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PrimeEnergy Corporation Announces Third Quarter Results

Nachrichtenquelle: Business Wire (engl.)
18.11.2017, 00:10  |  612   |   |   

PrimeEnergy Corporation (NASDAQ:PNRG) announced today the following unaudited results for the periods ended September 30, 2017 and 2016:

    Three Months Ended September 30,     Nine Months Ended September 30,
2017   2016  

Increase /

(Decrease)

2017   2016  

Increase /

(Decrease)

Revenues (In 000’s) $ 17,184 $ 16,499

$

685

$ 59,191 $ 43,718

$

15,473

Net Income (Loss) (In 000’s)

$ (2,012 ) $ 4,924

$

(6,936

)

$ 20,648 $ 5,589

$

15,059

Earnings per Common Share:
Basic $ (1.22 ) $ 2.15

$

(3.37

)

$ 9.29 $ 2.44

$

6.85

Diluted $ (1.22 ) $ 1.62

$

(2.84

)

$ 6.94 $ 1.83

$

5.11

Shares Used in Calculation of:
Basic EPS 1,642,933 2,293,964 2,223,399 2,294,444
Diluted EPS 1,642,933 3,047,558 2,974,130 3,045,801

Total assets at September 30, 2017 were $233,616,000 compared to $214,654,000 at December 31, 2016.

The following table summarizes the primary components of production volumes and average sales prices realized for the three and nine months ended September 30, 2017 and 2016 (excluding realized gains and losses from derivatives).

    Three Months Ended September 30,     Nine Months Ended September 30,
2017   2016  

Increase /
(Decrease)

2017   2016  

Increase /
(Decrease)

Barrels of Oil Produced 190,000 199,000 (9,000 ) 591,000 511,000 80,000
Average Price Received $ 45.09 $ 41.89 $ 3.20   $ 46.50 $ 37.64 $ 8.86
 
Oil Revenue (In 000’s) $ 8,568 $ 8,337 $ 231 $ 27,479 $ 19,233 $ 8,246
Mcf of Gas Produced 1,294,000 1,124,000 170,000 3,466,000 3,308,000 158,000
Average Price Received $ 3.12 $ 2.86 $ 0.26   $ 3.34 $ 2.47 $ 0.87
 
Gas Revenue (In 000’s) $ 4,037 $ 3,220 $ 817   $ 11,567 $ 8,162 $ 3,405
 
Total Oil & Gas Revenue (In 000’s) $ 12,605 $ 11,557 $ 1,048 $ 39,046 $ 27,395 $ 11,651
 

PrimeEnergy 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, West Virginia, New Mexico, Colorado and Louisiana. 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.

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