PrimeEnergy reports significant increases in oil production and revenue for 2024, despite lower gas prices affecting overall earnings.
Quiver AI Summary
PrimeEnergy reported significant increases in its production volumes and revenues for the year ending December 31, 2024, compared to 2023. Oil production rose by 123.43% to 2.56 million barrels, contributing to an oil revenue increase of 120.39% to approximately $193.7 million, despite a slight drop in average price per barrel. Gas sales also saw an 88.18% increase, though revenue from gas declined by 58.3% due to a steep drop in average prices. Natural gas liquids production also increased, with a corresponding revenue rise of 118.44%. Overall, the company's total oil and gas revenue reached about $223 million, and net income more than doubled to $55.4 million, with earnings per share significantly improved.
Potential Positives
- Production of oil increased significantly by 123.43%, from 1,144,000 barrels in 2023 to 2,556,000 barrels in 2024.
- Net income rose to $55,404,000 in 2024, a substantial increase from $28,103,000 in 2023, reflecting strong financial growth.
- Earnings per share (EPS) improved notably, with basic EPS increasing from $15.19 in 2023 to $31.43 in 2024.
- Total oil and gas revenue increased by 107.01%, reaching $223,042,000 in 2024 compared to $107,742,000 in 2023.
Potential Negatives
- Average price received for natural gas sold dropped significantly by 77.60%, leading to a sharp decline in gas revenue by 58.30% compared to the previous year.
- Despite increases in both oil and natural gas liquids production, the overall dependency on oil revenues may expose the company to fluctuations in oil prices.
- The company's forward-looking statements highlight significant risks and uncertainties that could materially affect future performance, potentially causing concerns among investors.
FAQ
What were the oil production volumes for 2024?
In 2024, oil production volumes reached 2,556,000 barrels, a 123.43% increase from 2023.
How did oil prices fluctuate in 2024?
The average price received for oil in 2024 was $75.80, slightly down from $76.84 in 2023.
What is the total oil and gas revenue for 2024?
Total oil and gas revenue for 2024 was $223,042,000, reflecting a 107.01% increase from the prior year.
What are the proved reserves as of December 31, 2024?
As of December 31, 2024, proved reserves included 10,609 barrels of oil and 45,815 MMcf of natural gas.
Where is PrimeEnergy primarily engaged in operations?
PrimeEnergy primarily engages in oil and natural gas operations in Texas and trades on the Nasdaq under the symbol PNRG.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PNRG Insider Trading Activity
$PNRG insiders have traded $PNRG stock on the open market 23 times in the past 6 months. Of those trades, 1 have been purchases and 22 have been sales.
Here’s a breakdown of recent trading of $PNRG stock by insiders over the last 6 months:
- ROTHSCHILD ROBERT DE has made 1 purchase buying 1,017 shares for an estimated $198,613 and 14 sales selling 28,838 shares for an estimated $5,961,340.
- CLINT HURT has made 0 purchases and 8 sales selling 15,000 shares for an estimated $3,269,898.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PNRG Hedge Fund Activity
We have seen 41 institutional investors add shares of $PNRG stock to their portfolio, and 19 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- INVESCO LTD. added 28,790 shares (+inf%) to their portfolio in Q4 2024, for an estimated $6,321,996
- AMERICAN CENTURY COMPANIES INC added 5,702 shares (+363.6%) to their portfolio in Q4 2024, for an estimated $1,252,102
- EMPOWERED FUNDS, LLC added 5,270 shares (+185.7%) to their portfolio in Q4 2024, for an estimated $1,157,239
- BRIDGEWAY CAPITAL MANAGEMENT, LLC added 5,270 shares (+73.4%) to their portfolio in Q4 2024, for an estimated $1,157,239
- IFG ADVISORY, LLC added 4,502 shares (+inf%) to their portfolio in Q4 2024, for an estimated $988,594
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 3,713 shares (+inf%) to their portfolio in Q4 2024, for an estimated $815,337
- DIMENSIONAL FUND ADVISORS LP added 2,753 shares (+8.3%) to their portfolio in Q4 2024, for an estimated $604,531
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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.
