QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | |||
☒ | Smaller Reporting Company | |||||
Emerging growth company |
Page |
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3 | ||||
4 | ||||
5 | ||||
6 | ||||
7-13 |
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14-23 |
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23 | ||||
23 | ||||
24 | ||||
24 | ||||
24 | ||||
24 | ||||
24 | ||||
24 | ||||
25-26 |
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27 |
June 30, 2021 |
December 31, 2020 |
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ASSETS |
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Current Assets |
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Cash and cash equivalents |
$ | $ | ||||||
Accounts receivable, net |
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Prepaid obligations |
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Other current assets |
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|
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|
|||||
Total Current Assets |
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Property and Equipment, at cost |
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Oil and gas properties (successful efforts method), net |
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Field and office equipment, net |
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Total Property and Equipment, Net |
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Other assets |
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Total Assets |
$ | $ | ||||||
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LIABILITIES AND EQUITY |
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Current Liabilities |
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Accounts payable |
$ | $ | ||||||
Accrued liabilities |
||||||||
Due to related parties |
— | |||||||
Current portion of long-term debt |
||||||||
Current portion of asset retirement and other long-term obligations |
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Derivative liability short-term |
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|
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Total Current Liabilities |
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Long-Term Bank Debt |
||||||||
Asset Retirement Obligations |
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Derivative Liability Long-Term |
||||||||
Deferred Income Taxes |
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Other Long-Term Obligations |
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Total Liabilities |
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Commitments and Contingencies |
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Equity |
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Common stock, $ |
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Paid-in capital |
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Retained earnings |
||||||||
Treasury stock, at cost; 2021: |
( |
) | ( |
) | ||||
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|
|
|||||
Total Stockholders’ Equity – PrimeEnergy Resources |
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Non-controlling interest |
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|
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Total Equity |
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Total Liabilities and Equity |
$ | $ | ||||||
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|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Revenues |
||||||||||||||||
Oil sales |
$ | $ | $ | $ | ||||||||||||
Natural gas sales |
||||||||||||||||
Natural gas liquids sales |
||||||||||||||||
Realized gain (loss) on derivative instruments, net |
( |
) | ( |
) | ||||||||||||
Field service income |
||||||||||||||||
Administrative overhead fees |
||||||||||||||||
Unrealized gain (loss) on derivative instruments, net |
( |
) | ( |
) | ( |
) | ||||||||||
Other income |
— | |||||||||||||||
|
|
|
|
|
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|
|||||||||
Total Revenues |
||||||||||||||||
Costs and Expenses |
||||||||||||||||
Lease operating expense |
||||||||||||||||
Field service expense |
||||||||||||||||
Depreciation, depletion, amortization and accretion on discounted liabilities |
||||||||||||||||
General and administrative expense |
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|
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Total Costs and Expenses |
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Gain on Sale and Exchange of Assets |
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|
|||||||||
(Loss) from Operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other (Expense) |
||||||||||||||||
Interest (Expense) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(Loss) Before Income Taxes |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Income Taxes (Benefit) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net (Loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Less: Net (Loss) Attributable to Non-Controlling Interests |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net (Loss) Attributable to PrimeEnergy |
( |
) | ( |
) | $ | ( |
) | $ | ( |
) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Basic (Loss) Per Common Share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
|
|
|||||||||
Diluted (Loss) Per Common Share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
|
|
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Treasury Stock |
Total Stockholders’ Equity – PrimeEnergy |
Non- Controlling Interest |
Total Equity |
||||||||||||||||||||||||||
Shares Outstanding |
Common Stock |
|||||||||||||||||||||||||||||||
Balance at December 31, 2020 |
$ | $ | $ | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||
Net Loss |
— | — | — | ( |
) | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
|
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|
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|
|
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|
|||||||||||||||||
Balance at June 30, 2021 |
$ | $ | $ | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||
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|
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Balance at December 31, 2019 |
$ | $ | $ | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||
Purchase |
( |
) |
$ | — | $ | — | $ | — | $ | ( |
) | $ | ( |
) | $ | — | $ | ( |
) | |||||||||||||
Net Loss |
— | — | — | ( |
) | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
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|
|||||||||||||||||
Balance at June 30, 2020 |
$ | $ | $ | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||
|
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|
|
|
|
|
|
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|
|
|
|
|
2021 |
2020 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net (loss) |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net (loss) to net cash provided by operating activities: |
||||||||
Depreciation, depletion, amortization and accretion on discounted liabilities |
||||||||
Gain on sale and exchange of assets |
( |
) | ( |
) | ||||
Unrealized (gain) loss on derivative instruments, net |
( |
) | ||||||
Deferred income taxes |
( |
) | ( |
) | ||||
Changes in assets and liabilities: |
||||||||
Accounts receivable |
( |
) | ||||||
Due to related parties |
( |
) | — | |||||
Prepaids and other assets |
( |
) | ( |
) | ||||
Accounts payable |
||||||||
Accrued liabilities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net Cash Provided by Operating Activities |
||||||||
|
|
|
|
|||||
Cash Flows from Investing Activities: |
||||||||
Capital expenditures, including exploration expense |
( |
) | ( |
) | ||||
Proceeds from sale of properties and equipment |
||||||||
|
|
|
|
|||||
Net Cash (Used in) Investing Activities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Cash Flows from Financing Activities: |
||||||||
Purchase of stock for treasury |
— | ( |
) | |||||
Proceeds from long-term bank debt and other long-term obligations |
||||||||
Repayment of long-term bank debt and other long-term obligations |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net Cash (Used in) Provided by Financing Activities |
( |
) | ||||||
|
|
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|
|||||
Net Increase in Cash and Cash Equivalents |
||||||||
Cash and Cash Equivalents at the Beginning of the Period |
||||||||
|
|
|
|
|||||
Cash and Cash Equivalents at the End of the Period |
$ | $ | ||||||
|
|
|
|
|||||
Supplemental Disclosures: |
||||||||
Income taxes paid |
$ | $ | ||||||
Interest paid |
$ | $ |
(Thousands of dollars) |
June 30, 2021 |
December 31, 2020 |
||||||
Accounts Receivable: |
||||||||
Joint interest billing |
$ | $ | ||||||
Trade receivables |
||||||||
Oil and gas sales |
||||||||
Other |
||||||||
|
|
|
|
|||||
Less: Allowance for doubtful accounts |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
|||||
Accounts Payable: |
||||||||
Trade |
$ | $ | ||||||
Royalty and other owners |
||||||||
Partner advances |
||||||||
Other |
— | |||||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
|||||
Accrued Liabilities: |
||||||||
Compensation and related expenses |
$ | $ | ||||||
Property costs |
||||||||
Taxes |
||||||||
Other |
— | |||||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
(Thousands of dollars) |
June 30, 2021 |
December 31, 2020 |
||||||
Proved oil and gas properties, at cost |
$ | $ | ||||||
Less: Accumulated depletion and depreciation |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Oil and Gas Properties, Net |
$ | $ | ||||||
|
|
|
|
|||||
Field and office equipment |
$ | $ | ||||||
Less: Accumulated depreciation |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Field and Office Equipment, Net |
$ | $ | ||||||
|
|
|
|
|||||
Total Property and Equipment, Net |
$ | $ | ||||||
|
|
|
|
(Thousands of dollars) |
Operating Leases |
|||
2021 |
$ | |||
2022 |
||||
2023 |
||||
|
|
|||
Total undiscounted lease payments |
$ | |||
Less: Amount associated with discounting |
( |
) | ||
|
|
|||
Net operating lease liabilities |
$ | |||
|
|
(Thousands of dollars) |
June 30, 2021 |
|||
Asset retirement obligation at December 31, 2020 |
$ | |||
Liabilities incurred |
||||
Liabilities settled |
( |
) | ||
Accretion expense |
||||
|
|
|||
Asset retirement obligation at June 30, 2021 |
$ | |||
|
|
June 30, 2021 |
Quoted Prices in Active Markets For Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Balance at June 30, 2021 |
||||||||||||
(Thousands of dollars) |
||||||||||||||||
Liabilities |
||||||||||||||||
Commodity derivative contracts |
$ |
— |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
$ |
— |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||
|
|
|
|
|
|
|
|
December 31, 2020 |
Quoted Prices in Active Markets For Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Balance at December 31, 2020 |
||||||||||||
(Thousands of dollars) |
||||||||||||||||
Assets |
||||||||||||||||
Commodity derivative contracts |
$ |
— |
$ |
— |
$ |
$ |
||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
$ |
— |
$ |
— |
$ |
$ |
||||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities |
||||||||||||||||
Commodity derivative contract |
$ |
— |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
$ |
— |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||
|
|
|
|
|
|
|
|
(Thousands of dollars) |
||||
Net Liabilities – December 31, 2020 |
$ | ( |
) | |
Total realized and unrealized (gains) losses: |
||||
Included in earnings (a) |
( |
) | ||
Purchases, sales, issuances and settlements |
||||
|
|
|||
Net Liabilities — June 30, 2021 |
$ | ( |
) | |
|
|
(a) | Derivative instruments are reported in revenues as realized gain/loss and on a separately reported line item captioned unrealized gain/loss on derivative instruments. |
Fair Value |
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(Thousands of dollars) |
Balance Sheet Location |
June 30, 2021 |
December 31, 2020 |
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Asset Derivatives: |
||||||||||||
Derivatives not designated as cash-flow hedging instruments: |
||||||||||||
Natural gas commodity contracts |
Derivative asset long-term and other assets |
— | $ | |||||||||
|
|
|
|
|||||||||
Total |
$ | — | $ | |||||||||
|
|
|
|
|||||||||
Liability Derivatives: |
||||||||||||
Derivatives not designated as cash-flow hedging instruments: |
||||||||||||
Crude oil commodity contracts |
Derivative liability short-term | $ | ( |
) | $ | ( |
) | |||||
Natural gas commodity contracts |
Derivative liability short-term | ( |
) | ( |
) | |||||||
Crude oil commodity contracts |
Derivative liability long-term | ( |
) | — | ||||||||
Natural gas commodity contracts |
Derivative liability long-term | ( |
) | ( |
) | |||||||
|
|
|
|
|||||||||
Total |
$ | ( |
) | $ | ( |
) | ||||||
|
|
|
|
|||||||||
Total derivative instruments |
$ | ( |
) | $ | ( |
) | ||||||
|
|
|
|
Location of gain/loss recognized in income |
Amount of gain/loss recognized in income |
|||||||||
(Thousands of dollars) |
2021 |
2020 |
||||||||
Derivatives not designated as cash-flow hedge instruments: |
||||||||||
Natural gas commodity contracts |
Unrealized gain (loss) on derivative instruments, net | ( |
) | |||||||
Crude oil commodity contracts |
Unrealized (loss) gain on derivative instruments, net | ( |
) | |||||||
Natural gas commodity contracts |
Realized gain (loss) on derivative instruments, net | ( |
) | |||||||
Crude oil commodity contracts |
Realized (loss) on derivative instruments, net | ( |
) | |||||||
|
|
|
|
|||||||
$ | ( |
) | $ | |||||||
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
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2021 |
2020 |
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Net Loss (In 000’s) |
Weighted Average Number of Shares Outstanding |
Per Share Amount |
Net Income (In 000’s) |
Weighted Average Number of Shares Outstanding |
Per Share Amount |
|||||||||||||||||||
Basic |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||
Effect of dilutive securities: |
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Options (a) |
— | — | — | |||||||||||||||||||||
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Diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||
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|
|
|
|
|
|
Three Months Ended June 30, |
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2021 |
2020 |
|||||||||||||||||||||||
Net Loss (In 000’s) |
Weighted Average Number of Shares Outstanding |
Per Share Amount |
Net Income (In 000’s) |
Weighted Average Number of Shares Outstanding |
Per Share Amount |
|||||||||||||||||||
Basic |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||
Effect of dilutive securities: |
||||||||||||||||||||||||
Options (a) |
— | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
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Diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
(a) | The effect of the |
Gulf Coast |
Mid- Continent |
West Texas |
Other |
Total |
||||||||||||||||
Proved Reserves as of December 31, 2020 (MBoe) |
||||||||||||||||||||
Developed |
517 | 1,575 | 5,116 | 6 | 7,214 | |||||||||||||||
Undeveloped |
— | 95 | 3,126 | — | 3,221 | |||||||||||||||
Total |
517 | 1,670 | 8,242 | 6 | 10,435 | |||||||||||||||
Average Daily Production (Boe per day) |
297 | 788 | 3,178 | 2 | 4,265 | |||||||||||||||
Gross Productive Wells (Working Interest and ORRI Wells) |
239 | 549 | 556 | 170 | 1,514 | |||||||||||||||
Gross Productive Wells (Working Interest Only) |
209 | 485 | 518 | 69 | 1,281 | |||||||||||||||
Net Productive Wells (Working Interest Only) |
124 | 217 | 263 | 2 | 606 | |||||||||||||||
Gross Operated Productive Wells |
158 | 209 | 325 | — | 692 | |||||||||||||||
Gross Operated Water Disposal, Injection and Supply wells |
9 | 53 | 6 | — | 68 |
Reserve Category |
||||||||||||||||||||||||||||||||||||||||||||||||
Proved Developed |
Proved Undeveloped |
Total |
||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, |
Oil (MBbls) |
NGLs (MBbls) |
Gas (MMcf) |
Total (MBoe) |
Oil (MBbls) |
NGLs (MBbls) |
Gas (MMcf) |
Total (MBoe) |
Oil (MBbls) |
NGLs (MBbls) |
Gas (MMcf) |
Total (MBoe) |
||||||||||||||||||||||||||||||||||||
2018 |
6,404 | 2,707 | 21,065 | 12,622 | 10 | 12 | 124 | 43 | 6,414 | 2,719 | 21,189 | 12,665 | ||||||||||||||||||||||||||||||||||||
2019 |
4,381 | 2,914 | 19,995 | 10,268 | 1,833 | 1,017 | 4,547 | 3,608 | 6,214 | 3,931 | 24,542 | 14,235 | ||||||||||||||||||||||||||||||||||||
2020 |
2,684 | 2,258 | 13,633 | 7,214 | 1,784 | 787 | 3,897 | 3,221 | 4,468 | 3,045 | 17,530 | 10,435 |
(a) | In computing total reserves on a barrel of oil equivalent (Boe) basis, gas is converted to oil based on its relative energy content at the rate of six Mcf of gas to one barrel of oil, and NGLs are converted based upon volume; one barrel of natural gas liquids equals one barrel of oil. |
Proved Developed |
Proved Undeveloped |
Total |
||||||||||||||||||||||||||||||
As of December 31, |
Future Net Revenue |
Present Value 10 Of Future Net Revenue |
Future Net Revenue |
Present Value 10 Of Future Net Revenue |
Future Net Revenue |
Present Value 10 Of Future Net Revenue |
Present Value 10 Of Future Income Taxes |
Standardized Measure of Discounted Cash flow |
||||||||||||||||||||||||
2018 |
$ | 239,337 | $ | 161,376 | $ | 767 | $ | 525 | $ | 240,104 | $ | 161,901 | $ | 23,992 | $ | 137,909 | ||||||||||||||||
2019 |
$ | 116,592 | $ | 82,155 | $ | 42,700 | $ | 17,876 | $ | 159,292 | $ | 100,031 | $ | 18,419 | $ | 81,612 | ||||||||||||||||
2020 |
$ | 43,886 | $ | 34,717 | $ | 37,346 | $ | 21,823 | $ | 81,232 | $ | 56,539 | $ | 14,920 | $ | 41,619 |
2021 |
2022 |
2023 |
2021 |
2022 |
2023 |
|||||||||||||||||||
Swap Agreements |
||||||||||||||||||||||||
Natural Gas (MMBTU) |
734,000 | 928,000 | 131,000 | $ | 2.55 | $ | 2.67 | $ | 2.81 | |||||||||||||||
Oil (barrels) |
157,500 | 196,200 | 27,200 | $ | 53.57 | $ | 51.99 | $ | 50.31 |
Six months ended June 30, |
||||||||||||||||
2021 |
2020 |
Increase / (Decrease) |
Increase / (Decrease) |
|||||||||||||
Barrels of Oil Produced |
328,000 | 378,000 | (50,000 | ) | (13.2 | )% | ||||||||||
Average Price Received |
$ | 60.77 | $ | 37.89 | $ | 22.88 | 60.4 | % | ||||||||
|
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|
|
|
|
|||||||||||
Oil Revenue (In 000’s) |
$ | 19,934 | $ | 14,324 | $ | 5,610 | 39.2 | % | ||||||||
|
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|
|
|
|||||||||||
Mcf of Gas Sold |
1,445,000 | 1,812,000 | (367,000 | ) | (20.36 | )% | ||||||||||
Average Price Received |
$ | 2.73 | $ | 0.77 | $ | 1.96 | 254.5 | % | ||||||||
|
|
|
|
|
|
|||||||||||
Gas Revenue (In 000’s) |
$ | 3,950 | $ | 1,389 | $ | 2,561 | 184.4 | % | ||||||||
|
|
|
|
|
|
|||||||||||
Barrels of Natural Gas Liquids Sold |
195,000 | 213,000 | (18,000 | ) | (8.5 | )% | ||||||||||
Average Price Received |
$ | 21.28 | $ | 8.16 | $ | 13.12 | 160.7 | % | ||||||||
|
|
|
|
|
|
|||||||||||
Natural Gas Liquids Revenue (In 000’s) |
$ | 4,149 | $ | 1,738 | $ | 2,411 | 138.7 | % | ||||||||
|
|
|
|
|
|
|||||||||||
Total Oil & Gas Revenue (In 000’s) |
$ | 28,033 | $ | 17,451 | $ | 10,582 | 60.6 | % | ||||||||
|
|
|
|
|
|
Three months ended June 30, |
||||||||||||||||
2021 |
2020 |
Increase / (Decrease) |
Increase / (Decrease) |
|||||||||||||
Barrels of Oil Produced |
165,000 | 144,000 | 21,000 | 14.6 | % | |||||||||||
Average Price Received |
$ | 64.63 | $ | 25.09 | $ | 39.54 | 157.6 | % | ||||||||
|
|
|
|
|
|
|||||||||||
Oil Revenue (In 000’s) |
$ | 10,664 | $ | 3,613 | $ | 7,051 | 195.2 | % | ||||||||
|
|
|
|
|
|
|||||||||||
Mcf of Gas Sold |
780,000 | 874,000 | (94,000 | ) | (10.8 | )% | ||||||||||
Average Price Received |
$ | 2.94 | $ | 0.62 | $ | 2.32 | 373.9 | % | ||||||||
|
|
|
|
|
|
|||||||||||
Gas Revenue (In 000’s) |
$ | 2,292 | $ | 543 | $ | 1,749 | 322.1 | % | ||||||||
|
|
|
|
|
|
|||||||||||
Barrels of Natural Gas Liquids Sold |
109,000 | 56,000 | 53,000 | 94.6 | % | |||||||||||
Average Price Received |
$ | 22.06 | $ | 5.76 | $ | 16.30 | 282.9 | % | ||||||||
|
|
|
|
|
|
|||||||||||
Natural Gas Liquids Revenue (In 000’s) |
$ | 2,404 | $ | 495 | $ | 1,909 | 385.7 | % | ||||||||
|
|
|
|
|
|
|||||||||||
Total Oil & Gas Revenue (In 000’s) |
$ | 15,360 | $ | 4,651 | $ | 10,709 | 230.3 | % | ||||||||
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
($ in thousand) |
||||||||||||||||
Oil derivatives – realized gains (losses) |
$ | (484 | ) | $ | 4,539 | $ | (636 | ) | $ | 5,545 | ||||||
Oil derivatives – unrealized gains (losses) |
(3,987 | ) | (5,397 | ) | (4,883 | ) | 854 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total gains (losses) on oil derivatives |
$ | (4,471 | ) | $ | (858 | ) | $ | (5,519 | ) | $ | 6,399 | |||||
|
|
|
|
|
|
|
|
|||||||||
Natural gas derivatives – realized gains (losses) |
$ | (217 | ) | $ | 218 | $ | (277 | ) | $ | 409 | ||||||
Natural gas derivatives – unrealized gains (losses) |
(1,070 | ) | (218 | ) | (1,085 | ) | 87 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total gains (losses) on natural gas derivatives |
$ | (1,287 | ) | $ | — | $ | (1,362 | ) | $ | 496 | ||||||
|
|
|
|
|
|
|
|
|||||||||
Total gains (losses) on oil and natural gas derivatives |
$ | (5,758 | ) | $ | (858 | ) | $ | (6,881 | ) | $ | 6,895 | |||||
|
|
|
|
|
|
|
|
2021 |
2020 |
|||||||
Oil Price |
$ | 58.84 | $ | 52.56 | ||||
Gas Price |
$ | 2.54 | $ | 0.99 | ||||
NGLS Price |
$ | 21.28 | $ | 8.16 |
2021 Month |
Number of Shares |
Average Price Paid per share |
Maximum Number of Shares that May Yet Be Purchased Under The Program at Month—End (1) |
|||||||||
January |
— | $ | — | 147,721 | ||||||||
February |
— | $ | — | 147,721 | ||||||||
March |
— | $ | — | 147,721 | ||||||||
April |
— | $ | — | 147,721 | ||||||||
May |
— | $ | — | 147,721 | ||||||||
June |
— | $ | — | 147,721 | ||||||||
|
|
|
|
|||||||||
Total/Average |
— | $ | — | |||||||||
|
|
|
|
(1) |
In December 1993, we announced that the Board of Directors authorized a stock repurchase program whereby we may purchase outstanding shares of the common stock from time-to-time, |
PRIMEENERGY RESOURCES CORPORATION | ||||||
Dated: August 23, 2021 | By: | /s/ Charles E. Drimal, Jr. | ||||
Charles E. Drimal, Jr. | ||||||
Chairman, President |