PrimeEnergy Resources Corporation has reported its financial results for the second quarter of 2026, revealing a net income of $6.5 million, or $4.06 per share, compared to $3.2 million, or $1.94 per share, in the same period last year. For the first half of 2026, the company recorded a net income of $10.9 million, or $6.72 per share, down from $12.4 million, or $7.37 per share, in the first half of 2025. The decrease in net income is attributed to lower oil and natural gas liquids production, despite higher realized prices for oil, which increased by 32.8% to an average of $83.98 per barrel.
Total revenues for the second quarter of 2026 were $42.5 million, slightly up from $42.0 million in the same quarter of 2025. However, for the first half of 2026, revenues fell to $81.9 million, down from $92.0 million in the first half of 2025. The decline in revenue is primarily due to a decrease in oil and gas sales, which fell by 3.9% to $38.3 million in the second quarter and by 10.6% to $77.8 million in the first half of the year. The company experienced a significant drop in natural gas revenue, which was negatively impacted by regional pipeline constraints leading to negative realized prices.
In terms of operational metrics, PrimeEnergy reported a decrease in oil production, with 411,000 barrels sold in the second quarter of 2026, down 31.5% from 600,000 barrels in the same quarter of 2025. Conversely, natural gas production increased by 7.7%, with 2.6 million Mcf sold in the second quarter. The company’s total production expenses decreased by 10.4% to $9.1 million in the second quarter, reflecting lower production volumes and costs associated with fewer wells being placed into production.
Strategically, PrimeEnergy continues to focus on horizontal drilling in its key regions, particularly in the Permian Basin of West Texas and the Scoop/Stack play in Oklahoma. The company plans to invest approximately $52 million in 28 horizontal wells in 2026, following significant investments in previous years. As of June 30, 2026, PrimeEnergy had no outstanding borrowings under its $300 million credit facility, which has a current borrowing base of $105 million. The company remains committed to maintaining financial flexibility and liquidity while navigating the challenges posed by commodity price volatility and operational constraints.
About PRIMEENERGY RESOURCES CORP
PrimeEnergy Resources Corporation is an independent oil and natural gas company focused on acquiring, developing, and producing hydrocarbons primarily in Texas and Oklahoma. It operates numerous wells, emphasizes horizontal drilling, and invests heavily in the Midland Basin. The company manages well-servicing operations, owns select assets, and seeks to expand reserves through strategic acquisitions, all while navigating complex environmental and regulatory frameworks.
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