P
PRIMEENERGY RESOURCES CORP
PNRGCIK 0000056868NasdaqNon-AcceleratedSmaller ReportingCrude Petroleum & Natural GasDelawareFY ends Dec 31
Period
FY 2025
Revenue
$189.05M
Net Income
$26.31M
Total Assets
$323.89M
Equity
$215.69M
Shares Out
1.62M
Op. Cash Flow
$96.73M
Business
PRIMEENERGY RESOURCES CORP is an independent oil and natural gas company engaged in acquiring, developing and producing onshore oil and natural gas properties. The company produces and sells crude oil, natural gas and natural gas liquids and provides well‑servicing and operator services, holds overriding royalty interests and owns ancillary midstream and real estate interests. Operations are conducted through its operating and service subsidiaries and via joint ventures and limited partnerships with other industry participants. Its assets and sales activities are concentrated in the United States, primarily in Texas and Oklahoma, with district offices supporting field operations.
Summary from filing dated 2025-04-15
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Interest and other income, net | 2 | 184,000 | 417,000 | 267,000 | 29,000 | |
| Gain on disposition of assets, net | 2 | 4 | 9 | 32 | 1 | |
| Revenues | 189 | 238 | 133 | 157 | 72 | |
| Oil and gas production | 45 | 48 | 32 | 31 | — | |
| Production and Ad Valorem taxes | 10 | 12 | 7 | 7 | — | |
| Field service | 6 | 9 | 12 | 11 | 9 | |
| Depreciation, depletion and amortization | 76 | 76 | 31 | 27 | — | |
| Accretion of discount on asset retirement obligations | 1 | 733,000 | 684,000 | 667,000 | — | |
| General and administrative | 18 | 19 | 16 | 20 | 9 | |
| Interest | 2 | 2 | 535,000 | 909,000 | −2 | |
| Costs and Expenses | 159 | 167 | 99 | 98 | 69 | |
| Income before income taxes | 30 | 71 | 34 | 59 | 5 | |
| Income tax provision | 4 | 16 | 6 | 10 | 3 | |
| Net income attributable to common stockholders | 26 | 55 | 28 | 49 | 2 | |
| Basic (in dollars per share) | 15.85 | 31.43 | 15.19 | 24.91 | 1.05 | |
| Diluted (in dollars per share) | 10.86 | 21.95 | 10.77 | 17.95 | 0.76 | |
| Basic (in shares) | 2 | 2 | 2 | 2 | — | |
| Diluted (in shares) | 2 | 3 | 3 | 3 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 7 | 3 | 11 | 27 | 10 | |
| Accounts receivable, net of an allowance for credit losses of $558 and $414, respectively | 19 | 24 | 20 | 12 | 14 | |
| Prepaid obligations | 865,000 | 1 | 376,000 | 33 | 733,000 | |
| Other current assets | 5,000 | 11,000 | 38,000 | 38,000 | 40,000 | |
| Total Current Assets | 28 | 28 | 32 | 72 | 25 | |
| Oil and gas properties at cost | 847 | 773 | 660 | 555 | 539 | |
| Less: Accumulated depletion and depreciation | −553 | −479 | −407 | −386 | −360 | |
| Oil and Gas, Successful Efforts Method, Property and Equipment, after Accumulated Depreciation, Depletion, Amortization, and Impairment | 294 | 294 | 253 | 169 | 180 | |
| Field and office equipment at cost | 13 | 15 | 27 | 27 | — | |
| Less: Accumulated depreciation | −11 | −13 | −24 | −23 | −22 | |
| Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization | 2 | 2 | 3 | 5 | 185 | |
| Total Property and Equipment, Net | 295 | 296 | 256 | 174 | — | |
| Other Assets | 745,000 | 515,000 | 673,000 | 985,000 | — | |
| Total Assets | 324 | 325 | 289 | 247 | 211 | |
| Accounts payable | 11 | 16 | 15 | 11 | 7 | |
| Accrued liabilities | 26 | 33 | 49 | 26 | 8 | |
| Current portion of asset retirement and other long-term obligations | 260,000 | 132,000 | 692,000 | 3 | — | |
| Asset retirement obligations | 0 | 68,000 | — | 3 | 2 | |
| Liabilities, Current | 37 | 50 | 65 | 41 | 22 | |
| Long-Term Bank Debt | 0 | 4 | 0 | 11 | 36 | |
| Asset Retirement Obligations, net of current portion | 14 | 14 | 15 | 14 | 13 | |
| Deferred Income Taxes | 55 | 53 | 47 | 40 | — | |
| Other Long-Term Obligations | 980,000 | 838,000 | — | — | — | |
| Total Liabilities | 108 | 122 | 128 | 107 | 112 | |
| Commitments and Contingencies | — | — | — | — | — | |
| Common stock, $.10 par value; 2025 and 2024: Authorized: 2,810,000 shares, outstanding 2025: 1,632,500 shares; outstanding 2024: 1,708,470 shares. | 281,000 | 281,000 | 281,000 | 281,000 | 281,000 | |
| Paid-in capital | 8 | 8 | 8 | 8 | 8 | |
| Retained earnings | 287 | 261 | 206 | 178 | 129 | |
| Treasury stock, at cost; 2025: 1,177,500 shares; 2024: 1,101,530 shares | 80 | 66 | 53 | 45 | — | |
| Total Stockholders Equity | 216 | 203 | 161 | 140 | 99 | |
| Total Liabilities and Equity | 324 | 325 | 289 | 247 | 211 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation, depletion and amortization | 76 | 76 | 31 | 27 | — | |
| Gain on sale and exchange of assets | −2 | −4 | −9 | −32 | — | |
| Provision for deferred income taxes | 2 | 6 | 7 | 1 | 2 | |
| Allowance for credit losses (recovery) | 144,000 | −260,000 | — | — | — | |
| Accounts receivable | 5 | −4 | −8 | 2 | −7 | |
| Due to related parties | −17,000 | −46,000 | 80,000 | −52,000 | −30,000 | |
| Prepaid obligations | 510,000 | −996,000 | 32 | −32 | — | |
| Other current assets | 6,000 | 27,000 | — | 2,000 | 64,000 | |
| Accounts payable | −5 | 905,000 | 4 | 4 | 2 | |
| Accrued liabilities | −6 | −16 | 23 | 18 | 1 | |
| Other assets | −271,000 | 521,000 | 673,000 | 100,000 | 0 | |
| Other long-term liabilities | −392,000 | −28,000 | −468,000 | −151,000 | 0 | |
| Net Cash Provided by Operating Activities | 97 | 116 | 109 | 33 | 29 | |
| Property expenditures | −76 | −119 | — | — | — | |
| Proceeds from sale of properties and equipment | 2 | 4 | 8 | 31 | 1 | |
| Net Cash (Used in) Investing Activities | −74 | −115 | −106 | 15 | −19 | |
| Purchase of stock for treasury | −14 | −13 | −8 | −7 | −145,000 | |
| Proceeds from long-term bank debt | 112 | 111 | — | 11 | 11 | |
| Repayment of long-term bank debt and other long-term obligations | −116 | −107 | −11 | −36 | −10 | |
| Net Cash Used in Financing Activities | −18 | −9 | −19 | −32 | −18,000 | |
| Net (Decrease) Increase in Cash and Cash Equivalents | 5 | −9 | −15 | 16 | — | |
| Income taxes paid during the year | 7 | 113,000 | 9 | 539,000 | 343,000 | |
| Interest paid during the year | 3 | 1 | 569,000 | 842,000 | 2 | |
| Increase(decrease) in accrued capital expenditures for oil and natural gas properties | −707,000 | 26 | — | — | — | |
| Retirement obligations | 86,000 | −722,000 | — | — | — |
Filings
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