Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 13, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 0-7406 | |
Entity Registrant Name | PrimeEnergy Resources Corporation | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-0637348 | |
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 | |
Title of 12(b) Security | Common Stock, $0.10 par value | |
Trading Symbol | PNRG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 1,784,851 | |
Entity Central Index Key | 0000056868 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,750 | $ 11,061 |
Accounts receivable, net | 29,534 | 20,301 |
Prepaid obligations | 791 | 376 |
Other current assets | 38 | 38 |
Total current assets | 32,113 | 31,776 |
Properties and equipment: | ||
Oil and gas properties at cost | 713,352 | 659,792 |
Less: Accumulated depletion and depreciation | 416,964 | 406,913 |
Oil and Gas Property, Successful Effort Method, Net | 296,388 | 252,879 |
Field and office equipment at cost | 27,298 | 26,955 |
Less: Accumulated depreciation | (23,984) | (23,715) |
Property, Plant and Equipment, Net | 3,314 | 3,240 |
Total Property and Equipment, Net | 299,702 | 256,119 |
Other assets | 1,081 | 673 |
Total Assets | 332,896 | 288,568 |
Current liabilities: | ||
Accounts payable | 11,595 | 15,424 |
Accrued property cost | 61,945 | 33,264 |
Accrued liabilities | 13,754 | 15,349 |
Current portion of asset retirement and other long-term obligations | 1,138 | 692 |
Total Current Liabilities | 88,476 | 64,809 |
Long-Term Bank Debt | 4,000 | 0 |
Asset Retirement Obligations | 14,649 | 14,707 |
Deferred income taxes | 55,523 | 47,236 |
Other Long-Term Obligations | 828 | 866 |
Total Liabilities | 163,476 | 127,618 |
Commitments and Contingencies | ||
Equity | ||
Common stock, $.10 par value; 2024 and 2023: Authorized: 2,810,000 shares, outstanding 2024: 1,790,245; outstanding 2023: 1,820,100 shares | 281 | 281 |
Paid-in capital | 7,555 | 7,555 |
Retained earnings | 216,988 | 205,669 |
Treasury stock, at cost; 2024: 1,019,755 shares; 2023: 989,900 | 55,404 | 52,555 |
Total Equity | 169,420 | 160,950 |
Total Liabilities and Equity | 332,896 | 288,568 |
Related Party [Member] | ||
Current liabilities: | ||
Due to related parties | $ 44 | $ 80 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.1 | $ 0.1 |
Common Stock, Shares Authorized (in shares) | 2,810,000 | 2,810,000 |
Common Stock, Shares, Outstanding (in shares) | 1,790,245 | 1,820,100 |
Treasury Stock, Common, Shares (in shares) | 1,019,755 | 989,900 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest and other income, net | $ 138 | $ 152 |
Gain on derivative instruments, net | 0 | 414 |
Gain on disposition of assets, net | 431 | 51 |
Total revenues | 42,990 | 22,815 |
Costs and expenses: | ||
Oil and gas production | 9,130 | 5,470 |
Production and ad valorem taxes | 2,953 | 2,504 |
Field service | 2,801 | 3,167 |
Depreciation, depletion and amortization | 10,320 | 6,422 |
Accretion of discount on asset retirement obligations | 171 | 183 |
General and administrative | 3,057 | 3,102 |
Interest | 215 | 182 |
Costs and Expenses | 28,647 | 21,030 |
Income before income taxes | 14,343 | 1,785 |
Income tax provision | 3,024 | 375 |
Net income attributable to common stockholders | $ 11,319 | $ 1,410 |
Basic (in dollars per share) | $ 6.27 | $ 0.75 |
Diluted (in dollars per share) | $ 4.41 | $ 0.53 |
Basic (in shares) | 1,806,687 | 1,888,895 |
Diluted (in shares) | 2,565,951 | 2,647,220 |
Oil Sales [Member] | ||
Revenues | $ 33,299 | $ 14,578 |
Natural Gas, Production [Member] | ||
Revenues | 1,358 | 1,752 |
Natural Gas Liquids (NGL) [Member] | ||
Revenues | 4,365 | 2,394 |
Oil and Gas Service [Member] | ||
Revenues | $ 3,399 | $ 3,474 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 1,901,000 | |||||
Balance at Dec. 31, 2022 | $ 281 | $ 7,555 | $ 177,566 | $ (45,049) | $ 140,353 | |
Purchase of treasury stock (in shares) | (31,440) | |||||
Purchase of treasury stock | 0 | 0 | 0 | (2,748) | (2,748) | |
Net income | 0 | 0 | 1,410 | 0 | 1,410 | |
Balance (in shares) at Mar. 31, 2023 | 1,869,560 | |||||
Balance at Mar. 31, 2023 | 281 | 7,555 | 178,976 | (47,797) | 139,015 | |
Balance (in shares) at Dec. 31, 2023 | 1,820,100 | |||||
Balance at Dec. 31, 2023 | 281 | 7,555 | 205,669 | (52,555) | 160,950 | |
Purchase of treasury stock (in shares) | (29,855) | |||||
Purchase of treasury stock | 0 | 0 | 0 | (2,849) | (2,849) | |
Net income | 0 | 0 | 11,319 | 0 | 11,319 | |
Balance (in shares) at Mar. 31, 2024 | 1,790,245 | |||||
Balance at Mar. 31, 2024 | $ 281 | $ 7,555 | $ 216,988 | $ (55,404) | $ 169,420 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net income | $ 11,319 | $ 1,410 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion, amortization and accretion on discounted liabilities | 10,320 | 6,422 |
Accretion of discount on asset retirement obligations | 171 | 183 |
Gain on sale and exchange of assets | (431) | (51) |
Unrealized gain on derivative instruments, net | 0 | (980) |
Deferred income taxes | 8,287 | 419 |
Increase (Decrease) in Operating Capital [Abstract] | ||
Accounts receivable | (9,233) | 996 |
Due from related parties | 0 | (15) |
Due to related parties | (36) | 0 |
Prepaids obligations | (415) | 16,700 |
Accounts payable | (3,829) | 4,484 |
Accrued property costs | 28,681 | 4,520 |
Accrued liabilities | (1,595) | (4,135) |
Other long-term liabilities | (38) | 654 |
Net Cash Provided by Operating Activities | 43,201 | 30,637 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Capital expenditures, including exploration expense | (54,094) | (30,149) |
Proceeds from sale of properties and equipment | 431 | 440 |
Net Cash Provided by (Used in) Investing Activities | (53,663) | (29,709) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Purchase of stock for treasury | (2,849) | (2,748) |
Proceeds from long-term bank debt | 14,000 | 0 |
Repayment of long-term bank debt and other long-term obligations | (10,000) | (11,000) |
Net Cash Provided by (Used in) Financing Activities | 1,151 | (13,748) |
Net (Decrease) Increase in Cash and Cash Equivalents | (9,311) | (12,820) |
Cash and Cash Equivalents at the Beginning of the Period | 11,061 | 26,543 |
Cash and Cash Equivalents at the End of the Period | 1,750 | 13,723 |
Supplemental Disclosures: | ||
Income taxes paid during the year | 0 | 0 |
Interest paid | $ 170 | $ 167 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | (1) Basis of Presentation: The accompanying condensed 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 for the year ended December 31, 2023. In the opinion of management, the accompanying interim consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s consolidated balance sheets as of March 31, 2024, and December 31, 2023, the consolidated results of operations, cash flows and equity for the three months ended March 31, 2024, and 2023. As of March 31, 2024, 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 for the fiscal year ended December 31, 2023. Certain amounts presented in prior period financial statements have been reclassified for consistency with current period presentation. The results for interim periods are not necessarily indicative of annual results. For purposes of disclosure in the consolidated financial statements, subsequent events have been evaluated through the date the statements were issued. |
Note 2 - Acquisitions and Dispo
Note 2 - Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | (2) Acquisitions and Dispositions In the first quarter of 2024, the Company sold 48 net acres in Lea County, New Mexico, along with minor working interest in 23 wells, receiving gross proceeds of $375,600, and early in the second quarter of 2024, the Company has sold an additional 12 net acres in Lea County for proceeds of $150,600. 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. |
Note 3 - Additional Balance She
Note 3 - Additional Balance Sheet Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | (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 $ 2,794 $ 2,560 Trade receivables 2,197 2,345 Oil and gas sales 18,699 14,457 Taxes 6,341 1,458 Other 177 155 30,208 20,975 Less: Allowance for credit losses (674 ) (674 ) Total $ 29,534 $ 20,301 Accounts Payable: Trade $ 6,042 $ 9,847 Royalty and other owners 4,372 4,405 Partner advances 946 946 Other 235 226 Total $ 11,595 $ 15,424 Accrued Liabilities: Compensation and related expenses $ 8,943 $ 10,324 Taxes 795 929 Lease operating costs 3,745 3,898 Other 271 198 Total $ 13,754 $ 15,349 |
Note 4 - Long-Term Debt
Note 4 - Long-Term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | (4) Long-Term Debt: Bank Debt: On July 5, , Fourth 1, 2026. $ Effective January 20, , to $ Effective July 24, , As of December 31, , no Effective February 9, , As of March 31, |
Note 5 - Other Long-Term Obliga
Note 5 - Other Long-Term Obligations and Commitments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Other Long Term Obligations And Commitments Disclosure [Text Block] | (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 9.71%. 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. Operating lease costs for the three months ended March 31, 2024 and 2023 were $179,000 and $165,000, respectively. Cash payments included in the operating lease cost for the three months ended March 31, 2024 and 2023 were $191,000 and $178,000, respectively. The weighted-average remaining operating lease terms as of March 31, 2024 and 2023 were 7.81 months and 9.63 months, respectively. As of March 31, 2024, the Company had certain leases for office space in Texas which included future payments of $601,000 for 2024 and $149,000 for 2025. All current leases have been included within the current balance sheet and the Company has not entered into any new leases since the reporting date. Rent expense for office space for the three months ended March 31, 2024 and 2023 was $204,000 and $141,000, respectively. The payment schedule for the Company’s operating lease obligations as of March 31, 2024 is as follows: (Thousands of dollars) Operating 2024 $ 601 2025 149 Total undiscounted lease payments $ 750 Less: Amount associated with discounting (58 ) Total net operating lease liabilities $ 692 Less: Current portion asset retirement and other long-term obligations 692 Non-current portion included in Other long-term obligations $ - Asset Retirement Obligation: A reconciliation of the liability for plugging and abandonment costs for the three months ended March 31, 2024 is as follows: (Thousands of dollars) March 31, Asset retirement obligation at December 31, 2023 $ 15,153 Liabilities settled (229 ) Accretion of discount 171 Asset retirement obligation at March 31, 2024 $ 15,095 Less current portion of asset retirement obligations 446 Asset retirement obligations, long-term $ 14,649 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. |
Note 6 - Contingent Liabilities
Note 6 - Contingent Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | (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 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. |
Note 7 - Stock Options and Othe
Note 7 - Stock Options and Other Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | (7) Stock Options and Other Compensation: In May 1989, non-statutory stock options were granted by the Company to four |
Note 8 - Related Party Transact
Note 8 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | (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. |
Note 9 - Financial Instruments
Note 9 - Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | (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 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 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 would not be provided. As of the balance sheet reporting dates of March 31, 2024 and December 31, 2023, the Company had no active 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 statements of income for the three months ended March 31, 2024 and 2023: Amount of gain/loss (Thousands of dollars) Location of gain/loss recognized in income 2024 2023 Derivatives not designated as cash-flow hedge instruments: Natural gas commodity contracts Gain on derivative instruments, net - 235 Crude oil commodity contracts Gain on derivative instruments, net - 179 $ - $ 414 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | (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 consolidated financial statements: Quarter Ended March 31, 2024 2023 Net Income Weighted Per Share Net Income Weighted Per Share Basic $ 11,319 1,806,687 $ 6.27 $ 1,410 1,888,895 $ 0.75 Effect of dilutive securities: Options 759,264 758,325 Diluted $ 11,319 2,565,951 $ 4.41 $ 1,410 2,647,220 $ 0.53 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 5. OTHER INFORMATION None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 3 - Additional Balance S_2
Note 3 - Additional Balance Sheet Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (Thousands of dollars) March 31, December 31, Accounts Receivable: Joint interest billing $ 2,794 $ 2,560 Trade receivables 2,197 2,345 Oil and gas sales 18,699 14,457 Taxes 6,341 1,458 Other 177 155 30,208 20,975 Less: Allowance for credit losses (674 ) (674 ) Total $ 29,534 $ 20,301 Accounts Payable: Trade $ 6,042 $ 9,847 Royalty and other owners 4,372 4,405 Partner advances 946 946 Other 235 226 Total $ 11,595 $ 15,424 Accrued Liabilities: Compensation and related expenses $ 8,943 $ 10,324 Taxes 795 929 Lease operating costs 3,745 3,898 Other 271 198 Total $ 13,754 $ 15,349 |
Note 5 - Other Long-Term Obli_2
Note 5 - Other Long-Term Obligations and Commitments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | (Thousands of dollars) Operating 2024 $ 601 2025 149 Total undiscounted lease payments $ 750 Less: Amount associated with discounting (58 ) Total net operating lease liabilities $ 692 Less: Current portion asset retirement and other long-term obligations 692 Non-current portion included in Other long-term obligations $ - |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | (Thousands of dollars) March 31, Asset retirement obligation at December 31, 2023 $ 15,153 Liabilities settled (229 ) Accretion of discount 171 Asset retirement obligation at March 31, 2024 $ 15,095 Less current portion of asset retirement obligations 446 Asset retirement obligations, long-term $ 14,649 |
Note 9 - Financial Instruments
Note 9 - Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount of gain/loss (Thousands of dollars) Location of gain/loss recognized in income 2024 2023 Derivatives not designated as cash-flow hedge instruments: Natural gas commodity contracts Gain on derivative instruments, net - 235 Crude oil commodity contracts Gain on derivative instruments, net - 179 $ - $ 414 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarter Ended March 31, 2024 2023 Net Income Weighted Per Share Net Income Weighted Per Share Basic $ 11,319 1,806,687 $ 6.27 $ 1,410 1,888,895 $ 0.75 Effect of dilutive securities: Options 759,264 758,325 Diluted $ 11,319 2,565,951 $ 4.41 $ 1,410 2,647,220 $ 0.53 |
Note 2 - Acquisitions and Dis_2
Note 2 - Acquisitions and Dispositions (Details Textual) | 3 Months Ended | ||
Jun. 30, 2024 USD ($) a | Mar. 31, 2024 USD ($) a | Mar. 31, 2023 USD ($) a | |
Gain (Loss) on Disposition of Property Plant Equipment | $ 431,000 | $ 51,000 | |
NEW MEXICO | |||
Area of Land | a | 48 | ||
Oil, Productive Well, Number of Wells, Net | 23 | ||
Proceeds from Sale, Land, Held-for-Use | $ 375,600 | ||
NEW MEXICO | Subsequent Event [Member] | |||
Area of Land | a | 12 | ||
MEXICO | Subsequent Event [Member] | |||
Proceeds from Sale, Land, Held-for-Use | $ 150,600 | ||
TEXAS | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||
Area of Land | a | 7.8 | ||
Proceeds from Sale, Land, Held-for-Use | $ 436,050 | ||
TEXAS | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Land [Member] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 47,000 |
Note 3 - Additional Balance S_3
Note 3 - Additional Balance Sheet Information -Components of Balance Sheet Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Joint interest billing | $ 2,794 | $ 2,560 |
Trade receivables | 2,197 | 2,345 |
Oil and gas sales | 18,699 | 14,457 |
Taxes | 6,341 | 1,458 |
Other | 177 | 155 |
Accounts Receivable, before Allowance for Credit Loss, Current | 30,208 | 20,975 |
Less: Allowance for credit losses | (674) | (674) |
Accounts receivable, net | 29,534 | 20,301 |
Trade | 6,042 | 9,847 |
Royalty and other owners | 4,372 | 4,405 |
Partner advances | 946 | 946 |
Other | 235 | 226 |
Accounts payable | 11,595 | 15,424 |
Compensation and related expenses | 8,943 | 10,324 |
Taxes | 795 | 929 |
Lease operating costs | 3,745 | 3,898 |
Other | 271 | 198 |
Accrued liabilities | $ 13,754 | $ 15,349 |
Note 4 - Long-Term Debt (Detail
Note 4 - Long-Term Debt (Details Textual) - USD ($) $ in Thousands | May 15, 2024 | Mar. 31, 2024 | Feb. 09, 2024 | Dec. 31, 2023 | Jul. 24, 2023 | Jan. 20, 2023 | Jul. 05, 2022 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 85,000 | $ 65,000 | $ 60,000 | $ 300,000 | |||
Line of Credit Facility, Secured Borrowing Base | $ 75,000 | ||||||
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 65,000 | ||||||
Long-Term Line of Credit | $ 2,000 | $ 4,000 | $ 0 | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 83,000 | $ 81,000 |
Note 5 - Other Long-Term Obli_3
Note 5 - Other Long-Term Obligations and Commitments (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Lease, Weighted Average Discount Rate, Percent | 9.71% | |
Operating Lease, Cost | $ 179,000 | $ 165,000 |
Operating Lease, Payments | $ 191,000 | $ 178,000 |
Operating Lease, Weighted Average Remaining Lease Term | 7 months 24 days | 9 months 19 days |
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 601,000 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 149,000 | |
Operating Lease, Expense | $ 204,000 | $ 141,000 |
Note 5 - Other Long-Term Obli_4
Note 5 - Other Long-Term Obligations and Commitments - Schedule of Operating Lease Obligations (Details) | Mar. 31, 2024 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 601,000 |
Lessee, Operating Lease, Liability, to be Paid, Year One | 149,000 |
Total undiscounted lease payments | 750,000 |
Less: Amount associated with discounting | (58,000) |
Total net operating lease liabilities | $ 692,000 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of asset retirement and other long-term obligations |
Less: Current portion included in Other current liabilities | $ 692,000 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Long-Term Obligations |
Non-current portion included in Other liabilities | $ 0 |
Note 5 - Other Long-Term Obli_5
Note 5 - Other Long-Term Obligations and Commitments - Reconciliation of Liability of Plugging and Abandonment Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Asset retirement obligation at December 31, 2022 | $ 15,153 | ||
Liabilities settled | (229) | ||
Accretion of discount | 171 | $ 183 | |
Asset retirement obligation at March 31, 2024 | 15,095 | $ 15,153 | |
Less current portion of asset retirement obligations | 446 | ||
Asset Retirement Obligations | $ 14,649 | $ 14,707 |
Note 7 - Stock Options and Ot_2
Note 7 - Stock Options and Other Compensation (Details Textual) | 3 Months Ended | ||
Mar. 31, 2024 $ / shares shares | May 31, 2089 | Mar. 31, 2023 shares | |
Number Of Key Executive Officer To Whom Non Statutory Stock Option Granted | 4 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | shares | 767,500 | 767,500 | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ 1 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 1.25 |
Note 9 - Financial Instrument_2
Note 9 - Financial Instruments - Effect of Derivative Instruments on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Natural gas commodity contracts | $ 0 | $ 414 |
Natural Gas Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain on derivative instruments, net | Gain on derivative instruments, net |
Natural gas commodity contracts | $ 0 | $ 235 |
Crude Oil Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain on derivative instruments, net | Gain on derivative instruments, net |
Natural gas commodity contracts | $ 0 | $ 179 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Computation of Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic | $ 11,319 | $ 1,410 |
Basic (in shares) | 1,806,687 | 1,888,895 |
Basic (in dollars per share) | $ 6.27 | $ 0.75 |
Options (in shares) | 759,264 | |
Diluted | $ 11,319 | $ 1,410 |
Diluted (in shares) | 2,565,951 | 2,647,220 |
Diluted (in dollars per share) | $ 4.41 | $ 0.53 |