Primeenergy ( (PNRG) ) has released its Q1 earnings. Here is a breakdown of the information Primeenergy presented to its investors.
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PrimeEnergy Resources Corporation, an independent oil and natural gas company, is engaged in acquiring, developing, and producing oil and natural gas primarily in Texas and Oklahoma. The company also holds interests in a retail shopping center and a pipeline, contributing to a diverse asset portfolio.
In its latest earnings report for the quarter ending March 31, 2025, PrimeEnergy reported a net income of $9.1 million, a decrease from the $11.3 million reported in the same period last year. The company’s revenue increased to $50.1 million from $43 million, driven by higher natural gas and natural gas liquids sales, despite a slight decline in oil revenue.
Key financial highlights include a significant increase in natural gas revenue to $6 million from $1.4 million, and natural gas liquids revenue to $8.5 million from $4.4 million. The company also reported an increase in depreciation, depletion, and amortization expenses to $20.4 million, reflecting ongoing investments in property and equipment. Additionally, PrimeEnergy’s long-term bank debt increased to $6.5 million, with $108.5 million available under its credit facility.
Looking ahead, PrimeEnergy remains focused on developing its reserves in Texas and Oklahoma, with plans to drill additional horizontal wells in the Permian Basin and participate in horizontal development in Oklahoma. The company aims to leverage its balanced portfolio to navigate the current commodity price environment and capitalize on future opportunities.