PrimeEnergy Resources Corporation (PNRG) Bundle
A Brief History of PrimeEnergy Resources Corporation (PNRG)
Founding and Early Years
PrimeEnergy Resources Corporation was founded in 1975 and is headquartered in Houston, Texas. The company focuses on the exploration, development, and production of oil and natural gas.
Operational Expansion
In the early 1980s, PrimeEnergy expanded its operations to various states including Oklahoma, Texas, and West Virginia, acquiring significant assets and increasing its production capabilities.
Public Offering
PrimeEnergy Resources went public in 1990, listing its shares on the Nasdaq under the symbol PNRG. As of December 31, 1990, the total assets of the company were approximately $49.4 million.
Significant Acquisitions
Throughout the 1990s and 2000s, PrimeEnergy undertook various acquisitions, including:
- Acquisition of the assets of Norse Petroleum in 1997, enhancing production output.
- In 2007, the company purchased oil and gas properties in the Appalachian Basin for $18 million.
Financial Performance
As of September 30, 2023, PrimeEnergy reported a total revenue of $78.1 million with a net income of $15.3 million. The company's total assets were valued at approximately $172.5 million.
| Year | Total Revenue (in millions) | Net Income (in millions) | Total Assets (in millions) |
|---|---|---|---|
| 2021 | 56.4 | 8.2 | 150.8 |
| 2022 | 70.3 | 12.1 | 165.5 |
| 2023 (Q3) | 78.1 | 15.3 | 172.5 |
Market Position
PrimeEnergy is noted for having a robust operational footprint across various oil and gas plays, making it a competitive player in the industry. The company specializes in both conventional and unconventional resources.
Environmental Commitment
In recent years, PrimeEnergy has emphasized sustainability and environmental stewardship, investing in technologies aimed at reducing emissions and improving overall efficiency.
Recent Developments
As of 2023, PrimeEnergy has announced plans to increase its capital expenditures by 25% to support exploration and development activities across its active regions.
A Who Owns PrimeEnergy Resources Corporation (PNRG)
Company Overview
PrimeEnergy Resources Corporation (PNRG), publicly traded on NASDAQ, focuses on the exploration, production, and acquisition of oil and natural gas properties. The company is headquartered in Oklahoma City, Oklahoma.
Ownership Structure
The ownership of PrimeEnergy Resources Corporation is diverse, encompassing institutional investors, individual shareholders, and executive management. As of the latest reporting period:
| Ownership Type | Percentage Owned | Number of Shares |
|---|---|---|
| Institutional Investors | 45% | 1,800,000 |
| Individual Investors | 30% | 1,200,000 |
| Company Executives/Insiders | 10% | 400,000 |
| Other Entities | 15% | 600,000 |
Major Shareholders
The following are the significant shareholders and their respective ownership percentages as of the latest filings:
| Shareholder Name | Ownership Percentage | Shares Held |
|---|---|---|
| BlackRock, Inc. | 10.5% | 420,000 |
| Dimensional Fund Advisors LP | 7.8% | 312,000 |
| Vanguard Group, Inc. | 6.2% | 248,000 |
| FMR LLC | 5.0% | 200,000 |
| CEO, Charles L. Dinger | 4.5% | 180,000 |
Market Capitalization and Financial Performance
As of October 2023, PrimeEnergy Resources Corporation's market capitalization was approximately $100 million. The company reported revenues of $30 million for the fiscal year ending 2022. The adjusted EBITDA for the same period was $10 million. Earnings per share (EPS) was noted at $0.75.
Recent Developments
The company has seen increased interest in its stock due to rising oil prices and enhanced production capabilities. In the second quarter of 2023, PrimeEnergy announced:
- Production increase of 25%
- Successful completion of 3 new wells in the Permian Basin
- Strategic partnerships that may enhance resource development
Investor Relations
PrimeEnergy Resources Corporation is committed to transparent communication with its investors. The company regularly updates shareholders through:
- Quarterly earnings reports
- Annual shareholder meetings
- Press releases on operational updates
Conclusion
With a diverse ownership structure, strong institutional backing, and ongoing operational successes, PrimeEnergy Resources Corporation is well-positioned in the energy sector.
PrimeEnergy Resources Corporation (PNRG) Mission Statement
Mission Overview
The mission statement of PrimeEnergy Resources Corporation emphasizes its commitment to the responsible exploration and production of oil and natural gas in a manner that considers environmental stewardship, safety, and community impact. PrimeEnergy seeks to provide sustainable energy solutions while delivering value to its shareholders.
Core Values
- Integrity: Upholding the highest standards of ethical behavior.
- Safety: Prioritizing the health and safety of employees and communities.
- Environmental Stewardship: Committed to minimizing environmental impact.
- Innovation: Investing in technology and practices that advance sustainable energy.
- Community Engagement: Building positive relationships with local communities.
Strategic Objectives
PrimeEnergy’s strategic objectives are aimed at driving growth and enhancing operational efficiency. These include:
- Maximize Production: Achieving an average daily production of approximately 2,200 barrels of oil equivalent (BOE) as reported in Q2 2023.
- Operational Excellence: Reducing operational costs by 10% year-over-year.
- Sustainability Initiatives: Targeting a 25% reduction in greenhouse gas emissions by 2025.
- Portfolio Diversification: Expansion into renewable energy sources.
Financial Performance
| Metric | Q2 2023 | 2022 Annual | 2021 Annual |
|---|---|---|---|
| Total Revenue | $15.2 million | $56 million | $48 million |
| Net Income | $3 million | $10 million | $8 million |
| Total Assets | $100 million | $95 million | $85 million |
| Debt to Equity Ratio | 0.32 | 0.40 | 0.45 |
Community Engagement
PrimeEnergy is committed to engaging with the communities in which it operates. Highlights include:
- Annual Community Investment: Over $1 million directed towards local education and healthcare initiatives in 2022.
- Volunteer Programs: Over 500 employee volunteer hours contributed to local charities in 2023.
- Public Forums: Hosting quarterly forums to discuss operational updates and environmental impacts.
Environmental Commitment
PrimeEnergy has set specific goals to enhance its environmental responsibility:
- Water Conservation: Implementing a 15% reduction in water usage by 2024.
- Waste Management: Achieving zero non-hazardous waste to landfill by 2025.
- Renewable Energy: Investing over $2 million in solar energy projects by the end of 2023.
Conclusion
The mission statement of PrimeEnergy Resources Corporation encapsulates its dedication to responsible energy production, economic growth, and community well-being. Through strategic objectives, financial performance, and community and environmental initiatives, PrimeEnergy aims to be a leader in the energy sector.
How PrimeEnergy Resources Corporation (PNRG) Works
Overview of Operations
PrimeEnergy Resources Corporation (PNRG) primarily focuses on the exploration, development, and production of oil and natural gas. The company operates primarily in the United States, with a significant presence in the Appalachian Basin, and has expanded its portfolio to include various projects in Oklahoma and Texas.
Financial Performance
As of the end of Q3 2023, PrimeEnergy reported revenues of approximately $38 million for the quarter, a notable increase from $30 million in Q3 2022. The net income for the same period was approximately $9 million, compared to $5 million in Q3 2022.
| Financial Metric | Q3 2023 | Q3 2022 |
|---|---|---|
| Revenue | $38 million | $30 million |
| Net Income | $9 million | $5 million |
| Operating Expenses | $20 million | $15 million |
| Capital Expenditures | $15 million | $10 million |
Exploration and Development
PNRG’s exploration strategy includes drilling in both established and emerging areas to optimize production rates. In recent years, the company has drilled multiple new wells which have significantly contributed to increasing its production capacity. In 2023, PrimeEnergy reported an average daily production of approximately 2,800 barrels of oil equivalent (BOE).
Asset Base
The company holds significant assets across several fields, including:
- Marcellus Shale: Approximately 30,000 acres under lease.
- Oklahoma Properties: Over 15,000 acres.
- East Texas Assets: Estimated reserves of 1.5 million BOE.
Market Position
PrimeEnergy maintains a competitive position in the market by focusing on operational efficiency and cost management. As of Q3 2023, their stock price was approximately $24.50 per share, reflecting a market capitalization of around $220 million.
| Market Data | Value |
|---|---|
| Stock Price | $24.50 |
| Market Capitalization | $220 million |
| Shares Outstanding | 8.98 million |
Future Prospects
Looking ahead, PrimeEnergy is poised for growth, with plans to invest $20 million in capital expenditures in the upcoming fiscal year to enhance production capabilities and exploration activities, particularly in the Marcellus and Oklahoma regions.
Regulatory Environment
The oil and gas sector operates under stringent regulations which affect operational procedures. Compliance with local, state, and federal regulations is critical, and PNRG allocates resources to ensure compliance with environmental standards.
Conclusion of Current Operations
In summary, PrimeEnergy Resources Corporation remains a dynamic player in the energy sector, leveraging its strategic resources and operational efficiencies to drive growth and maximize shareholder value.
How PrimeEnergy Resources Corporation (PNRG) Makes Money
Revenue Streams
PrimeEnergy Resources Corporation primarily generates revenue through the exploration, development, and production of oil and natural gas. In 2022, the total revenue reported was approximately $162.6 million.
Oil Production
Oil production is a significant portion of PrimeEnergy's revenue model. In 2022, the average daily oil production was reported to be 5,560 barrels per day. The average realized price for oil during the same period was approximately $87.84 per barrel.
| Metric | 2022 Numbers |
|---|---|
| Average Daily Oil Production (bbl/day) | 5,560 |
| Average Realized Price (per barrel) | $87.84 |
| Total Oil Revenue | $160.7 million |
Natural Gas Production
Natural gas contributes to the company’s financial health as well. In 2022, PrimeEnergy's natural gas production averaged 24.8 million cubic feet per day. The average realized price for natural gas was around $6.52 per thousand cubic feet.
| Metric | 2022 Numbers |
|---|---|
| Average Daily Natural Gas Production (MCF/day) | 24.8 million |
| Average Realized Price (per MCF) | $6.52 |
| Total Natural Gas Revenue | $1.9 million |
Geographic Diversification
PrimeEnergy operates in various geographic locations which helps minimize risks associated with market fluctuations. The company has assets primarily in the Mid-Continent Region, specifically in states like Oklahoma and Texas.
Operating Expenses
In 2022, PrimeEnergy reported total operating expenses of approximately $96.9 million. These expenses include costs associated with production, exploration, and general administrative functions.
| Type of Expense | 2022 Amount |
|---|---|
| Production Costs | $50 million |
| Exploration Costs | $25 million |
| General and Administrative Expenses | $21.9 million |
Profitability Metrics
The profitability of PrimeEnergy can be assessed through its operating income and net income figures. In 2022, the company reported an operating income of approximately $65.7 million and a net income of $48.4 million.
| Metric | 2022 Figure |
|---|---|
| Operating Income | $65.7 million |
| Net Income | $48.4 million |
| Earnings Per Share | $5.07 |
Market Strategies
PrimeEnergy employs strategies such as expanding its drilling operations and optimizing its existing assets to enhance profitability. The company has continuously assessed its portfolio, focusing on high-margin production areas.
Financial Health
As of the end of 2022, PrimeEnergy's total assets were valued at approximately $280.4 million, with total liabilities amounting to $80.5 million. This results in a solid equity position of around $199.9 million.
| Metric | 2022 Numbers |
|---|---|
| Total Assets | $280.4 million |
| Total Liabilities | $80.5 million |
| Total Equity | $199.9 million |
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