PrimeEnergy Q2 net income more than doubles on higher oil prices
PNRG•Outlook
- Company expects first production from 24 horizontal wells in Q4 2026
- PrimeEnergy plans to invest about $52 mln in 28 horizontal wells in 2026
- Company plans to continue share repurchases in Q3 and Q4 if prices are favorable
Overview
- US oil and gas producer's Q2 net income and EPS rose yr/yr, driven by higher oil prices
- Company repurchased 31,290 shares in Q2; board authorized repurchase of 300,000 more shares
- Drilling commenced on 24 horizontal wells, with first production expected in Q4 2026
Result Drivers
- Negative gas prices - Co said negative natural gas prices in the Permian Basin resulted in more than $9 mln of negative natural gas revenue
- Higher oil prices - Co said average realized oil price rose to $98.85/bbl from $56.96/bbl a year ago, offsetting lower oil production
