PrimeEnergy Resources (PNRG) 10-Q 15 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 15, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	PrimeEnergy Resources Corporation
Entity Central Index Key	0000056868
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	PNRG
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		1,835,300
Document Transition Report	false
Entity File Number	0-7406
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	9821 Katy Freeway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	713
Local Phone Number	735-0000
Entity Tax Identification Number	84-0637348
Document Quarterly Report	true

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 5,053	$ 26,543
Accounts receivable, net	26,788	12,147
Prepaid obligations	5,268	32,839
Derivative asset	0	210
Other current assets	38	38
Total current assets	37,350	72,165
Properties and equipment:
Proved oil and gas properties, using the successful efforts method of accounting	600,881	555,280
Other property	26,948	27,246
Accumulated depletion and depreciation	(422,195)	(408,539)
Total Property and Equipment, Net	205,634	173,987
Right-of-use assets	636	852
Other Assets	132	133
Total Assets	243,752	247,137
Current liabilities:
Accounts payable	16,999	11,451
Accrued liabilities	21,100	25,750
Current portion of asset retirement and other long-term obligations	1,621	2,566
Derivative liability	0	1,190
Total current liabilities	39,720	40,957
Long-term bank debt	0	11,000
Asset retirement obligations	13,755	13,525
Deferred income taxes	42,539	39,968
Other long-term obligations	1,249	1,334
Total Liabilities	97,263	106,784
COMMITMENTS AND CONTINGENCIES
Equity:
Common stock, $.10 par value; 2,810,000 shares authorized, 1,840,500 and 1,901,000 shares outstanding as of June 30, 2023 and December 31, 2022 respectively	281	281
Additional paid in capital	7,555	7,555
Retained earnings	189,066	177,566
Treasury stock, at cost; 969,500 and 909,000 shares as of June 30, 2023 and December 31, 2022, respectively	(50,413)	(45,049)
Total Equity	146,489	140,353
Total Liabilities and Equity	243,752	247,137
Related Party [Member]
Current assets:
Due from related parties	$ 203	$ 388

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	2,810,000	2,810,000
Common stock, shares outstanding	1,840,500	1,901,000
Treasury stock, shares	969,500	909,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Realized loss on derivative instruments, net	$ 0	$ (5,888)	$ (566)	$ (9,707)
Unrealized gain (loss) on derivative instruments, net	0	2,933	980	(4,206)
Other income	0	0	38	29
Total revenues	29,607	35,492	52,257	61,423
Costs and expenses:
Oil and gas production	7,718	7,317	13,273	13,877
Production and ad valorem taxes	1,444	1,895	3,863	4,054
Field service	3,367	3,335	6,534	6,055
Depreciation, depletion and amortization	7,511	6,852	13,933	13,860
Accretion of discount on asset retirement obligations	184	169	367	339
General and administrative	2,270	2,418	5,372	9,090
Total costs and expenses	22,494	21,986	47,275	47,275
Gain on sale and exchange of assets	6,053	845	6,104	14,836
Income from operations	13,166	14,351	15,019	28,984
Other income (expense)
Interest expense	(113)	(150)	(295)	(499)
Interest income	59	0	173	0
Income before income taxes	13,112	14,201	14,897	28,485
Income tax provision	3,022	3,218	3,397	6,360
Net income	$ 10,090	$ 10,983	$ 11,500	$ 22,125
Net income per share attributable to common stockholders: Basic	$ 5.35	$ 5.57	$ 6.14	$ 11.18
Net income per share attributable to common stockholders: Diluted	$ 3.82	$ 4.02	$ 4.37	$ 8.08
Weighted average shares outstanding: Basic	1,885,684	1,972,979	1,871,474	1,979,690
Weighted average shares outstanding: Diluted	2,643,952	2,730,164	2,629,771	2,736,569
Oil Sales [Member]
Revenues:
Oil, gas and service income	$ 20,968	$ 25,838	$ 35,546	$ 52,143
Natural gas [Member]
Revenues:
Oil, gas and service income	1,228	4,657	2,980	8,403
Natural gas liquids [Member]
Revenues:
Oil, gas and service income	2,780	4,422	5,174	8,273
Field service [Member]
Revenues:
Oil, gas and service income	$ 4,631	$ 3,530	$ 8,105	$ 6,488

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total Stockholders' Equity – PrimeEnergy [Member]	Shares Outstanding [Member]
Balance at Dec. 31, 2021		$ 281	$ 7,555	$ 128,902	$ (37,647)	$ 99,091
Balance, shares at Dec. 31, 2021							1,992,077
Purchase of treasury stock					(833)	833
Purchase of treasury stock, shares							(11,188)
Net Income				11,142		11,142
Balance at Mar. 31, 2022		281	7,555	140,044	(38,480)	109,400
Balance, shares at Mar. 31, 2022							1,980,889
Balance at Dec. 31, 2021		281	7,555	128,902	(37,647)	99,091
Balance, shares at Dec. 31, 2021							1,992,077
Net Income	$ 22,125
Balance at Jun. 30, 2022		281	7,555	151,027	(40,834)	118,029
Balance, shares at Jun. 30, 2022							1,952,645
Balance at Mar. 31, 2022		281	7,555	140,044	(38,480)	109,400
Balance, shares at Mar. 31, 2022							1,980,889
Purchase of treasury stock					(2,354)	(2,354)
Purchase of treasury stock, shares							(28,244)
Net Income	10,983			10,983		10,983
Balance at Jun. 30, 2022		281	7,555	151,027	(40,834)	118,029
Balance, shares at Jun. 30, 2022							1,952,645
Balance at Dec. 31, 2022		281	7,555	177,566	(45,049)	140,353
Balance, shares at Dec. 31, 2022							1,901,000
Purchase of treasury stock					(2,748)	(2,748)
Purchase of treasury stock, shares							(31,440)
Net Income				1,410		1,410
Balance at Mar. 31, 2023		281	7,555	178,976	(47,797)	139,015
Balance, shares at Mar. 31, 2023							1,869,560
Balance at Dec. 31, 2022		281	7,555	177,566	(45,049)	140,353
Balance, shares at Dec. 31, 2022							1,901,000
Net Income	11,500
Balance at Jun. 30, 2023		281	7,555	189,066	(50,413)	146,489
Balance, shares at Jun. 30, 2023							1,840,500
Balance at Mar. 31, 2023		281	7,555	178,976	(47,797)	139,015
Balance, shares at Mar. 31, 2023							1,869,560
Purchase of treasury stock					(2,616)	(2,616)
Purchase of treasury stock, shares							(29,060)
Net Income	$ 10,090			10,090		10,090
Balance at Jun. 30, 2023		$ 281	$ 7,555	$ 189,066	$ (50,413)	$ 146,489
Balance, shares at Jun. 30, 2023							1,840,500

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net Income	$ 11,500	$ 22,125
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion on discounted liabilities	13,933	13,860
Gain on sale and exchange of assets	(6,104)	(14,836)
Accretion of discount on asset retirement obligations	367	339
Unrealized (gain) loss on derivative instruments, net	(980)	4,206
Deferred income taxes	2,571	6,285
Changes in assets and liabilities:
Accounts receivable	(14,641)	(3,443)
Due from related parties	185	0
Due to related parties	0	(40)
Prepaids obligations	27,571	251
Accounts payable	5,548	(927)
Accrued liabilities	(4,650)	(340)
Right-of-use and other assets	217	0
Other long-term liabilities	(85)	0
Net Cash Provided by Operating Activities	35,432	27,480
Cash Flows from Investing Activities:
Capital expenditures, including exploration expense	(47,017)	(2,409)
Proceeds from sale of properties and equipment	6,459	14,836
Net Cash Provided by (Used in) Investing Activities	(40,558)	12,427
Cash Flows from Financing Activities:
Purchase of stock for treasury	(5,364)	(3,187)
Proceeds from long-term bank debt and other long-term obligations	4,000	0
Repayment of long-term bank debt and other long-term obligations	(15,000)	(36,000)
Net Cash Used in Financing Activities	(16,364)	(39,187)
Net (Decrease) Increase in Cash and Cash Equivalents	(21,490)	720
Cash and Cash Equivalents at the Beginning of the Period	26,543	10,347
Cash and Cash Equivalents at the End of the Period	5,053	11,067
Supplemental Disclosures:
Income taxes paid	9,000	75
Interest paid	$ 337	$ 481

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	(1) Basis of Presentation: The accompanying consolidated financial statements of PrimeEnergy Resources 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 June 30, 2023, 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

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
Acquisitions and Dispositions	(2) Acquisitions and Dispositions 2023 Transactions : In the first quarter of 2023, the Company sold 7.8 surface acres in Midland County, Texas receiving gross proceeds of $436,050 and recognizing a gain of $47,000. In the second quarter of 2023, the Company acquired 55 net acres in the South Stiles area of Reagan County, Texas for $605,000 and in a separate agreement also in Reagan County, the Company sold 320 non-core In July 2023, the Company sold a non-core 2022 Transactions : In the first quarter of 2022, the Company sold 1,809 net leasehold acres in Reagan and Midland Counties, Texas through two separate transactions receiving gross proceeds of $14.0 million. In the second quarter of 2022, the Company sold 241 net acres in Canadian County, Oklahoma for $845,000.

Additional Balance Sheet Inform

Additional Balance Sheet Information	6 Months Ended
	Jun. 30, 2023
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) June 30, 2023 December 31, Accounts Receivable: Joint interest billing $ 1,793 $ 1,806 Trade receivables 2,170 1,762 Oil and gas sales 17,137 8,894 Other 6,025 21 27,125 12,483 Less: Allowance for doubtful accounts (337 ) (336 ) Total $ 26,788 $ 12,147 Accounts Payable: Trade $ 10,945 $ 5,142 Royalty and other owners 3,512 3,600 Partner advances 1,111 1,111 Other 1,431 1,598 Total $ 16,999 $ 11,451 (Thousands of dollars) June 30, 2023 December 31, Accrued Liabilities: Compensation and related expenses $ 4,966 $ 9,743 Property costs 15,408 6,413 Taxes 486 9,352 Other 240 242 Total $ 21,100 $ 25,750

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	(4) Long-Term Debt: Bank Debt: The Company maintains a revolving corporate credit facility (the “Credit Facility”) with a group of financial institutions with aggregate loan commitments of $ million, subject to a borrowing base that is determined semi-annually, with a maturity date of . As of December 31, 2022, the borrowing base was $ million and the Company had $ million outstanding borrowings under the Credit Facility. The Credit Facility requires the Company to maintain a minimum current ratio and total indebtedness to EBITDAX (earnings before depreciation, depletion, amortization, taxes, interest expense and exploration costs) ratio, and places restrictions on the payment of dividends, the amount of treasury stock the Company may purchase, and commodity hedge agreements. As of June 30 % and (c) Adjusted Term SOFR (secured overnight financing rate as administered by the Federal Reserve Bank of New York) for a one-month tenor in effect on such day plus %, or a Term SOFR. Both options are subject to an additional margin, determined based upon the utilization of the borrowing base then in effect, ranging from % to % per annum. The Company also pays commitment fees on undrawn amounts under the Credit Facility of % per annum. Borrowings under the Credit Facility are secured by substantially all of the Company’s oil and gas properties. Effective January 20, 2023, in lieu of a formal amendment, a borrowing base letter authorized by all lenders and Prime of the 2022 Credit Agreement resulted in an adjustment to decrease the amount of the Borrowing Base available from $ million to $ million until such time as the next redetermination date as required by the agreement. As of June 30, 2023, the borrowing base was $ million and the Company had outstanding borrowings under the Credit Facility. Effective July 24, 2023 the borrowing base was increased to $ million and as of August 1 4 no outstanding borrowings under the Credit Facility.

Other Long-Term Obligations and

Other Long-Term Obligations and Commitments	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Other Long-Term Obligations and Commitments	(5) Other Long-Term Obligations and Commitments: Operating Leases: The Company leases office facilities under operating leases and recognizes lease expense on a straight-line basis over the lease term. Lease assets and liabilities are initially recorded at commencement date based on the present value of lease payments over the lease term. As most of the Company’s lease contracts do not provide an implicit discount rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The weighted average discount rate used was 7.82%. Certain leases may contain variable costs above the minimum required payments and are not included in the right-of-use assets or liabilities. Leases may include renewal, purchase or termination options that can extend or shorten the term of the lease. The exercise of those options is at the Company’s sole discretion and is evaluated at inception and throughout the contract to determine if a modification of the lease term is required. Leases with an initial term of less than 12 months are not recorded on the balance sheet. Operating lease costs for the six months ended June 30, 2023 and 2022 were $347 thousand and $306 thousand, respectively. Cash payments included in the operating lease cost for the six months ended June 30, 2023 and 2022 were $365 thousand and $324 thousand, respectively. The weighted-average remaining operating lease terms as of June 30, 2023 and 2022 were 8.18 months and 9 months, respectively. The Company acquired and amended certain leases for office space in Texas providing for payments of $374,000 in 2023, $275,000 in 2024 and $45,000 in 2025. Rent expense for office space for the six months ended June 30, 2023 and 2022 was $346,000 and $392,000, respectively. The payment schedule for the Company’s operating lease obligations as of June 30, 2023 is as follows: (Thousands of dollars) Operating 2023 $ 374 2024 275 2025 45 Total undiscounted lease payments $ 694 Less: Amount associated with discounting (58 ) Total net operating lease liabilities $ 636 Less: Current portion included in current portion of asset retirement and other long-term obligations 520 Non-current $ 116 Asset Retirement Obligation: A reconciliation of the liability for plugging and abandonment costs for the six months ended June 30, 2023 is as follows: (Thousands of dollars) June 30, Asset retirement obligation at December 31, 2022 $ 15,443 Additions 16 Liabilities settled (970 ) Accretion of discount 367 Asset retirement obligation at June 30, 2023 $ 14,856 Less current portion of asset retirement obligations 1,101 Asset retirement obligations, long-term $ 13,755 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	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	(6) Contingent Liabilities: 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

Stock Options and Other Compens

Stock Options and Other Compensation	6 Months Ended
	Jun. 30, 2023
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options and Other Compensation	(7) Stock Options and Other Compensation: In May 1989, non-statutory

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	(8) Related Party Transactions: Amounts due to or from related parties primarily represent receipts or expenses, related to oil and gas properties, collected or paid by the Company as agent for the joint venture partners, which may include members of the Company’s Board of Directors.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Financial Instruments	(9) 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 Company’s interest rate swaps, natural gas and crude oil price collars and 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 June 30, 2023 and December 31, 2022: June 30, 2023 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ — $ — Total assets $ — $ — $ — $ — Liabilities Commodity derivative contracts $ — $ — $ — $ — Total liabilities $ — $ — $ — $ — December 31, 2022 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ 210 $ 210 Total assets $ — $ — $ 210 $ 210 Liabilities Commodity derivative contracts $ — $ — $ (1,190 ) $ (1,190 ) Total liabilities $ — $ — $ (1,190 ) $ (980 ) 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 and crude oil, 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 six months ended June 30, 2023. (Thousands of dollars) Net Liabilities – December 31, 2022 $ (980 ) Total realized and unrealized gains (losses): Included 414 Purchases, sales, issuances and settlements 566 Net Liabilities — June 30, 2023 $ — (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. The following table sets forth the effect of derivative instruments on the consolidated balance sheets at June 30, 2023 and December 31, 2022: Fair Value (Thousands of dollars) Balance Sheet Location June 30, December 31, Asset Derivatives: Derivatives not designated as cash-flow hedging instruments: Crude oil commodity contract Derivative asset $ — $ 162 Natural gas commodity contract Derivative asset — 48 Total $ — $ 210 Liability Derivatives: Derivatives not designated as cash-flow hedging instruments: Crude oil commodity contracts Derivative liability $ — $ (931 ) Natural gas commodity contracts Derivative liability — (259 ) Total $ — $ (1,190 ) Total derivative instruments $ — $ (980 ) The following tab l Amount of gain/loss (Thousands of dollars) Location of gain/loss recognized in income 2023 2022 Derivatives not designated as cash-flow hedge instruments: Natural gas commodity contracts Unrealized gain (loss) on derivative 211 (966 ) Crude oil commodity contracts Unrealized gain (loss) on derivative 769 (3,240 ) Natural gas commodity contracts Realized gain (loss) on derivative instruments, 24 (1,986 ) Crude oil commodity contracts Realized loss on derivative instruments, net (590 ) (7,721 ) $ 414 $ (13,913 )

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share	(10) 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: Six Months Ended June 30, 2023 2022 Net Weighted Per Net Weighted Per Basic $ 11,500 1,871,474 $ 6.14 $ 22,125 1,979,690 $ 11.18 Effect of dilutive securities: Options — 758,297 — 756,879 Diluted $ 11,500 2,629,771 $ 4.37 $ 22,125 2,736,569 $ 8.08 Three Months Ended June 30, 2023 2022 Net Weighted Per Net Weighted Per Basic $ 10,090 1,885,684 $ 5.35 $ 10,983 1,972,979 $ 5.57 Effect of dilutive securities: Options — 758,268 — 757,185 Diluted $ 10,090 2,643,952 $ 3.82 $ 10,983 2,730,164 $ 4.02

Additional Balance Sheet Info_2

Additional Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2023
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) June 30, 2023 December 31, Accounts Receivable: Joint interest billing $ 1,793 $ 1,806 Trade receivables 2,170 1,762 Oil and gas sales 17,137 8,894 Other 6,025 21 27,125 12,483 Less: Allowance for doubtful accounts (337 ) (336 ) Total $ 26,788 $ 12,147 Accounts Payable: Trade $ 10,945 $ 5,142 Royalty and other owners 3,512 3,600 Partner advances 1,111 1,111 Other 1,431 1,598 Total $ 16,999 $ 11,451 (Thousands of dollars) June 30, 2023 December 31, Accrued Liabilities: Compensation and related expenses $ 4,966 $ 9,743 Property costs 15,408 6,413 Taxes 486 9,352 Other 240 242 Total $ 21,100 $ 25,750

Other Long-Term Obligations a_2

Other Long-Term Obligations and Commitments (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Operating and Financing Lease Obligation	The payment schedule for the Company’s operating lease obligations as of June 30, 2023 is as follows: (Thousands of dollars) Operating 2023 $ 374 2024 275 2025 45 Total undiscounted lease payments $ 694 Less: Amount associated with discounting (58 ) Total net operating lease liabilities $ 636 Less: Current portion included in current portion of asset retirement and other long-term obligations 520 Non-current $ 116
Reconciliation of Liability for Plugging and Abandonment Costs	A reconciliation of the liability for plugging and abandonment costs for the six months ended June 30, 2023 is as follows: (Thousands of dollars) June 30, Asset retirement obligation at December 31, 2022 $ 15,443 Additions 16 Liabilities settled (970 ) Accretion of discount 367 Asset retirement obligation at June 30, 2023 $ 14,856 Less current portion of asset retirement obligations 1,101 Asset retirement obligations, long-term $ 13,755

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022: June 30, 2023 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ — $ — Total assets $ — $ — $ — $ — Liabilities Commodity derivative contracts $ — $ — $ — $ — Total liabilities $ — $ — $ — $ — December 31, 2022 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ 210 $ 210 Total assets $ — $ — $ 210 $ 210 Liabilities Commodity derivative contracts $ — $ — $ (1,190 ) $ (1,190 ) Total liabilities $ — $ — $ (1,190 ) $ (980 )
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 six months ended June 30, 2023. (Thousands of dollars) Net Liabilities – December 31, 2022 $ (980 ) Total realized and unrealized gains (losses): Included 414 Purchases, sales, issuances and settlements 566 Net Liabilities — June 30, 2023 $ — (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 June 30, 2023 and December 31, 2022: Fair Value (Thousands of dollars) Balance Sheet Location June 30, December 31, Asset Derivatives: Derivatives not designated as cash-flow hedging instruments: Crude oil commodity contract Derivative asset $ — $ 162 Natural gas commodity contract Derivative asset — 48 Total $ — $ 210 Liability Derivatives: Derivatives not designated as cash-flow hedging instruments: Crude oil commodity contracts Derivative liability $ — $ (931 ) Natural gas commodity contracts Derivative liability — (259 ) Total $ — $ (1,190 ) Total derivative instruments $ — $ (980 )
Effect of Derivative Instruments on Consolidated Statements of Operations	The following tab l Amount of gain/loss (Thousands of dollars) Location of gain/loss recognized in income 2023 2022 Derivatives not designated as cash-flow hedge instruments: Natural gas commodity contracts Unrealized gain (loss) on derivative 211 (966 ) Crude oil commodity contracts Unrealized gain (loss) on derivative 769 (3,240 ) Natural gas commodity contracts Realized gain (loss) on derivative instruments, 24 (1,986 ) Crude oil commodity contracts Realized loss on derivative instruments, net (590 ) (7,721 ) $ 414 $ (13,913 )

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings (Loss) per Share	The following reconciles amounts reported in the financial statements: Six Months Ended June 30, 2023 2022 Net Weighted Per Net Weighted Per Basic $ 11,500 1,871,474 $ 6.14 $ 22,125 1,979,690 $ 11.18 Effect of dilutive securities: Options — 758,297 — 756,879 Diluted $ 11,500 2,629,771 $ 4.37 $ 22,125 2,736,569 $ 8.08 Three Months Ended June 30, 2023 2022 Net Weighted Per Net Weighted Per Basic $ 10,090 1,885,684 $ 5.35 $ 10,983 1,972,979 $ 5.57 Effect of dilutive securities: Options — 758,268 — 757,185 Diluted $ 10,090 2,643,952 $ 3.82 $ 10,983 2,730,164 $ 4.02

Acquisitions and Dispositions -

Acquisitions and Dispositions - Additional Information (Detail)	1 Months Ended	3 Months Ended
	Jul. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) a	Mar. 31, 2023 USD ($) a	Jun. 30, 2022 USD ($) a	Mar. 31, 2022 USD ($) a
OKLAHOMA [Member]
Business Acquisition [Line Items]
Proceeds from Divestiture of Businesses				$ 845,000,000
TEXAS [Member]
Business Acquisition [Line Items]
Number of Area of Land | a		55
Number of acres sold | a		320	7.8		1,809
Proceeds from Divestiture of Businesses			$ 436,050		$ 14,000,000
Gain (Loss) on Disposition of Business			$ 47,000
Payment to acquire land held for use		$ 605,000
Proceeds from the sale of land held for use		$ 6,000,000
TEXAS [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Proceeds from the sale of land held for use	$ 899,000
CANADA [Member]
Business Acquisition [Line Items]
Number of acres sold | a				241

Additional Balance Sheet Info_3

Additional Balance Sheet Information - Components of Balance Sheet Amounts (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable:
Joint interest billings	$ 1,793	$ 1,806
Trade receivables	2,170	1,762
Oil and gas sales	17,137	8,894
Other	6,025	21
Accounts Receivable, Gross	27,125	12,483
Less: Allowance for doubtful accounts	(337)	(336)
Total	26,788	12,147
Accounts Payable:
Trade	10,945	5,142
Royalty and other owners	3,512	3,600
Partner advances	1,111	1,111
Other	1,431	1,598
Total	16,999	11,451
Accrued Liabilities:
Compensation and related expenses	4,966	9,743
Property costs	15,408	6,413
Taxes	486	9,352
Other	240	242
Total	$ 21,100	$ 25,750

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands		6 Months Ended
	Jan. 20, 2023	Jun. 30, 2023	Aug. 14, 2023	Jul. 24, 2023	Dec. 31, 2022
Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		4.25%
Maximum [Member] | 2022 Credit Agreement [Member]
Debt Instrument [Line Items]
Decrease in Borrowing Base	$ 75,000
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.25%
Minimum [Member] | 2022 Credit Agreement [Member]
Debt Instrument [Line Items]
Decrease in Borrowing Base	$ 60,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility borrowing capacity		$ 300,000
Line of credit facility, expiration date		Jun. 01, 2026
Long-term Line of Credit					$ 11,000
Outstanding borrowings		$ 0
Debt Instrument, Face Amount		$ 60,000			$ 75,000
Debt Instrument, Basis Spread on Variable Rate		0.50%
Revolving Credit Facility [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Outstanding borrowings			$ 0
Debt Instrument, Face Amount				$ 65,000
Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1%

Other Long-Term Obligations a_3

Other Long-Term Obligations and Commitments - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Weighted-average discount rate	7.82%
Operating lease weighted-average remaining lease term	8 months 5 days	9 months
Operating lease payments	$ 365,000	$ 324,000
Operating lease cost	$ 347,000	306,000
Lease period description	The Company leases office facilities under operating leases and recognizes lease expense on a straight-line basis over the lease term. Lease assets and liabilities are initially recorded at commencement date based on the present value of lease payments over the lease term.
Rent Expenses	$ 346,000	$ 392,000
Lease Payments Due Next year	374,000
Lease payments due next two years	275,000
Lease payments due next third years	$ 45,000

Other Long-Term Obligations a_4

Other Long-Term Obligations and Commitments - Summary of Operating and Financing Lease Obligation (Detail)	Jun. 30, 2023 USD ($)
2023	$ 374,000
2024	275,000
2025	45,000
Total undiscounted lease payments	694,000
Less: Amount associated with discounting	(58,000)
Total net operating lease liabilities	636,000
Less: Current portion included in current portion of asset retirement and other long-term obligations	520,000
Non-current portion included in other long-term obligations	$ 116,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total net operating lease liabilities

Other Long-Term Obligations a_5

Other Long-Term Obligations and Commitments - Reconciliation of Liability for Plugging and Abandonment Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Asset retirement obligation			$ 15,443
Additions			16
Liabilities settled			(970)
Accretion of discount	$ 184	$ 169	367	$ 339
Asset retirement obligation	14,856		14,856
Less current portion of asset retirement obligations	1,101		1,101
Asset retirement obligations, long-term	$ 13,755		$ 13,755		$ 13,525

Stock Options and Other Compe_2

Stock Options and Other Compensation - Additional Information (Detail)	Jun. 30, 2023 shares	Dec. 31, 2022 $ / shares shares	May 31, 1989 Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, 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
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average exercise price | $ / shares		$ 1.25
Nonstatutory Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable, shares | shares	767,500	767,500

Financial Instruments - Schedul

Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Derivative assets	$ 0	$ 210
Liabilities
Derivative liabilities	0	(1,190)
Fair Value, Measurements, Recurring [Member]
Assets
Derivative assets	0	210
Liabilities
Derivative liabilities	0	(980)
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Derivative assets	0	210
Liabilities
Derivative liabilities	0	(1,190)
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Derivative assets	0	210
Liabilities
Derivative liabilities	0	(1,190)
Significant Unobservable Inputs (Level 3) [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Derivative assets	0	210
Liabilities
Derivative liabilities	$ 0	$ (1,190)

Financial Instruments - Sched_2

Financial Instruments - Schedule of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3 (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Total realized and unrealized (gains) losses:
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Liabilities at beginning of period	$ (980)
Total realized and unrealized (gains) losses:
Included in earnings	414	[1]
Purchases, sales, issuances and settlements	566
Net Liabilities end of period	$ 0
[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	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets	$ 0	$ 210
Derivative liabilities	0	(1,190)
Total derivative instruments	0	(980)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Derivative asset [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	0	48
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Derivative liability [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	(259)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Derivative asset [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	0	162
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Derivative liability [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 0	$ (931)

Financial Instruments - Effec_2

Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	$ 414	$ (13,913)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Unrealized gain (loss) on derivative instruments, net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	$ 211	$ (966)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Realized gain (loss) on derivative instruments, net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	24	(1,986)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Unrealized gain (loss) on derivative instruments, net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	769	(3,240)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Realized loss on derivative instruments, net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	$ (590)	$ (7,721)

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Income, Basic	$ 10,090	$ 10,983	$ 11,500	$ 22,125
Net Income, Diluted	$ 10,090	$ 10,983	$ 11,500	$ 22,125
Weighted Average Number of Shares Outstanding, Basic	1,885,684	1,972,979	1,871,474	1,979,690
Weighted Average Number of Shares Outstanding, Options	758,268	757,185	758,297	756,879
Weighted Average Number of Shares Outstanding, Diluted	2,643,952	2,730,164	2,629,771	2,736,569
Per Share Amount, Basic	$ 5.35	$ 5.57	$ 6.14	$ 11.18
Per Share Amount, Diluted	$ 3.82	$ 4.02	$ 4.37	$ 8.08