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HOUSTON--(BUSINESS WIRE)--
PrimeEnergy Corporation (PNRG) announced today the following
unaudited results for the periods ended June 30, 2015 and 2014:
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Three Months Ended June 30,
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Six Months Ended June 30,
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2015
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2014
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Decrease
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2015
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2014
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Decrease
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Revenues (In 000’s)
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$
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19,502
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$
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29,329
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$
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(9,827
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)
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$
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42,297
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$
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59,714
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$
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(17,417
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)
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Net Income (Loss) (In 000’s)
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$
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(1,933
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)
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$
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3,233
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$
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(5,166
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)
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$
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(1,920
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)
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$
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6,042
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$
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(7,962
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)
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Earnings (Loss) per Common Share:
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Basic
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$
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(0.84
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)
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$
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1.37
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$
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(2.21
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)
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$
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(0.83
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)
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$
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2.55
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$
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(3.38
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)
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Diluted
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$
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(0.84
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)
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$
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1.04
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$
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(1.88
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)
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$
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(0.83
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)
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$
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1.93
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$
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(2.76
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)
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Shares Used in Calculation of:
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Basic EPS
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2,313,963
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2,365,764
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(51,801
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)
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2,316,144
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2,373,109
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(56,965
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)
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Diluted EPS (a)
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2,313,963
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3,119,084
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(805,121
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)
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2,316,144
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3,125,737
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(809,593
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_________________
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(a) The effect of 767,500 outstanding stock options is antidilutive for
the three and six months ended June 30, 2015, due to net loss reported
for the period.
Total assets at June 30, 2015 were $247,849,000 compared to $264,900,000
at December 31, 2014.
The decrease in revenues as compared to 2014 was largely due to
decreased commodity prices realized in 2015 and a decrease in field
service income partially offset by an increase in net realized and
unrealized gains on derivative instruments. There were corresponding
decreases in lease operating, field service and general and
administrative expenses as well as related decreases in net income
attributable to non-controlling interests and income tax provisions in
2015. In addition, there were first quarter 2014 gains on the sale of
non-essential oil and gas interests resulting in a decrease in net
income in 2015.
Oil and gas production and the average prices received (excluding gains
and losses from derivatives) for the three and six months ended June 30,
2015 and 2014 were as follows:
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Three Months Ended June 30,
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Six Months Ended June 30,
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2015
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2014
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Increase / (Decrease)
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2015
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2014
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Increase / (Decrease)
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Barrels of Oil Produced
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199,000
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201,000
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(2,000
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)
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393,000
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383,000
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10,000
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Average Price Received
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$
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54.46
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$
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95.25
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$
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(40.79
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)
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$
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49.69
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$
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94.73
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$
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(45.04
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)
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Oil Revenue (In 000’s)
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$
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10,833
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$
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19,146
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$
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(8,313
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)
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$
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19,533
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$
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36,279
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$
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(16,746
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)
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Mcf of Gas Produced
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1,268,000
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1,192,000
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76,000
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2,453,000
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2,345,000
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108,000
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Average Price Received
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$
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2.70
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$
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5.80
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$
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(3.10
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)
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$
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2.86
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$
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5.96
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$
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(3.10
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)
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Gas Revenue (In 000’s)
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$
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3,422
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$
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6,917
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$
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(3,495
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)
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$
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7,020
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$
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13,985
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$
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(6,965
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)
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Total Oil & Gas Revenues (In 000’s)
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$
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14,255
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$
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26,063
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$
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(11,808
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)
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$
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26,553
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$
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50,264
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$
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(23,711
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)
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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, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150804006856/en/
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