- PrimeEnergy Resources Corp (PNRG, Financial) achieved a 107% increase in total oil and gas revenue, reaching $223 million in 2024.
- Oil production surged by 123.43% to 2.56 million barrels year-over-year.
- Net income doubled to $55.4 million, with basic earnings per share rising to $31.43 from $15.19 in 2023.
PrimeEnergy Resources Corporation (PNRG) reported remarkable financial growth in its yearend 2024 results, driven by substantial increases in production volumes across all segments. The company witnessed a 107.01% rise in total oil and gas revenue to $223,042,000. This increase was predominantly fueled by a significant 123.43% growth in oil production, which reached 2,556,000 barrels.
Natural gas sales also contributed to the annual gains, with an 88.18% rise to 7,766,000 Mcf. Despite challenges with natural gas pricing, which saw a decline of 77.60% to $0.43 per Mcf, PrimeEnergy efficiently leveraged increased production to offset revenue impacts, resulting in a net income doubling to $55,404,000.
The company's basic earnings per share more than doubled, climbing to $31.43 from $15.19 in the prior year. Total annual revenues expanded by $104,986,000, reaching $237,796,000. Additionally, as of December 31, 2024, PrimeEnergy's proved reserves included 10,609 barrels of oil, 8,267 barrels of natural gas liquids, and 45,815 MMcf of natural gas.
Although the average oil price received saw a minor decrease of 1.35% to $75.80 per barrel, the overall financial and production metrics highlight PrimeEnergy's strong operational effectiveness in 2024. With a strategic focus on oil, which accounted for 86.9% of total hydrocarbon revenue, the company has effectively insulated its performance from the fluctuations in natural gas prices.
