Realized oil price climbed to $98.85 a barrel, while realized natural gas price dropped to negative $3.53 per Mcf, driving $9.2 million in negative gas revenue.
Cash totaled $28.7 million at June 30, with no bank debt. The revolving credit facility borrowing base was set at $105 million.
The company repurchased 31,290 shares for $5.5 million and began drilling 24 horizontal wells, with first production expected in Q4 2026.
Q2 results and six-month performance
PrimeEnergy posted second-quarter net income of $6.5 million, more than doubled from a year earlier, with earnings per share rising to $4.06.
For the first six months, net income fell 12.1% to $10.9 million, while EPS declined to $6.72.
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