August 20, 2018 - 5:21 PM EDT
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PrimeEnergy Corporation Announces Second Quarter Results

HOUSTON

PrimeEnergy Corporation (NASDAQ: PNRG) announced today the following unaudited results for the periods ended June 30, 2018 and 2017:

       
Three Months Ended June 30, Six Months Ended June 30,
2018   2017  

Increase/
(Decrease)

2018   2017   Increase
Revenues (In 000’s) $ 22,387 $ 21,532 $ 855 $ 50,854 $ 42,007 $ 8,847
Net Income (In 000’s) $ (560 ) $ 361 $ (921 ) $ 2,726 $ 22,659 $ (19,933 )
Earnings per Common Share:
Basic $ (0.27 ) $ 0.16 $ (0.43 ) $ 1.29 $ 10.11 $ (8.82 )
Diluted $ (0.27 ) $ 0.12 $ (0.39 ) $ 0.95 $ 7.57 $ (6.62 )
Shares Used in Calculation of:
Basic EPS 2,097,737 2,199,750 (102,013 ) 2,119,343 2,241,310 (121,967 )
Diluted EPS 2,097,737 2,949,261 (851,524 ) 2,873,347 2,992,329 (118,982 )
 

Total assets at June 30, 2018 were $242,799,000 compared to $246,765,000 at December 31, 2017.

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three and six months ended June 30, 2018 and 2017 were as follows:

       
Three Months Ended June 30, Six Months Ended June 30,
2018   2017  

Increase /
(Decrease)

2018

  2017  

Increase /
(Decrease)

Barrels of Oil Produced 261,000 226,000 35,000 584,000 401,000 183,000
Average Price Received $ 63.69 $ 45.30 $ 18.39   $ 62.88 $ 47.16 $ 15.72  
Oil Revenue (In 000’s) $ 16,622 $ 10,237 $ 6,385 $ 36,723 $ 18,911 $ 17,812
Mcf of Gas Sold 964,000 831,000 133,000 1,871,000 1,694,000 177,000
Average Price Received $ 2.06 $ 3.01 $ (0.95 ) $ 2.33 $ 3.05 $ (0.72 )
Gas Revenue (In 000’s) $ 1,989 $ 2,505 $ (516 ) $ 4,352 $ 5,163 $ (811 )
Barrels of Natural Gas Liquids Sold 113,000 54,000 59,000 213,000 110,000 103,000
Average Price Received

$

27.42

$

23.35

$

4.06 $ 26.75 $ 21.52 $ 5.23  
Natural Gas Liquids Revenue (In 000’s)   3,098   1,261   1,837   $ 5,698 $ 2,367 $ 3,331  
Total Oil & Gas Revenues (In 000’s) $ 21,709 $ 14,003 $ 7,706   $ 46,773 $ 26,441 $ 20,332  
 

PrimeEnergy Corporation, headquartered in Houston, Texas, is an independent oil and gas company actively engaged in acquiring, developing and producing oil and gas, and providing oilfield services, primarily in Texas, Oklahoma and West Virginia. 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.

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.

PrimeEnergy Corporation
Connie Ng, 713-735-0000 ext 6416


Source: Business Wire (August 20, 2018 - 5:21 PM EDT)

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