PrimeEnergy sees gas output rise in H1
Prime Energy, a US oil and gas producer active in Texas, Oklahoma and West Virginia, increased gas output from its holdings in the first half of this year by 9.1% year/year, the company announced August 22.
Stronger fundamentals led to a profit of around $22.1mn in net terms, a reverse from the $3.9mn loss absorbed by Prime Energy's business in the same period last year.
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The regional upstream and midstream player said gas output reached 1.57bn ft3, compared with 1.44bn ft3 in January to June 2021.
Prime's average realised price for gas also soared, bolstering its bottom line. The average price of $5.35/'000 ft3 was almost double the $2.73 generated last year, resulting in an increase in gas revenues to $8.4mn from $3.9mn. Overall revenues from the company, primarily oil-focused, increased to $68.1mn from $28mn.