PrimeEnergy Resources Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>PrimeEnergy Resources Corp has submitted its 2023 annual report (10-K), detailing its financial performance and operational status for the fiscal year ending December 31, 2023.</b>

AI Summary

PRIMEENERGY RESOURCES CORP (PNRG) filed a Annual Report (10-K) with the SEC on April 15, 2024. PrimeEnergy Resources Corp filed its 2023 Form 10-K on April 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company is engaged in Crude Petroleum & Natural Gas extraction. PrimeEnergy Resources Corp is incorporated in Delaware. The company's principal business address is in Houston, Texas.

Why It Matters

For investors and stakeholders tracking PRIMEENERGY RESOURCES CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of PrimeEnergy's financial health, operational activities, and strategic positioning within the oil and gas sector for the past fiscal year. Investors and stakeholders can use this report to assess the company's performance, understand its reserves, and evaluate potential risks and opportunities in the current market environment.

Risk Assessment

Risk Level: low — PRIMEENERGY RESOURCES CORP shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant negative news or events, indicating a routine disclosure.

Analyst Insight

Monitor future filings for specific financial results, reserve updates, and management commentary on operational performance and market conditions.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-15 — Filing Date (Filed as of date)
• 1311 — SIC Code (Standard Industrial Classification for Crude Petroleum & Natural Gas)

Key Players & Entities

• PRIMEENERGY RESOURCES CORP (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240415 (date) — Filed as of date
• 0000056868 (company) — Central Index Key
• 1311 (industry) — Standard Industrial Classification
• DE (location) — State of incorporation
• HOUSTON (location) — City
• TX (location) — State

FAQ

Industry Context

PrimeEnergy Resources Corp operates within the Crude Petroleum & Natural Gas industry, a sector characterized by commodity price volatility and significant regulatory oversight.

Regulatory Implications

As a participant in the oil and gas sector, the company is subject to various environmental, safety, and reporting regulations mandated by federal and state agencies.

What Investors Should Do

1. Review the full 10-K document for detailed financial statements and operational data.
2. Analyze the company's reserve reports for oil, natural gas, and natural gas liquids.
3. Assess any disclosed risk factors and their potential impact on future operations.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-15: Filing Date — Date PrimeEnergy Resources Corp submitted its 10-K filing.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; comparison to prior filings will require access to those documents.

Key Financial Figures

• $0.10 — ch registered Common Stock, par value $0.10 (per share) PNRG Nasdaq Stock Marke
• $40,000 — lle, Alabama, which is on our books for $40,000 as of December 31, 2023. There is curre
• $500,000 — hopping center and it has approximately $500,000 of working capital on its balance sheet
• $91 m — ies, the Company invested approximately $91 million, 99% of which is attributable to
• $25.6 million — ntals having 25% interest and investing $25.6 million in our "Brynn" wells that began product
• $17 million — ober 2023 and we invested approximately $17 million in these wells and their associated fac
• $12 million — ontal laterals, investing approximately $12 million. These five wells were completed and br
• $645,000 — ith 2% interest, invested approximately $645,000. In the first quarter of 2024, in Reag
• $15.5 million — th an average 19.7% interest, investing $15.5 million. We are also participating in another 3
• $24 m — ls we have 50% interest and will invest $24 million, in the 12 Kramer and O'Bannion w
• $9.9 m — nterest and are investing approximately $9.9 million, and in the two Pink Floyd wells
• $175,500 — interest and will invest approximately $175,500. With Civitas, we are currently drillin
• $43 million — ge of 39% interest and expect to invest $43 million. Fourteen of the 34 wells now drilling
• $140 million — rizontal wells, investing approximately $140 million. We are also preparing to invest approx
• $95 million — also preparing to invest approximately $95 million in another 23 horizontal wells to be dr

Filing Documents

• pnrg20231231_10k.htm (10-K) — 1549KB
• ex_651803.htm (EX-4.1) — 18KB
• ex_651804.htm (EX-21) — 2KB
• ex_651802.htm (EX-23) — 4KB
• ex_651801.htm (EX-31.1) — 13KB
• ex_651800.htm (EX-31.2) — 13KB
• ex_651799.htm (EX-32.1) — 6KB
• ex_651798.htm (EX-32.2) — 6KB
• ex_651796.htm (EX-97.1) — 10KB
• ex_651797.htm (EX-99.1) — 138KB
• audlogo.jpg (GRAPHIC) — 3KB
• rslogo.jpg (GRAPHIC) — 7KB
• 0001437749-24-011958.txt (&nbsp;) — 7187KB
• pnrg-20231231.xsd (EX-101.SCH) — 59KB
• pnrg-20231231_def.xml (EX-101.DEF) — 373KB
• pnrg-20231231_lab.xml (EX-101.LAB) — 358KB
• pnrg-20231231_pre.xml (EX-101.PRE) — 411KB
• pnrg-20231231_cal.xml (EX-101.CAL) — 49KB
• pnrg20231231_10k_htm.xml (XML) — 1115KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 34 Item 4. Mine Safety Disclosures 34 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6.

Selected Financial Data

Selected Financial Data 36 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 40 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 40 Item 9A.

Controls and Procedures

Controls and Procedures 41 Item 9B. Other Information 41 Item 9C. Discolsure Regarding Foreign Jurisdictions That Prevent Inspections 41 PART III Item 10. Directors, Executive Officers and Corporate Governance 42 Item 11.

Executive Compensation

Executive Compensation 42 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 42 Item 13. Certain Relationships and Related Transactions, and Director Independence 42 Item 14. Principal Accountant Fees and Services 42 PART IV Item 15. Exhibits and Financial Statement Schedules 43 Item 16. Form 10-K Summary 44

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS: Index to Consolidated Financial Statements F-1 2 Definitions of Certain Terms and Conventions Used Herein Within this Report, the following terms and conventions have specific meanings: Measurements. "Bbl " means a standard barrel containing 42 United States gallons. "BOE " means a barrel of oil equivalent and is a standard convention used to express oil and gas volumes on a comparable oil equivalent basis. Gas equivalents are determined under the relative energy content method by using the ratio of six thousand cubic feet of gas to one Bbl of oil or natural gas liquid. "BOEPD " means BOE per day. "Btu " means British thermal unit, which is a measure of the amount of energy required to raise the temperature of one pound of water one degree Fahrenheit. "MBbl " means one thousand Bbls. "MBOE " means one thousand BOEs. "Mcf " means one thousand cubic feet and is a measure of gas volume. "MMcf " means one million cubic feet. Indices. "Brent " means Brent oil price, a major trading classification of light sweet oil that serves as a benchmark price for oil worldwide. "WAHA " is a benchmark pricing hub for West Texas gas. "WTI " means West Texas Intermediate, a light sweet blend of oil produced from fields in western Texas and is a grade of oil used as a benchmark in oil pricing. General terms and conventions. "DD&A " means depletion, depreciation and amortization. "ESG " means environmental, social and governance. "GAAP " means accounting principles generally accepted in the United States of America. "GHG " means greenhouse gases. "LNG " means liquefied natural gas. "NGLs " means natural gas liquids, which are the heavier hydrocarbon liquids that are separated from the gas stream; such liquids include ethane, propane, isobutane, normal butane and natural gasoline. "NYMEX " means the New York Mercantile Exchange. "OPEC " means the Organization of Petroleum Exporting Countries. "PrimeEnergy " or the "Company" means PrimeEn

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