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HOUSTON--(BUSINESS WIRE)--
PrimeEnergy Corporation (PNRG) announced today the following
audited results for the years ended December 31, 2014 and 2013:
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Year Ended December 31,
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Increase /
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2014
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2013
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(Decrease)
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Revenues (In 000’s)
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$
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144,580
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$
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125,067
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$
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19,513
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Net Income (In 000’s)
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$
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27,046
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$
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12,271
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$
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14,775
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Earnings per Common Share:
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Basic
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$
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11.45
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$
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5.04
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$
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6.41
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Diluted
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$
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8.68
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$
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3.86
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$
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4.82
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Shares Used in Calculation of:
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Basic EPS
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2,361,134
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2,436,821
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(75,687
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)
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Diluted EPS
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3,115,031
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3,182,906
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(67,875
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)
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Total assets at December 31, 2014 were $264,900,000 compared to
$242,922,000 at December 31, 2013. In 2014, PrimeEnergy participated in
drilling 25 wells of which all were successfully completed. Proved
reserves at December 31, 2014 were 20,948,000 barrels of oil, 6,482,000
barrels of natural gas liquids and 58,958,000 thousand cubic feet of
natural gas; or 37,197,000 barrels of oil equivalent (“Boe”) with 37% of
these reserves developed as compared to 30,250,000 Boe and 47% of these
reserves developed at December 31, 2013. During 2014, the Company
repurchased 55,380 shares of its common stock and as of March 18, 2015
has 2,316,459 shares outstanding.
The net increase in revenues as compared to 2013 was largely due to
gains on derivative instruments related to the decrease in commodity
prices and an increase in field service income while average oil price
declines were partially offset with an increase in oil production in
2014. The increase in net income in 2014 was primarily due to the
increase in revenues and gains on the sale of non-essential assets
partially offset by an increase in depreciation and depletion expenses
as well as an increase in related tax provisions.
Oil and gas production and the average prices received (excluding gains
and losses from derivatives) for the years ended December 31, 2014 and
2013 were as follows:
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Year Ended December 31,
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Increase /
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2014
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2013
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(Decrease)
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Barrels of Oil Produced
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759,000
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730,000
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29,000
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Average Price Received
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$
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86.73
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$
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93.75
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$
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(7.02
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)
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Oil Revenue (In 000’s)
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$
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65,824
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$
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68,446
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$
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(2,622
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)
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MMcf of Gas Produced
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4,741
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4,897
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(156
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Average Price Received
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$
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5.32
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$
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4.97
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$
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0.35
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Gas Revenue (In 000’s)
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$
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25,221
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$
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24,339
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$
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882
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Total Oil & Gas Revenues (In 000’s)
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$
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91,045
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$
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92,785
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$
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(1,740
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PrimeEnergy is an independent oil and gas company actively engaged in
acquiring, developing and producing oil and gas, and providing oilfield
services, primarily in Texas, Oklahoma, the Gulf of Mexico, West
Virginia, New Mexico, Colorado and Louisiana. 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 ext 6416.
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.
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