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.