Oil Price Surge Lifts PrimeEnergy to $6.5 Million Profit

PrimeEnergy Resources Corporation reported its Q2 2026 financial results, showing a net profit of $6.5 million, up 103% from the same period last year. The increase was driven by an average realized oil price of $98.85 per barrel, offsetting negative natural gas revenue caused by Permian Basin pricing issues.

The company's cash and cash equivalents increased to $28.7 million at June 30, 2026, with no outstanding bank debt. PrimeEnergy repurchased 31,290 shares during the quarter for approximately $5.5 million, at an average price of $177.48 per share.

For 2026, the company plans to invest around $52 million in 28 horizontal wells. The drilling of 24 new horizontal wells in Martin and Upton Counties is underway, with first production expected during the fourth quarter of 2026.