Latest news with #PrimeEnergy
Yahoo
23-05-2025
- Business
- Yahoo
PrimeEnergy Q1 Earnings Fall Y/Y, Revenues Rise 16% on Gas, NGL Surge
Shares of PrimeEnergy Resources Corporation PNRG have risen 1.6% since reporting results for the first quarter of 2025. This compares with the S&P 500 index's 1.8% decline over the same time frame. Over the past month, the stock has gained 5.1% compared with the S&P 500's 6.5% rally. PrimeEnergy posted first-quarter revenues of $50.1 million, marking a 16.4% increase from the prior-year period's $42.99 million. The rise was driven by significantly higher natural gas and NGL volumes despite a modest year-over-year dip in oil revenues. Net income came in at $9.1 million, down 19.3% from $11.3 million a year ago. Diluted earnings per share (EPS) fell 15.7% to $3.72 from $4.41 in the prior-year quarter due to increased depreciation and interest expenses tied to expanded drilling operations. PrimeEnergy Corporation price-consensus-eps-surprise-chart | PrimeEnergy Corporation Quote Oil production rose 6% year over year to 457,000 barrels, while natural gas output skyrocketed 106.6% to 2.39 billion cubic feet. NGL production also soared 120.4% to 454,000 barrels. These volume increases compensated for commodity price softness, particularly a 7.5% drop in the average realized price of oil and an 11.3% decline in NGL pricing. Oil sales slipped 1.9% to $32.7 million, but natural gas revenues more than quadrupled to $6 million, and NGL revenues soared 95.4% to $8.5 million. Total oil and gas revenues improved 21% year over year. Production costs rose 4.3% to $9.5 million, tracking the company's growing output. Depreciation, depletion and amortization expenses nearly doubled to $20.4 million, reflecting PrimeEnergy's expanded asset base in West Texas from intensified drilling. Interest expenses skyrocketed 174.4% to $590,000 due to higher debt balances and interest rates under the company's revolving credit facility. General and administrative costs decreased slightly, and income tax expenses fell in line with lower pretax income. Chief financial officer Beverly Cummings described the quarter as demonstrating 'strong operational momentum,' pointing to growth in gas and NGL volumes, and continued capital returns via share repurchases. Management has also emphasized that its portfolio is well-positioned for commodity price volatility, citing a mix of mature reserves and active development areas in Texas. The company's performance was heavily influenced by robust development in West Texas, where it participated in dozens of new horizontal wells in 2024 and early 2025. These investments led to notable production gains, particularly in natural gas and NGLs. However, weaker oil and NGL pricing partially offset the top-line benefits. Depreciation and interest costs also weighed on profitability, stemming from capital-intensive drilling activity and higher interest rates on variable-rate debt. The company disclosed expectations to invest $118 million in 38 horizontal wells in 2025, continuing its aggressive capital deployment in the Midland Basin. Management reiterated its intent to fund capital needs primarily through operating cash flows and its $300-million credit facility, which had $108.5 million in remaining availability as of quarter-end. In the quarter, PrimeEnergy repurchased 47,970 shares for $9.17 million, continuing its long-running share repurchase program. The company has now returned $112.6 million to shareholders through buybacks. A $619,000 gain was also recorded from the disposition of a workover rig, reflecting PrimeEnergy's ongoing portfolio optimization strategy. Overall, while PNRG's earnings declined due to heavier investment and rising costs, underlying growth in production and revenues, and continued capital returns signal confidence in its long-term strategy. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PrimeEnergy Corporation (PNRG): Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
PrimeEnergy Reports Increased Production, Higher Revenue, and Strategic Share Repurchases in Q1 2025
HOUSTON, May 19, 2025 (GLOBE NEWSWIRE) -- PrimeEnergy Resources Corporation (NASDAQ: PNRG) today announced first quarter 2025 results, with continued growth in oil and gas production supporting a 16.4% increase in revenue year-over-year. While earnings per share declined compared to Q1 2024, the Company highlighted significant shareholder returns and operational momentum. Key Highlights – Q1 2025 vs Q1 2024• Revenue: $50.1 million ↑ 16.4% • Oil Production: 457,000 barrels ↑ 6.0% • Natural Gas Production: 2.39 Bcf ↑ 106.6% • NGL Production: 454,000 barrels ↑ 120.4% • Net Income: $9.1 million ↓ 19.3% • Diluted EPS: $3.72 ↓ 15.7% • Share Buyback 2025: 47,970 shares repurchased at a cost of $9.17 million Since initiating its share repurchase program, PrimeEnergy has returned a total of $112.6 million to shareholders through stock repurchases. As of May 19, 2025, the Company's outstanding share count was 2,428,000, inclusive of vested options. Total assets were $339.3 million at quarter-end, up from $324.6 million as of December 31, 2024. 'Our Q1 results reflect a continuation of strong operational momentum with significant growth in natural gas and NGL volumes,' said Beverly Cummings, CFO of PrimeEnergy. 'We are also returning capital to shareholders through our buyback program, demonstrating confidence in our long-term value.' PrimeEnergy Resources is an independent oil and natural gas company engaged in the acquisition, development, and production of hydrocarbons, primarily in Texas. The Company's common stock trades on the NASDAQ under the symbol PNRG. For investor inquiries, contact: Connie Ng – (713) 735-0000 ext. 6416 Forward-Looking StatementsThis 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 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-05-2025
- Business
- Yahoo
PrimeEnergy Reports Increased Production, Higher Revenue, and Strategic Share Repurchases in Q1 2025
HOUSTON, May 19, 2025 (GLOBE NEWSWIRE) -- PrimeEnergy Resources Corporation (NASDAQ: PNRG) today announced first quarter 2025 results, with continued growth in oil and gas production supporting a 16.4% increase in revenue year-over-year. While earnings per share declined compared to Q1 2024, the Company highlighted significant shareholder returns and operational momentum. Key Highlights – Q1 2025 vs Q1 2024• Revenue: $50.1 million ↑ 16.4% • Oil Production: 457,000 barrels ↑ 6.0% • Natural Gas Production: 2.39 Bcf ↑ 106.6% • NGL Production: 454,000 barrels ↑ 120.4% • Net Income: $9.1 million ↓ 19.3% • Diluted EPS: $3.72 ↓ 15.7% • Share Buyback 2025: 47,970 shares repurchased at a cost of $9.17 million Since initiating its share repurchase program, PrimeEnergy has returned a total of $112.6 million to shareholders through stock repurchases. As of May 19, 2025, the Company's outstanding share count was 2,428,000, inclusive of vested options. Total assets were $339.3 million at quarter-end, up from $324.6 million as of December 31, 2024. 'Our Q1 results reflect a continuation of strong operational momentum with significant growth in natural gas and NGL volumes,' said Beverly Cummings, CFO of PrimeEnergy. 'We are also returning capital to shareholders through our buyback program, demonstrating confidence in our long-term value.' PrimeEnergy Resources is an independent oil and natural gas company engaged in the acquisition, development, and production of hydrocarbons, primarily in Texas. The Company's common stock trades on the NASDAQ under the symbol PNRG. For investor inquiries, contact: Connie Ng – (713) 735-0000 ext. 6416 Forward-Looking StatementsThis 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 in to access your portfolio
Washington Post
19-05-2025
- Business
- Washington Post
PrimeEnergy: Q1 Earnings Snapshot
HOUSTON — HOUSTON — PrimeEnergy Corp. (PNRG) on Monday reported earnings of $9.1 million in its first quarter. On a per-share basis, the Houston-based company said it had net income of $3.72. The investor in the oil and gas industry posted revenue of $50.1 million in the period. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on PNRG at
RNZ News
15-05-2025
- Business
- RNZ News
Manawa Energy's profit tumbles after 'extremely challenging' year
Manawa Energy's profit tumbles. Photo: 123RF Manawa Energy's bottom-line profit has crashed after a challenging year shaped by weak generation, high wholesale electricity prices and after an independent power retailer defaulted on payments. Key numbers for the 12 months ended March compared with a year ago: The electricity generator, which has just received regulatory approval to be taken over by Contact Energy , saw its total generation volumes fall 15 percent due to low hydro inflows and wind generation. Manawa said it also faced "extremely challenging market conditions". "Extreme fuel shortages across the winter period of 2024 drove wholesale electricity spot prices to record levels," the company told the NZX. "Manawa was, at times, exposed to these spot prices given the relatively fixed nature of its contractual sales volumes." The shortages were driven by low national hydro inflows, below-average wind generation, and gas shortages. But it "quickly reversed" as conditions returned to normal and as gas availability "dramatically increased". "The sudden and rapid increase in available fuel saw spot electricity prices fall dramatically across most of the period from September 2024 through to the end of the calendar year," Manawa said. The company also wrote off $6.8 million in bad debts after independent retailer Prime Energy defaulted on payments. "The unprecedented conditions of winter 2024 resulted in a further adverse impact on the business with an independent electricity retailer, for whom Manawa acted as a wholesale intermediary, defaulting on its payment obligations," it said. Manawa said it recovered a significant portion of the original debt. The company did not provide a full-year outlook and did not declare a final dividend amid the imminent takeover by Contact Energy. Manawa expected the deal, which would be carried out by way of a scheme of arrangement, to be implemented in July.
