, and 45,815 MMcf of natural gas.
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | Increase / (Decrease) | |||||||||
| Revenues (In 000’s) | $ | 237,796 | $ | 132,810 | $ | 104,986 | |||||
| Net Income (In 000’s) | $ | 55,404 | $ | 28,103 | $ | 27,301 | |||||
| Earnings per Common Share: | |||||||||||
| Basic | $ | 31.43 | $ | 15.19 | $ | 16.24 | |||||
| Diluted | $ | 21.95 | $ | 10.77 | $ | 11.18 | |||||
| Shares Used in Calculation of: | |||||||||||
| Basic EPS | 1,762,644 | 1,849,780 | |||||||||
| Diluted EPS | 2,523,581 | 2,608,786 | |||||||||
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 extension 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.
FAQ
What was PNRG's oil production growth in 2024?
How much did PNRG's total revenue grow in 2024?
What were PNRG's earnings per share for 2024?
What are PNRG's proved reserves as of December 31, 2024?
How did PNRG's natural gas pricing perform in 2024?
