PrimeEnergy Resources (PNRG) 10-Q 18 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 11, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	PNRG
Entity Registrant Name	PRIMEENERGY CORP
Entity Central Index Key	56,868
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		2,097,054

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 8,417	$ 8,438
Accounts receivable, net	12,618	16,961
Other current assets	1,023	1,232
Total Current Assets	22,058	26,631
Property and Equipment, at cost
Oil and gas properties (successful efforts method), net	216,111	213,001
Field and office equipment, net	6,771	6,974
Total Property and Equipment, Net	222,882	219,975
Other Assets	208	159
Total Assets	245,148	246,765
Current Liabilities
Accounts payable	11,078	24,615
Accrued liabilities	12,030	16,294
Current portion of long-term debt	1,826	2,378
Current portion of asset retirement	2,665	2,309
Derivative liability short-term	2,803	1,509
Due to Related Parties	231	65
Total Current Liabilities	30,633	47,170
Long-Term Bank Debt	62,977	48,459
Asset Retirement Obligations	20,246	21,269
Derivative Liability Long-Term	2,509	1,913
Deferred Income Taxes	25,867	24,962
Other Long-Term Obligations	555	553
Total Liabilities	142,787	144,326
Commitments and Contingencies
Equity
Common stock, $.10 par value; 2018 and 2017: Authorized: 4,000,000 shares, issued: 3,836,397 shares; outstanding 2018: 2,102,176 shares; 2017: 2,169,370 shares	383	383
Paid-in capital	8,729	8,729
Retained earnings	141,606	138,320
Accumulated other comprehensive loss, net	0	0
Treasury stock, at cost; 2018: 1,734,221 shares; 2017: 1,667,027 shares	(55,502)	(52,123)
Total Stockholders' Equity - PrimeEnergy	95,216	95,309
Non-controllinginterest	7,145	7,130
Total Equity	102,361	102,439
Total Liabilities and Equity	$ 245,148	$ 246,765

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	4,000,000	4,000,000
Common stock, shares issued	3,836,397	3,836,397
Common stock, shares outstanding	2,102,176	2,169,370
Treasury stock, shares	1,734,221	1,667,027

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Realized (loss) on derivative instruments, net	$ (495)	$ (227)
Field service income	4,215	3,761
Administrative overhead fees	1,504	1,581
Unrealized (loss) gain on derivative instruments, net	(1,821)	2,804
Other income	0	118
Total Revenues	28,467	20,475
Costs and Expenses
Lease operating expense	8,579	7,140
Field service expense	3,210	2,982
Depreciation, depletion, amortization and accretion on discounted liabilities	7,923	7,938
General and administrative expense	5,976	1,736
Total Costs and Expenses	25,688	19,796
Gain on Sale and Exchange of Assets	2,472	41,602
Income from Operations	5,251	42,281
Other Income (Expense)
Interest income	11
Interest expense	(862)	605
Income Before Provision for Income Taxes	4,400	41,676
Provision for Income Taxes	1,099	13,667
Net Income	3,301	28,009
Less: Net Income Attributable to Non-Controlling Interests	15	5,712
Net Income Attributable to PrimeEnergy	$ 3,286	$ 22,297
Basic Income Per Common Share	$ 1.53	$ 9.77
Diluted Income Per Common Share	$ 1.14	$ 7.35
Oil [Member]
Revenues
Oil and gas sales	$ 20,101	$ 8,674
Natural Gas [Member]
Revenues
Oil and gas sales	2,363	2,658
Natural Gas Liquids [Member]
Revenues
Oil and gas sales	$ 2,600	$ 1,106

Consolidated Statement of Equit

Consolidated Statement of Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total Stockholders' Equity - PrimeEnergy [Member]	Non-Controlling Interest [Member]
Balance at Dec. 31, 2017	$ 102,439	$ 383	$ 8,729	$ 138,320	$ (52,123)	$ 95,309	$ 7,130
Balance, shares at Dec. 31, 2017	3,836,397	3,836,397
Purchase shares of common stock	$ (3,379)	$ 0	0	0	(3,379)	(3,379)	0
Net income	3,301	0	0	3,286	0	3,286	15
Balance at Mar. 31, 2018	$ 102,361	$ 383	$ 8,729	$ 141,606	$ (55,502)	$ 95,216	$ 7,145
Balance, shares at Mar. 31, 2018	3,836,397	3,836,397

Consolidated Statement of Equi6

Consolidated Statement of Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2018shares
Purchase of common stock, shares	67,218
Treasury Stock [Member]
Purchase of common stock, shares	67,218
Total Stockholders' Equity - PrimeEnergy [Member]
Purchase of common stock, shares	67,218

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities:
Net income	$ 3,301	$ 28,009
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion on discounted liabilities	7,923	7,938
Gain on sale of properties	(2,472)	(41,602)
Unrealized loss (gain) on derivative instruments, net	1,821	(2,804)
Provision for deferred income taxes	905	4,492
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	4,343	(1,160)
Increase in due from related parties	(14)
Increase in due to related parties	166	386
Decrease (increase) in other assets	243	(152)
Decrease in accounts payable	(13,537)	(871)
(Decrease) increase in accrued liabilities	(4,264)	22,391
Net Cash (Used in) Provided by Operating Activities	(1,585)	16,627
Cash Flows from Investing Activities:
Capital expenditures, including exploration expense	(10,734)	(18,866)
Proceeds from sale of properties and equipment	1,816	46,438
Net Cash (Used in) Provided by Investing Activities	(8,918)	27,572
Cash Flows from Financing Activities:
Purchase of stock for treasury	(3,379)	(25)
Purchase of non-controlling interests		(60)
Proceeds from long-term bank debt and other long-term obligations	27,300
Repayment of long-term bank debt and other long-term obligations	(13,439)	(38,672)
Net Cash Provided by (Used in) Financing Activities	10,482	(38,757)
Net (Decrease) increase in Cash and Cash Equivalents	(21)	5,442
Cash and Cash Equivalents at the Beginning of the Period	8,438	6,568
Cash and Cash Equivalents at the End of the Period	8,417	12,010
Supplemental Disclosures:
Income taxes paid	5	200
Interest paid	$ 772	$ 451

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	(1) Basis of Presentation: The accompanying condensed consolidated financial statements of PrimeEnergy Corporation (“PrimeEnergy” or the “Company”) have not been audited by independent public accountants. Pursuant to applicable Securities and Exchange Commission (“SEC”) rules and regulations, the accompanying interim financial statements do not include all disclosures presented in annual financial statements and the reader should refer to the Company’s Form 10-K As of March 31, 2018, PrimeEnergy’s significant accounting policies are consistent with those discussed in Note 1—Description of Operations and Significant Accounting Policies of its consolidated financial statements contained in PrimeEnergy’s Annual Report on Form 10-K 2014-09, Recently Adopted Accounting Pronouncements On January 1, 2018, PrimeEnergy adopted ASU 2014-09, The Company applies the provisions of ASC 606 for revenue recognition to contracts with customers. Sales of crude oil, natural gas, and natural gas liquids (NGLs) are included in revenue when production is sold to a customer in fulfillment of performance obligations under the terms of agreed contracts. Performance obligations primarily comprise delivery of oil, gas, or NGLs at a delivery point, as negotiated within each contract. Each barrel of oil, million Btu (MMBtu) of natural gas, or other unit of measure is separately identifiable and represents a distinct performance obligation to which the transaction price is allocated. Performance obligations are satisfied at a point in time once control of the product has been transferred to the customer. The Company considers a variety of facts and circumstances in assessing the point of control transfer, including but not limited to: whether the purchaser can direct the use of the hydrocarbons, the transfer of significant risks and rewards, the Company’s right to payment, and transfer of legal title. In each case, the term between delivery and when payments are due is not significant. PrimeEnergy records trade accounts receivable for its unconditional rights to consideration arising under sales contracts with customers. The carrying value of such receivables, net of the allowance for doubtful accounts, represents estimated net realizable value. The Company routinely assesses the collectability of all material trade and other receivables. The Company accrues a reserve on a receivable when, based on the judgment of management, it is probable that a receivable will not be collected and the amount of any reserve may be reasonably estimated. PrimeEnergy has concluded that the disaggregation of revenue by product appropriately depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Practical Expedients and Exemptions PrimeEnergy does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or contracts for which variable consideration is allocated entirely to a wholly unsatisfied performance obligation. PrimeEnergy will utilize the practical expedient to expense incremental costs of obtaining a contract if the expected amortization period is one year or less. Costs to obtain a contract with expected amortization periods of greater than one year will be recorded as an asset and will be recognized in accordance with ASC 340, “Other Assets and Deferred Costs.” Currently, the Company does not have contract assets related to incremental costs to obtain a contract. In November 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-18, 2016-18 2016-18 New Pronouncements Issued But Not Yet Adopted In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02,

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions and Dispositions	(2) Acquisitions and Dispositions: Historically the Company has repurchased the interests of the partners and trust unit holders in the oil and gas limited partnerships (the “Partnerships”) and the asset and business income trusts (the “Trusts”) managed by the Company as general partner and as managing trustee, respectively. The Company purchased interests in totaling $60,000 for the three months ended March 31, 2017. No such repurchases took place during the three months ended March 31, 2018. During the first quarter of 2018 and 2017, the Company sold or farmed out interests in certain non-core During the first quarter of 2018, the Company completed two transactions acquiring 464 net mineral acres, 53 oil and gas wells with working interests ranging from 16.6% to 33.4% and one commercial salt water disposal well operated by the Company, all located in Reagan County, Texas, for $6,080,000

Additional Balance Sheet Inform

Additional Balance Sheet Information	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Balance Sheet Information	(3) Additional Balance Sheet Information: Certain balance sheet amounts are comprised of the following: (Thousands of dollars) March 31, December 31, Accounts Receivable Joint interest billing $ 2,305 $ 3,173 Trade receivables 1,310 941 Oil and gas sales 9,098 12,941 Other 3 4 12,716 17,059 Less: Allowance for doubtful accounts (98 ) (98 ) Total $ 12,618 $ 16,961 Accounts Payable: Trade $ 2,815 $ 14,317 Royalty and other owners 5,062 7,073 Partner advances 1,180 1,268 Prepaid drilling deposits 59 67 Other 1,962 1,890 Total $ 11,078 $ 24,615 Accrued Liabilities Compensation and related expenses $ 2,370 $ 2,449 Property costs 4,790 9,141 Income Tax 4,378 4,180 Other 492 524 Total $ 12,030 $ 16,294

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	(4) Property and Equipment: Property and equipment at March 31, 2018 and December 31, 2017 consisted of the following: (Thousands of dollars) March 31, December 31, Proved oil and gas properties, at cost $ 483,488 $ 476,570 Less: Accumulated depletion and depreciation (267,377 ) (263,569 ) Oil and Gas Properties, Net $ 216,111 $ 213,001 Field and office equipment $ 26,188 $ 26,241 Less: Accumulated depreciation (19,417 ) (19,267 ) Field and Office Equipment, Net $ 6,771 $ 6,974 Total Property and Equipment, Net $ 222,882 $ 219,975

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term Debt: Bank Debt: On February 15, 2017, the Company and its lenders entered into a Third Amended and Restated Credit Agreement (the “2017 Credit Agreement”) with a maturity date of February 15, 2021. The Second Amended and Restated Credit Agreement and subsequent amendments were amended and restated by the 2017 Credit Agreement. Pursuant to the terms and conditions of the 2017 Credit Agreement, the Company has a revolving line of credit and letter of credit facility of up to $300 million subject to a borrowing base that is determined semi-annually by the lenders based upon the Company’s financial statements and the estimated value of the Company’s oil and gas properties, in accordance with the Lenders’ customary practices for oil and gas loans. The credit facility is secured by substantially all of the Company’s oil and gas properties. The 2017 Credit Agreement includes terms and covenants that require the Company to maintain a minimum current ratio, total indebtedness to EBITDAX (earnings before depreciation, depletion, amortization, taxes, interest expense and exploration costs) ratio and interest coverage ratio, as defined, and restrictions are placed on the payment of dividends, the amount of treasury stock the Company may purchase, commodity hedge agreements, and loans and investments in its consolidated subsidiaries and limited partnerships. On December 22, 2017, the Company and its lenders entered into a First Amendment to the Third Amended and Restated Credit Agreement. The credit agreement includes the addition of a new lender and retains all other aspects of the original credit agreement. As of the effective date of this amendment the Company’s borrowing base was increased to $85 million. At March 31, 2018, the Company had a total of $62.5 million of borrowings outstanding under its revolving credit facility at a weighted-average interest rate of 5.25% and $22.5 million available for future borrowings. The combined weighted average interest rate paid on outstanding bank borrowings subject to base rate and LIBO interest was 5.25% for the quarter ended March 31, 2018 as compared to 5.32% for quarter ended March 31, 2017. The Company’s borrowings under this credit facility approximates fair value because the interest rates are variable and reflective of market rates. Equipment Loans: On July 31, 2013, the Company entered into a $10.0 million Loan and Security Agreement with JP Morgan Chase Bank (“Equipment Loan”). The Equipment Loan is secured by a portion of the Company’s field service equipment, carries an interest rate of 3.95% per annum, requires monthly payments (principal and interest) of $184,000, and has a final maturity date of July 31, 2018. As of March 31, 2018 the Company had a total of $726 thousand outstanding on this Equipment Loan. On July 29, 2014, the Company entered into additional equipment financing facilities (“Additional Equipment Loans”) totaling $6.0 million with JP Morgan Chase Bank. In August 2014, the Company drew down $4.8 million of this facility that is secured by field service equipment, carries an interest rate of 3.40% per annum, requires monthly payments (principal and interest) of $87,800, and has a final maturity date of July 31, 2019. The remaining $1.2 million under the Additional Equipment Loans was available for interim draws to finance the acquisition of any future field service equipment. In December 2014, the Company made an interim draw of an additional $0.5 million on this facility that is secured by recently purchased field service equipment. Interim draws on this facility carried a floating interest rate; payable monthly at the LIBO published rate plus 2.50% and on June 26, 2015 converted into a fixed term loan, with a rate of 3.50% and requiring monthly payments (principal and interest) of $8,700 with a final maturity date of June 26, 2020. As of March 31, 2018, the Company had a total of $1.577 million outstanding on the Additional Equipment Loans. On January 12, 2018, the Company made a principal payment towards the third interim loan in the amount of $20,858. Effective with the payment due of January 26, 2018 the required monthly payments (principal and interest) on this loan changed to $7,986 with a continuing effective rate of 3.50% and a final maturity of June 26, 2020. The Company determined these loans are Level 3 liabilities in the fair-value hierarchy and estimated their fair value as $2.097 million and $5.5 million at March 31, 2018 and 2017, respectively, using a discounted cash flow model.

Other Long-Term Obligations and

Other Long-Term Obligations and Commitments	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Other Long-Term Obligations and Commitments	(6) Other Long-Term Obligations and Commitments: Operating Leases: The Company has several non-cancelable (Thousands of dollars) Operating 2018 $ 354 2019 172 Total minimum payments $ 526 Rent expense for office space for the three months ended March 31, 2018 and 2017 was $147,000 and $181,000, respectively. Asset Retirement Obligation: A reconciliation of the liability for plugging and abandonment costs for the three months ended March 31, 2018 is as follows: (Thousands of dollars) Asset retirement obligation – December 31, 2017 $ 23,578 Liabilities incurred — Liabilities settled (947 ) Accretion expense 280 Asset retirement obligation – March 31, 2018 $ 22,911 The Company’s liability is determined using significant assumptions, including current estimates of plugging and abandonment costs, annual inflation of these costs, the productive life of wells and a risk-adjusted interest rate. Changes in any of these assumptions can result in significant revisions to the estimated asset retirement obligation. Revisions to the asset retirement obligation are recorded with an offsetting change to producing properties, resulting in prospective changes to depreciation, depletion and amortization expense and accretion of discount. Because of the subjectivity of assumptions and the relatively long life of most of the Company’s wells, the costs to ultimately retire the wells may vary significantly from previous estimates.

Contingent Liabilities

Contingent Liabilities	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	(7) Contingent Liabilities: The Company, as managing general partner of the affiliated Partnerships, is responsible for all Partnership activities, including the drilling of development wells and the production and sale of oil and gas from productive wells. The Company also provides the administration, accounting and tax preparation work for the Partnerships, and is liable for all debts and liabilities of the affiliated Partnerships, to the extent that the assets of a given limited Partnership are not sufficient to satisfy its obligations. The Company is subject to environmental laws and regulations. Management believes that future expenses, before recoveries from third parties, if any, will not have a material effect on the Company’s financial condition. This opinion is based on expenses incurred to date for remediation and compliance with laws and regulations, which have not been material to the Company’s results of operations. From time to time, the Company is party to certain legal actions arising in the ordinary course of business. While the outcome of these events cannot be predicted with certainty, management does not expect these matters to have a materially adverse effect on the financial position or results of operations of the Company.

Stock Options and Other Compens

Stock Options and Other Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options and Other Compensation	(8) Stock Options and Other Compensation: In May 1989, non-statutory

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	(9) Related Party Transactions: The Company, as managing general partner or managing trustee, makes an annual offer to repurchase the interests of the partners and trust unit holders in certain of the Partnerships or Trusts. The Company purchased interests totaling $60,000 for the three months ended March 31, 2017. No such repurchases took place during the three months ended March 31, 2018. Receivables from related parties consist of reimbursable general and administrative costs, lease operating expenses and reimbursement for property development and related costs. These receivables are due from joint venture partners, which may include members of the Company’s Board of Directors. Payables owed to related parties primarily represent receipts collected by the Company as agent for the joint venture partners, which may include members of the Company’s Board of Directors, for oil and gas sales net of expenses.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Financial Instruments	(10) Financial Instruments Fair Value Measurements: Authoritative guidance on fair value measurements defines fair value, establishes a framework for measuring fair value and stipulates the related disclosure requirements. The Company follows a three-level hierarchy, prioritizing and defining the types of inputs used to measure fair value. The fair values of the natural gas, crude oil price swaps and natural gas liquid swaps are designated as Level 3. The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017: March 31, 2018 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ 456 $ 456 Total assets — $ — $ 456 $ 456 Liabilities Commodity derivative contracts $ — $ — $ (5,312 ) $ (5,312 ) Total liabilities $ — $ — $ (5,312 ) $ (5,312 ) December 31, 2017 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ 388 $ 388 Total assets $ — $ — $ 388 $ 388 Liabilities Commodity derivative contract $ — $ — $ (3,422 ) $ (3,422 ) Total liabilities $ — $ — $ (3,422 ) $ (3,422 ) The derivative contracts were measured based on quotes from the Company’s counterparties. Such quotes have been derived using valuation models that consider various inputs including current market and contractual prices for the underlying instruments, quoted forward prices for natural gas , crude oil, natural gas liquids, volatility factors and interest rates, such as a LIBOR curve for a similar length of time as the derivative contract term as applicable. These estimates are verified using comparable NYMEX futures contracts or are compared to multiple quotes obtained from counterparties for reasonableness. The significant unobservable inputs for Level 3 derivative contracts include basis differentials and volatility factors. An increase (decrease) in these unobservable inputs would result in an increase (decrease) in fair value, respectively. The Company does not have access to the specific assumptions used in its counterparties’ valuation models. Consequently, additional disclosures regarding significant Level 3 unobservable inputs were not provided. The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2018. (Thousands of dollars) Net Liabilities – December 31, 2017 $ (3,034 ) Total realized and unrealized (gains) losses: Included in earnings (a) (2,317 ) Purchases, sales, issuances and settlements 495 Net Liabilities – March 31, 2018 $ (4,856 ) a) Derivative instruments are reported in revenues as realized gain (loss) and on a separately reported line item captioned unrealized gain (loss) on derivative instruments. Derivative Instruments: The Company is exposed to commodity price and interest rate risk, and management considers periodically the Company’s exposure to cash flow variability resulting from the commodity price changes and interest rate fluctuations. Futures, swaps and options are used to manage the Company’s exposure to commodity price risk inherent in the Company’s oil and gas production operations. The Company does not apply hedge accounting to any of its commodity based derivatives. Both realized and unrealized gains and losses associated with commodity derivative instruments are recognized in earnings. Interest rate swap derivatives are treated as cash-flow hedges and are used to fix our floating interest rates on existing debt. The value of interest rate swaps if applicable, would be recorded in accumulated other comprehensive loss, net of tax. There are no current interest rate swaps for the periods ending March 31, 2018 and December 31, 2017. The following table sets forth the effect of derivative instruments on the consolidated balance sheets at March 31, 2018 and December 31, 2017: Fair Value (Thousands of dollars) Balance Sheet Location March 31, December 31, Asset Derivatives: Derivatives not designated as cash-flow hedging instruments: Natural gas commodity contracts Other Current Assets $ 295 $ — Natural gas liquid contracts Other Current Assets 68 — Crude oil commodity contracts Other Current Assets — 344 Natural gas commodity contracts Other Assets 19 44 Natural gas liquid contracts Other Assets 74 — Total $ 456 $ 388 Liability Derivatives: Derivatives not designated as cash-flow hedging instruments: Crude oil commodity contracts Derivative liability short-term (2,779 ) (1,504 ) Natural gas commodity contracts Derivative liability short-term (8 ) (4 ) Natural gas liquid contracts Derivative liability short-term (16 ) — Crude oil commodity contracts Derivative liability long-term (2,503 ) (1,910 ) Natural gas commodity contracts Derivative liability long-term (6 ) (4 ) Total $ (5,312 ) $ (3,422 ) Total derivative instruments $ (4,856 ) $ (3,034 ) The following table sets forth the effect of derivative instruments on the consolidated statements of operations for the three month period ended March 31, 2018 and 2017: Location of gain (loss) recognized in income Amount of gain/loss (Thousands of dollars) 2018 2017 Derivatives not designated as cash-flow hedge instruments: Natural gas commodity contracts Unrealized (loss) gain on derivative instruments, net $ (79 ) $ 1,313 Crude oil commodity contracts Unrealized (loss) gain on derivative instruments, net $ (1,868 ) 1,491 Natural gas liquids contracts Unrealized gain on derivative instruments, net 126 — Natural gas commodity contracts Realized (loss) on derivative instruments, net (20 ) (149 ) Crude oil commodity contracts Realized (loss) on derivative instruments, net (478 ) (78 ) Natural gas liquids contracts Realized gain on derivative instruments, net 2 — $ (2,317 ) $ 2,577

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	(11) Earnings Per Share: Basic earnings per share are computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect per share amounts that would have resulted if dilutive potential common stock had been converted to common stock in gain periods. The following reconciles amounts reported in the financial statements: Three Months Ended March 31, 2018 2017 Net Income Weighted Per Share Net Income Weighted Per Share Basic $ 3,286 2,142,396 $ 1.53 $ 22,297 2,283,011 $ 9.77 Effect of dilutive securities: Options — 751,326 — 752,529 Diluted $ 3,286 2,893,722 $ 1.14 $ 22,297 3,035,540 $ 7.35

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements On January 1, 2018, PrimeEnergy adopted ASU 2014-09, The Company applies the provisions of ASC 606 for revenue recognition to contracts with customers. Sales of crude oil, natural gas, and natural gas liquids (NGLs) are included in revenue when production is sold to a customer in fulfillment of performance obligations under the terms of agreed contracts. Performance obligations primarily comprise delivery of oil, gas, or NGLs at a delivery point, as negotiated within each contract. Each barrel of oil, million Btu (MMBtu) of natural gas, or other unit of measure is separately identifiable and represents a distinct performance obligation to which the transaction price is allocated. Performance obligations are satisfied at a point in time once control of the product has been transferred to the customer. The Company considers a variety of facts and circumstances in assessing the point of control transfer, including but not limited to: whether the purchaser can direct the use of the hydrocarbons, the transfer of significant risks and rewards, the Company’s right to payment, and transfer of legal title. In each case, the term between delivery and when payments are due is not significant. PrimeEnergy records trade accounts receivable for its unconditional rights to consideration arising under sales contracts with customers. The carrying value of such receivables, net of the allowance for doubtful accounts, represents estimated net realizable value. The Company routinely assesses the collectability of all material trade and other receivables. The Company accrues a reserve on a receivable when, based on the judgment of management, it is probable that a receivable will not be collected and the amount of any reserve may be reasonably estimated. PrimeEnergy has concluded that the disaggregation of revenue by product appropriately depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Practical Expedients and Exemptions PrimeEnergy does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or contracts for which variable consideration is allocated entirely to a wholly unsatisfied performance obligation. PrimeEnergy will utilize the practical expedient to expense incremental costs of obtaining a contract if the expected amortization period is one year or less. Costs to obtain a contract with expected amortization periods of greater than one year will be recorded as an asset and will be recognized in accordance with ASC 340, “Other Assets and Deferred Costs.” Currently, the Company does not have contract assets related to incremental costs to obtain a contract. In November 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-18, 2016-18 2016-18 New Pronouncements Issued But Not Yet Adopted In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02,

Additional Balance Sheet Info20

Additional Balance Sheet Information (Tables)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Balance Sheet Amounts	Certain balance sheet amounts are comprised of the following: (Thousands of dollars) March 31, December 31, Accounts Receivable Joint interest billing $ 2,305 $ 3,173 Trade receivables 1,310 941 Oil and gas sales 9,098 12,941 Other 3 4 12,716 17,059 Less: Allowance for doubtful accounts (98 ) (98 ) Total $ 12,618 $ 16,961 Accounts Payable: Trade $ 2,815 $ 14,317 Royalty and other owners 5,062 7,073 Partner advances 1,180 1,268 Prepaid drilling deposits 59 67 Other 1,962 1,890 Total $ 11,078 $ 24,615 Accrued Liabilities Compensation and related expenses $ 2,370 $ 2,449 Property costs 4,790 9,141 Income Tax 4,378 4,180 Other 492 524 Total $ 12,030 $ 16,294

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property and equipment	Property and equipment at March 31, 2018 and December 31, 2017 consisted of the following: (Thousands of dollars) March 31, December 31, Proved oil and gas properties, at cost $ 483,488 $ 476,570 Less: Accumulated depletion and depreciation (267,377 ) (263,569 ) Oil and Gas Properties, Net $ 216,111 $ 213,001 Field and office equipment $ 26,188 $ 26,241 Less: Accumulated depreciation (19,417 ) (19,267 ) Field and Office Equipment, Net $ 6,771 $ 6,974 Total Property and Equipment, Net $ 222,882 $ 219,975

Other Long-Term Obligations a22

Other Long-Term Obligations and Commitments (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Summary of Future Minimum Lease Payments for Non-Cancelable Operating Leases	The future minimum lease payments for the rest of fiscal 2018 and thereafter for the operating leases are as follows: (Thousands of dollars) Operating 2018 $ 354 2019 172 Total minimum payments $ 526
Reconciliation of Liability for Plugging and Abandonment Costs	A reconciliation of the liability for plugging and abandonment costs for the three months ended March 31, 2018 is as follows: (Thousands of dollars) Asset retirement obligation – December 31, 2017 $ 23,578 Liabilities incurred — Liabilities settled (947 ) Accretion expense 280 Asset retirement obligation – March 31, 2018 $ 22,911

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017: March 31, 2018 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ 456 $ 456 Total assets — $ — $ 456 $ 456 Liabilities Commodity derivative contracts $ — $ — $ (5,312 ) $ (5,312 ) Total liabilities $ — $ — $ (5,312 ) $ (5,312 ) December 31, 2017 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ 388 $ 388 Total assets $ — $ — $ 388 $ 388 Liabilities Commodity derivative contract $ — $ — $ (3,422 ) $ (3,422 ) Total liabilities $ — $ — $ (3,422 ) $ (3,422 )
Schedule of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3	The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2018. (Thousands of dollars) Net Liabilities – December 31, 2017 $ (3,034 ) Total realized and unrealized (gains) losses: Included in earnings (a) (2,317 ) Purchases, sales, issuances and settlements 495 Net Liabilities – March 31, 2018 $ (4,856 ) a) Derivative instruments are reported in revenues as realized gain (loss) and on a separately reported line item captioned unrealized gain (loss) on derivative instruments.
Effect of Derivative Instruments on Consolidated Balance Sheets	The following table sets forth the effect of derivative instruments on the consolidated balance sheets at March 31, 2018 and December 31, 2017: Fair Value (Thousands of dollars) Balance Sheet Location March 31, December 31, Asset Derivatives: Derivatives not designated as cash-flow hedging instruments: Natural gas commodity contracts Other Current Assets $ 295 $ — Natural gas liquid contracts Other Current Assets 68 — Crude oil commodity contracts Other Current Assets — 344 Natural gas commodity contracts Other Assets 19 44 Natural gas liquid contracts Other Assets 74 — Total $ 456 $ 388 Liability Derivatives: Derivatives not designated as cash-flow hedging instruments: Crude oil commodity contracts Derivative liability short-term (2,779 ) (1,504 ) Natural gas commodity contracts Derivative liability short-term (8 ) (4 ) Natural gas liquid contracts Derivative liability short-term (16 ) — Crude oil commodity contracts Derivative liability long-term (2,503 ) (1,910 ) Natural gas commodity contracts Derivative liability long-term (6 ) (4 ) Total $ (5,312 ) $ (3,422 ) Total derivative instruments $ (4,856 ) $ (3,034 )
Effect of Derivative Instruments on Consolidated Statements of Operations	The following table sets forth the effect of derivative instruments on the consolidated statements of operations for the three month period ended March 31, 2018 and 2017: Location of gain (loss) recognized in income Amount of gain/loss (Thousands of dollars) 2018 2017 Derivatives not designated as cash-flow hedge instruments: Natural gas commodity contracts Unrealized (loss) gain on derivative instruments, net $ (79 ) $ 1,313 Crude oil commodity contracts Unrealized (loss) gain on derivative instruments, net $ (1,868 ) 1,491 Natural gas liquids contracts Unrealized gain on derivative instruments, net 126 — Natural gas commodity contracts Realized (loss) on derivative instruments, net (20 ) (149 ) Crude oil commodity contracts Realized (loss) on derivative instruments, net (478 ) (78 ) Natural gas liquids contracts Realized gain on derivative instruments, net 2 — $ (2,317 ) $ 2,577

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings (Loss) per Share	The following reconciles amounts reported in the financial statements: Three Months Ended March 31, 2018 2017 Net Income Weighted Per Share Net Income Weighted Per Share Basic $ 3,286 2,142,396 $ 1.53 $ 22,297 2,283,011 $ 9.77 Effect of dilutive securities: Options — 751,326 — 752,529 Diluted $ 3,286 2,893,722 $ 1.14 $ 22,297 3,035,540 $ 7.35

Acquisitions and Dispositions -

Acquisitions and Dispositions - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018USD ($)aTransactionsWell	Mar. 31, 2017USD ($)
Business Acquisition [Line Items]
Proceeds from sale of property and equipment	$ 1,816,000	$ 46,438,000
Capital expenditures, including exploration expense	10,734,000	18,866,000
Texas, Oklahoma, Kansas and Colorado [Member] | Mineral Acreage [Member]
Business Acquisition [Line Items]
Proceeds from sale of property and equipment	$ 2,800,000	46,400,000
Reagan County, Texas [Member] | Mineral Acreage [Member]
Business Acquisition [Line Items]
Number of transaction | Transactions	2
Number of net acres sold or farmed-out leasehold rights | a	464
Number of oil wells with working interest ownership | Well	53
Number of commercial salt water disposal well operated | Well	1
Capital expenditures, including exploration expense	$ 6,080,000
Reagan County, Texas [Member] | Mineral Acreage [Member] | Minimum [Member]
Business Acquisition [Line Items]
Percentage of working interest ownership	16.60%
Reagan County, Texas [Member] | Mineral Acreage [Member] | Maximum [Member]
Business Acquisition [Line Items]
Percentage of working interest ownership	33.40%
Partnership And Trust [Member]
Business Acquisition [Line Items]
Purchase of non-controlling interests	$ 0	$ 60,000

Additional Balance Sheet Info26

Additional Balance Sheet Information - Components of Balance Sheet Amounts (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accounts Receivable:
Joint interest billings	$ 2,305	$ 3,173
Trade receivables	1,310	941
Oil and gas sales	9,098	12,941
Other	3	4
Accounts Receivable, Gross	12,716	17,059
Less: Allowance for doubtful accounts	(98)	(98)
Total	12,618	16,961
Accounts Payable:
Trade	2,815	14,317
Royalty and other owners	5,062	7,073
Partner advances	1,180	1,268
Prepaid drilling deposits	59	67
Other	1,962	1,890
Total	11,078	24,615
Accrued Liabilities:
Compensation and related expenses	2,370	2,449
Property costs	4,790	9,141
Income tax	4,378	4,180
Other	492	524
Total	$ 12,030	$ 16,294

Property and Equipment - Compon

Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Proved oil and gas properties, at cost	$ 483,488	$ 476,570
Less: Accumulated depletion and depreciation	(267,377)	(263,569)
Oil and Gas Properties, Net	216,111	213,001
Field and office equipment	26,188	26,241
Less: Accumulated depreciation	(19,417)	(19,267)
Field and Office Equipment, Net	6,771	6,974
Total Property and Equipment, Net	$ 222,882	$ 219,975

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Jan. 26, 2018	Jan. 12, 2018	Feb. 15, 2017	Jun. 26, 2015	Dec. 31, 2014	Aug. 31, 2014	Mar. 31, 2018	Dec. 22, 2017	Mar. 31, 2017	Jul. 29, 2014	Jul. 31, 2013
Credit Agreement [Member]
Debt Instrument [Line Items]
Outstanding borrowings under revolving credit facility							$ 62,500,000
Weighted-average interest rate of borrowings							5.25%
Credit facility remaining borrowing capacity							$ 22,500,000
Additional Equipment Loan [Member]
Debt Instrument [Line Items]
Credit facility remaining borrowing capacity						$ 1,200,000
Equipment Loan, face amount										$ 6,000,000
Percentage for base rate loans at the prime rate	3.50%					3.40%
Equipment Loan, monthly payment	$ 7,986					$ 87,800
Equipment Loan, maturity date	Jun. 26, 2020						Jul. 31, 2019
Company's bank debt							$ 1,577,000
Additional equipment Loan, drawings					$ 500,000	$ 4,800,000
Equipment Loan, interest rate description							Interim draws on this facility carried a floating interest rate, payable monthly at the LIBO published rate plus 2.50% and on June 26, 2015 converted into a fixed term loan, with a rate of 3.50% and requiring monthly payments
Equipment Loan, principal payment amount		$ 20,858
Fair Value Measurements, Valuation Techniques							Discounted cash flow model
Additional Equipment Loan [Member] | Significant Unobservable Inputs (Level 3) [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure							$ 2,097,000		$ 5,500,000
Fixed Term Loan [Member] | Additional Equipment Loan [Member]
Debt Instrument [Line Items]
Equipment Loan, monthly payment				$ 8,700
Equipment Loan, maturity date							Jun. 26, 2020
Equipment Loan, Interest rate on fixed loans							3.50%
2017 Credit Agreement [Member]
Debt Instrument [Line Items]
Credit facility borrowing capacity			$ 300,000,000
Credit agreement date			Feb. 15, 2017
Maturity date of amended and restated credit agreement			Feb. 15, 2021
Credit facility borrowing base								$ 85,000,000
London Interbank Offered Rate (LIBOR) [Member] | Additional Equipment Loan [Member]
Debt Instrument [Line Items]
LIBOR rate loans							2.50%
Base Rate And Libor [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument basis weighted average interest rate spread on variable rate							5.25%		5.32%
Equipment Loan [Member]
Debt Instrument [Line Items]
Equipment Loan, face amount											$ 10,000,000
Percentage for base rate loans at the prime rate							3.95%
Equipment Loan, monthly payment							$ 184,000
Equipment Loan, maturity date							Jul. 31, 2018
Company's bank debt							$ 726,000

Other Long-Term Obligations a29

Other Long-Term Obligations and Commitments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Lease period description	Term of more than one year
Rent expense for office space	$ 147,000	$ 181,000

Other Long-Term Obligations a30

Other Long-Term Obligations and Commitments - Summary of Future Minimum Lease Payments for Non-Cancelable Operating Leases (Detail) $ in Thousands	Mar. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,018	$ 354
2,019	172
Total minimum payments	$ 526

Other Long-Term Obligations a31

Other Long-Term Obligations and Commitments - Reconciliation of Liability for Plugging and Abandonment Costs (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Asset retirement obligation at beginning of period	$ 23,578
Liabilities incurred	0
Liabilities settled	(947)
Accretion expense	280
Asset retirement obligation at end of period	$ 22,911

Stock Options and Other Compe32

Stock Options and Other Compensation - Additional Information (Detail) - Nonstatutory Stock Options [Member]	Mar. 31, 2018$ / sharesshares	Mar. 31, 2017$ / sharesshares	May 31, 1989Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, shares | shares	767,500	767,500
Options exercisable, shares | shares	767,500	767,500
Number of key executive officers to whom non-statutory stock options granted | Officers			4
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average exercise price | $ / shares	$ 1	$ 1
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average exercise price | $ / shares	$ 1.25	$ 1.25

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Partnership And Trust [Member]
Related Party Transaction [Line Items]
Purchase of non-controlling interests	$ 0	$ 60

Financial Instruments - Schedul

Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Derivative assets	$ 456	$ 388
Liabilities
Derivative liabilities	(5,312)	(3,422)
Fair Value, Measurements, Recurring [Member]
Assets
Derivative assets	456	388
Liabilities
Derivative liabilities	(5,312)	(3,422)
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Derivative assets	456	388
Liabilities
Derivative liabilities	(5,312)	(3,422)
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Derivative assets	456	388
Liabilities
Derivative liabilities	(5,312)	(3,422)
Significant Unobservable Inputs (Level 3) [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Derivative assets	456	388
Liabilities
Derivative liabilities	$ (5,312)	$ (3,422)

Financial Instruments - Sched35

Financial Instruments - Schedule of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3 (Detail) - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Liabilities at beginning of period	$ (3,034)
Total realized and unrealized (gains) losses:
Included in earnings	(2,317)	[1]
Purchases, sales, issuances and settlements	495
Net Liabilities at end of period	$ (4,856)
[1]	Derivative instruments are reported in revenues as realized gain (loss) and on a separately reported line item captioned unrealized gain (loss) on derivative instruments.

Financial Instruments - Effect

Financial Instruments - Effect of Derivative Instruments on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative assets	$ 456	$ 388
Derivative liabilities	(5,312)	(3,422)
Total derivative instruments	(4,856)	(3,034)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	295
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	19	44
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Derivative Liability Short-Term [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(8)	(4)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Derivative liability Long Term [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(6)	(4)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Liquid Contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	68
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Liquid Contracts [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	74
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Liquid Contracts [Member] | Derivative Liability Short-Term [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(16)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets		344
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Derivative Liability Short-Term [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(2,779)	(1,504)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Derivative liability Long Term [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (2,503)	$ (1,910)

Financial Instruments - Effec37

Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	$ (2,317)	$ 2,577
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Unrealized (Loss) Gain on Derivative Instruments, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	(79)	1,313
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Realized (Loss) Gain on Derivative Instruments, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	(20)	(149)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Unrealized (Loss) Gain on Derivative Instruments, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	(1,868)	1,491
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Realized (Loss) Gain on Derivative Instruments, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	(478)	$ (78)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Liquid Contracts [Member] | Unrealized (Loss) Gain on Derivative Instruments, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	126
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Liquid Contracts [Member] | Realized (Loss) Gain on Derivative Instruments, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	$ 2

Earnings per Share - Computatio

Earnings per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Net (Loss) Income, Basic	$ 3,286	$ 22,297
Net (Loss) Income, Diluted	$ 3,286	$ 22,297
Weighted Average Number of Shares Outstanding, Basic	2,142,396	2,283,011
Weighted Average Number of Shares Outstanding, Options	751,326	752,529
Weighted Average Number of Shares Outstanding, Diluted	2,893,722	3,035,540
Per Share Amount, Basic	$ 1.53	$ 9.77
Per Share Amount, Diluted	$ 1.14	$ 7.35