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, 
                             ----------------------------------------- 
                                                         Increase / 
                                2024         2023         (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.

(END) Dow Jones Newswires

April 15, 2025 18:30 ET (22:30 GMT)