PrimeEnergy Resources Corporation announced its first quarter 2025 results, reporting a 16.4% year-over-year increase in total revenue to $50.1 million. This growth was primarily fueled by significant increases in natural gas and natural gas liquids (NGL) production volumes. Oil production also rose by 6.0% to 457,000 barrels.
Natural gas output skyrocketed by 106.6% to 2.39 Bcf, while NGL production soared by 120.4% to 454,000 barrels compared to the first quarter of 2024. Despite these operational gains, net income for the quarter was $9.1 million, a 19.3% decrease year-over-year, resulting in diluted earnings per share of $3.72, down 15.7%.
The company continued its share repurchase program, buying back 47,970 shares at a cost of $9.17 million in Q1 2025. Since the program's inception, PrimeEnergy has returned $112.6 million to shareholders through stock repurchases. Total assets at quarter-end were $339.3 million, an increase from $324.6 million at December 31, 2024.
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