HOUSTON--(BUSINESS WIRE)--
PrimeEnergy Corporation (PNRG) announced today the following
unaudited results for the periods ended September 30, 2014 and 2013:
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2014
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2013
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Increase /
(Decrease)
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2014
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2013
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Increase /
(Decrease)
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Revenues (In 000’s)
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$
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40,744
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$
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29,980
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$
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10,764
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$
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100,458
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$
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94,230
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$
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6,228
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Net Income (In 000’s)
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$
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10,799
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$
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2,232
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$
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8,567
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$
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16,841
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$
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10,584
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$
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6,257
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Earnings per Common Share:
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Basic
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$
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4.58
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$
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0.92
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$
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3.66
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$
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7.11
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$
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4.32
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$
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2.79
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Diluted
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$
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3.47
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$
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0.71
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$
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2.76
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$
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5.40
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$
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3.32
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$
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2.08
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Shares Used in Calculation of:
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Basic EPS
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2,356,766
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2,415,303
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(58,537
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)
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2,367,602
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2,448,743
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(81,141
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)
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Diluted EPS
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3,111,613
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3,164,967
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(53,354
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)
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3,121,066
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3,192,709
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(71,643
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)
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Total assets at September 30, 2014 were $252,121,000 compared to
$242,922,000 at December 31, 2013.
The increase in net income was principally due to an increase in
unrealized gains on derivative instruments, gains on the sale of
non-essential oil and gas interests and a net gain recognized in the
third quarter of 2014 on insurance recoveries partially offset by an
increase in related income tax provisions.
Oil and gas production and the average prices received (excluding gains
and losses from derivatives) for the three and nine months ended
September 30, 2014 and 2013 were as follows:
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2014
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2013
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Increase /
(Decrease)
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2014
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2013
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Increase /
(Decrease)
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Barrels of Oil Produced
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194,000
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188,000
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6,000
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577,000
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560,000
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17,000
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Average Price Received
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$
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89.79
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$
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104.95
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$
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(15.16
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)
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$
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93.07
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$
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94.66
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$
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(1.59
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)
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Oil Revenue (In 000’s)
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$
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17,377
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$
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19,807
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$
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(2,430
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)
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$
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53,656
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$
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53,031
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$
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625
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Mcf of Gas Produced
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1,206,000
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1,242,000
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(36,000
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)
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3,551,000
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3,667,000
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(116,000
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Average Price Received
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$
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4.97
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$
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4.94
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$
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0.03
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$
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5.63
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$
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5.02
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$
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0.61
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Gas Revenue (In 000’s)
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$
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5,995
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$
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6,141
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$
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(146
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$
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19,980
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$
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18,411
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$
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1,569
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Total Oil & Gas Revenues (In 000’s)
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$
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23,372
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$
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25,948
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$
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(2,576
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)
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$
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73,636
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$
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71,442
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$
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2,194
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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.