PrimeEnergy Corp. (NasdaqCM: PNRG) detailed its year-end 2013 financial results March 25.
The year’s total assets surpassed 2012’s, the company said, noting that on Dec. 31, 2013 total assets stood at $242,922,000 compared to $228,086,000 on Dec. 31, 2012.
The increased revenues were a result of higher commodity prices in 2013, as well as costlier field service revenues that were partly offset by derivative gains, the company said.
2013 saw decreased net income for PrimeEnergy, which was due to costlier lease operating and field service expenses that were partly offset by increased revenues from sales of noncore and nonproducing oil and natural gas interests, as well as the sale of nonessential field service equipment and lower depreciation and depletion expenses, the company said.
2013 saw less oil production, PrimeEnergy noted. Through the year, 730,000 barrels of oil (bbl) at an average price of 93.75 each were produced, compared to 2012’s 745,000 bbl at an average price of $89.67 each, the company said.
Fewer barrels resulted in lower oil revenues of $68,446,000 in 2013, down from 2012’s $66,830,000, PrimeEnergy added.
Natural gas revenues rose through the year, the company said, noting that $24,339,000 came in above 2012’s $21,004,000.
These numbers yielded a 2013 total oil and natural gas revenues of $92,785,000, up from 2012’s $87,834,000, PrimeEnergy added.
Houston-based PrimeEnergy Corp. acquires, develops and produces domestic oil and natural gas.
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