PrimeEnergy Stock Surges on Strong Q2 Earnings and Oil Price Rally

PrimeEnergy Resources (PNRG) shares rose 0.46% to $196.48 after the company reported strong second-quarter earnings. Net income doubled to $6.5 million, driven by higher oil prices, which averaged $98.85 per barrel compared to $56.96 in the same period last year.

The company's oil revenue reached $40.6 million, offsetting weaker natural gas revenue due to constrained Permian Basin takeaway capacity. PrimeEnergy realized an average gas price of negative $3.53 per Mcf during the second quarter.

PrimeEnergy expanded its drilling activity, starting 24 horizontal wells in Martin and Upton counties. The company expects first production from those wells by the fourth quarter of 2026. It also maintained a strong balance sheet with no bank debt and continued share repurchases.