PrimeEnergy Resources Corporation reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Revenues for the third quarter reached $69.5 million, a substantial increase from $37.6 million in the prior year, while revenues for the nine-month period totaled $177.3 million, up from $96.1 million. The surge in revenue was primarily driven by a dramatic rise in oil sales, which amounted to $56.2 million for the third quarter and $145.7 million for the nine months, reflecting increases of 112.8% and 135.2%, respectively.

Net income also saw a notable rise, with the company reporting $22.1 million for the third quarter of 2024, compared to $10.7 million in the same quarter of 2023. For the nine-month period, net income reached $53.1 million, a significant increase from $22.2 million in the previous year. This resulted in earnings per share of $12.63 for the third quarter and $29.88 for the nine months, compared to $5.84 and $11.95, respectively, in 2023.

Total costs and expenses increased, with the company reporting $41.4 million for the third quarter and $110.2 million for the nine months, up from $24.5 million and $68.1 million in the prior year. The increase in expenses was attributed to higher production costs, which rose by 63.3% for the third quarter and 62.3% for the nine months, alongside increased depreciation and general administrative expenses.

Strategically, PrimeEnergy has been active in acquisitions and divestitures. In 2024, the company acquired 48 net acres in Lea County, New Mexico, and 100.27 net acres in Reagan County, Texas, while divesting various properties, including the sale of its interest in Eastern Oil Well Service Company for $2.8 million. The company also increased its borrowing base under its credit facility to $115 million, with outstanding borrowings of $22.1 million as of September 30, 2024.

As of September 30, 2024, PrimeEnergy's total assets increased to $345.6 million, up from $288.6 million at the end of 2023, with total equity rising to $203.8 million from $161.0 million. The company reported cash and cash equivalents of $1.6 million, a decrease from $11.1 million at the end of 2023, while accounts receivable increased significantly to $34.3 million from $20.3 million.