PrimeEnergy Resources Corp. Files Q2 2025 10-Q

TL;DR

PRIMEENERGY RESOURCES CORP (PNRG) filed their Q2 2025 10-Q. Financials are in.

AI Summary

PrimeEnergy Resources Corp. filed its 10-Q for the period ending June 30, 2025. The filing covers the second quarter of 2025 and provides financial updates for the company. Specific financial figures and operational details for the quarter are detailed within the report.

Why It Matters

This filing provides investors with the latest financial performance and operational status of PrimeEnergy Resources Corp., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a publicly traded company in the oil and gas sector, PrimeEnergy Resources Corp. is subject to market volatility and regulatory changes, warranting a medium risk level.

Key Numbers

• 20250630 — Period End Date (Financial reporting period)
• 20250819 — Filing Date (Date the report was submitted)

Key Players & Entities

• PRIMEENERGY RESOURCES CORP (company) — Filer
• 20250630 (date) — Period of Report
• 20250819 (date) — Filed as of Date
• HOUSTON (location) — Business Address City
• DE (location) — State of Incorporation

FAQ

Key Financial Figures

• $0.10 — e on which registered Common Stock, $0.10 par value PNRG NASDAQ Indicate by
• $65 million — eement was $ 75 million and adjusted to $65 million in July 2023. The credit facility is se

Filing Documents

• pnrg20250630_10q.htm (10-Q) — 828KB
• ex_853888.htm (EX-31.1) — 13KB
• ex_853889.htm (EX-31.2) — 13KB
• ex_853890.htm (EX-32.1) — 5KB
• ex_853891.htm (EX-32.2) — 5KB
• 0001437749-25-027372.txt ( ) — 3434KB
• pnrg-20250630.xsd (EX-101.SCH) — 27KB
• pnrg-20250630_def.xml (EX-101.DEF) — 177KB
• pnrg-20250630_lab.xml (EX-101.LAB) — 192KB
• pnrg-20250630_pre.xml (EX-101.PRE) — 207KB
• pnrg-20250630_cal.xml (EX-101.CAL) — 32KB
• pnrg20250630_10q_htm.xml (XML) — 383KB

—Financial Information

Part I—Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets – June 30, 2025 and December 31, 2024 1 Consolidated Statements of Income – For the three and six months ended June 30, 2025 and 2024 2 Consolidated Statements of Equity – For the three and six months ended June 30, 2025 and 2024 3 Consolidated Statements of Cash Flows – For the six months ended June 30, 2025 and 2024 4

Notes to Consolidated Financial Statements – June 30, 2025

Notes to Consolidated Financial Statements – June 30, 2025 5-8

Management's Discussion and Analysis of Financial Conditions and Results of Operation

Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operation 9-17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 17

Controls and Procedures

Item 4. Controls and Procedures 17

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 18

Risk Factors

Item 1A. Risk Factors 18

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 18

Reserved

Item 4. Reserved 18

Other Information

Item 5. Other Information 18

Exhibits

Item 6. Exhibits 19

Signatures

Signatures 21 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. "Borrowing Base " is the maximum amount a company can borrow under a reserve-based lending (RBL) facility, calculated primarily on the value of its proved reserves. "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. "

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS PRIMEENERGY RESOURCES CORPORATION CONSOLIDATED BALANCE SHEETS (Thousands of dollars, except share data) June 30, 2025 Unaudited December 31, 2024 ASSETS Current Assets Cash and cash equivalents $ 2,364 $ 2,549 Accounts receivable, net 28,919 24,338 Prepaid obligations 1,946 1,372 Other current assets 13 11 Total Current Assets 33,242 28,270 Property and Equipment Oil and gas properties at cost 825,159 773,330 Less: Accumulated depletion, depreciation and amortization ( 518,367 ) ( 479,424 ) 306,792 293,906 Field and office equipment at cost 13,330 14,643 Less: Accumulated depreciation ( 11,494 ) ( 12,712 ) 1,836 1,931 Total Property and Equipment, Net 308,628 295,837 Other Assets 1,156 515 Total Assets $ 343,026 $ 324,622 LIABILITIES AND EQUITY Current Liabilities Accounts payable $ 7,797 $ 16,329 Accrued property cost 33,317 7,578 Accrued liabilities 12,686 25,514 Due to related parties 80 34 Current portion of asset retirement and other long-term obligations 1,430 200 Total Current Liabilities 55,310 49,655 Long-Term Bank Debt 12,000 4,000 Asset Retirement Obligations 12,907 13,799 Deferred Income Taxes 56,510 53,405 Other Long-Term Obligations 1,050 838 Total Liabilities and Contingencies 137,777 121,697 Equity Common stock, $ .10 par value; 2025 and 2024: Authorized and Issued 2,810,000 shares, outstanding 2025: 2,810,000 shares, outstanding 2024: 2,810,000 shares 281 281 Paid-in capital 7,555 7,555 Retained earnings 273,435 261,073 Treasury stock, at cost; 2025: 1,154,500 shares; 2024: 1,101,530 shares ( 76,022 ) ( 65,984 ) Total Equity 205,249 202,925 Total Liabilities and Equity $ 343,026 $ 324,622 The accompanying Notes are an integral part of these Consolidated Financial Statements 1 PRIMEENERGY RESOURCES CORPORATION CONSOLIDATED STATEMENTS OF I N

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2025 (1) Basis of Presentation: The accompanying condensed consolidated financial statements of PrimeEnergy Resources Corporation ("PrimeEnergy" or the "Company") have not been audited by independent public accountants. Pursuant to applicable Securities and Exchange Commission ("SEC") rules and regulations, the accompanying interim financial statements do not include all disclosures presented in annual financial statements and the reader should refer to the Company's Form 10-K for the year ended December 31, 2024. In the opinion of management, the accompanying interim consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company's consolidated balance sheets as of June 30, 2025, and December 31, 2024, the consolidated results of operations, cash flows and equity for the six months ended June 30, 2025, and 2024. As of June 30, 2025, PrimeEnergy's significant accounting policies are consistent with those discussed in Note 1—Description of Operations and Significant Accounting Policies of its consolidated financial statements contained in PrimeEnergy's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Certain amounts presented in prior period financial statements have been reclassified for consistency with current period presentation. The results for interim periods are not necessarily indicative of annual results. For purposes of disclosure in the consolidated financial statements, subsequent events have been evaluated through the date the statements were issued. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 increases the transparency of expense information presented in the statement of operations through disclosures of expanded disaggregation of relevant expense capt

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