PrimeEnergy Resources Corporation reported its production and financial results for the year ended December 31, 2024, showcasing substantial growth in oil output. The company produced 2,556,000 barrels of oil in 2024, marking a 123.43% increase from the 1,144,000 barrels produced in 2023. This significant volume expansion underscores the effectiveness of its development strategies.
Despite a slight decrease in the average realized oil price, which fell 1.35% from $76.84 per barrel in 2023 to $75.80 per barrel in 2024, oil revenue saw a substantial rise. Oil revenue for 2024 reached $193,737,000, an increase of $105,831,000 compared to $87,906,000 in the prior year.
The robust growth in oil production and revenue demonstrates the company's operational success in expanding its hydrocarbon output. These results reflect the impact of PrimeEnergy's ongoing development activities in its core operating areas.
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