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PrimeEnergy Resources Corporation (PNRG-6.57%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in oil and gas sales to $64.01 million from $32.02 million in the same quarter the previous year. This increase is attributed to additional wells placed on line during the period.
Oil production increased to 757,000 barrels, with an average price received of $74.23 per barrel. Gas production was 2,144,000 Mcf, with an average price received of $0.30 per Mcf.
Production and ad valorem taxes increased to $2.6 million from $1.4 million, reflecting higher oil and natural gas liquid revenues.
Field service income decreased to $2.6 million from $3.3 million, due to decreased equipment utilization.
Depreciation, depletion, and amortization expenses increased to $18.2 million from $8.9 million, reflecting expenses related to new wells placed on production.
General and administrative expenses increased to $3.9 million from $2.7 million, primarily due to employee compensation and benefits.
Net income for the quarter was $22.08 million, up from $10.72 million in the previous year. Basic earnings per share increased to $12.63 from $5.84.
The company completed 56 new horizontal wells in 2024, investing approximately $141 million. An additional $84 million is planned for 30 new horizontal wells in 2025.
PrimeEnergy maintains a credit agreement with a borrowing base of $115 million. As of November 14, 2024, the company had $22.1 million in outstanding borrowings.
The filing also details various acquisitions and dispositions, including the sale of working interests in New Mexico and the sale of a well-servicing business for $2.8 million.
PrimeEnergy's activities include development and exploratory drilling, with a focus on horizontal development of reserves in Texas and Oklahoma.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PrimeEnergy Resources Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.