PrimeEnergy CorporationPNRG
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Q2 EPS doubled on higher oil prices, with net income more than doubling.
Impact on stocks 1
Energy
PrimeEnergy CorporationPrimeEnergy Q2 Earnings Double on Higher Oil Prices
Earnings
PrimeEnergy Resources Corporation reported second-quarter 2026 earnings per share of $2.75, up 106.8% from $1.33 a year earlier, as higher oil prices offset weak natural gas pricing. Revenues rose 1.2% to $42.5 million, while net income more than doubled to $6.5 million. The company's average realized oil price surged 73.5% to $98.85 per barrel, lifting oil revenues 18.9% to $40.6 million despite a 31.5% drop in oil sales volumes. Natural gas was a drag, with realized prices turning negative at minus $3.53 per thousand cubic feet, resulting in negative revenues of $9.2 million. PrimeEnergy repurchased 31,290 shares for $5.5 million during the quarter and had no bank debt, with cash and cash equivalents growing to $28.7 million. The company plans to invest $52 million in 28 horizontal wells in 2026, with drilling underway on 24 wells in Martin and Upton counties.
PrimeEnergy CorporationQ2 EPS doubled on higher oil prices, with net income more than doubling.