PrimeEnergy Sees Net Income Boost Amid Higher Oil Prices

PrimeEnergy Resources Corporation has reported its second quarter and first half 2026 results. The company's net income for Q2 2026 was $6.5 million, up from $3.2 million in Q2 2025. This increase is largely due to an average realized oil price of $98.85 per barrel, a significant jump from $56.96 per barrel in the same period last year.

However, this improvement was offset by an average realized natural gas price of - $3.53 per million cubic feet, resulting in negative natural gas revenue of $9.2 million in Q2 2026. The company's oil production volume was lower year-over-year despite the higher realized prices.

PrimeEnergy ended June 30, 2026 with a cash balance of $28.7 million and no bank debt. The company has also repurchased 45,500 shares year-to-date, with authorization for an additional 300,000 shares. PrimeEnergy is currently drilling 24 horizontal wells in Martin and Upton Counties, with an estimated investment of $34.1 million for the Upton program.