PrimeEnergy Sees Strong Oil Prices Offset Negative Gas Revenue

PrimeEnergy Resources Corporation reported strong oil prices and share repurchases in its second quarter 2026 results, despite negative natural gas revenue due to low prices. The company's average realized oil price was $98.85 per barrel, up from $56.96 per barrel in the same period last year.

Net income for the three months ended June 30, 2026 was $6.5 million, or $4.06 per basic share, compared to $3.2 million, or $1.94 per basic share, in the second quarter of 2025.

The company's development program is ongoing, with drilling commencing on 24 horizontal wells in Martin and Upton Counties. The first production from these wells is expected during the fourth quarter of 2026.