PrimeEnergy Resources (PNRG) 10-Q 14 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 14, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)		1,717,500
Entity Central Index Key	0000056868
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets, Current [Abstract]
Cash and cash equivalents	$ 1,582	$ 11,061
Accounts receivable, net	34,304	20,301
Prepaid obligations	1,133	376
Other current assets	5	38
Total current assets	37,024	31,776
us-gaap_PropertyPlantAndEquipmentNetAbstract
Oil and gas properties at cost	754,703	659,792
Less: Accumulated depletion and depreciation	(448,881)	(406,913)
Oil and Gas Property, Successful Effort Method, Net	305,822	252,879
Field and office equipment at cost	14,642	26,955
Less: Accumulated depreciation	(12,603)	(23,715)
Property, Plant and Equipment, Net	2,039	3,240
Total Property and Equipment, Net	307,861	256,119
Other assets	703	673
Total Assets	345,588	288,568
Liabilities, Current [Abstract]
Accounts payable	42,177	15,424
Accrued property cost	7,133	33,264
Accrued liabilities	18,057	15,349
Current portion of asset retirement and other long-term obligations	630	692
Total Current Liabilities	68,025	64,809
Long-Term Bank Debt	3,000	0
Asset Retirement Obligations	14,578	14,707
Deferred income taxes	55,313	47,236
Other Long-Term Obligations	834	866
Total Liabilities	141,750	127,618
Commitments and Contingencies
Equity, Attributable to Parent [Abstract]
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	258,796	205,669
Treasury stock, at cost; 2024: 1,019,755 shares; 2023: 989,900	62,794	52,555
Total Equity	203,838	160,950
Total Liabilities and Equity	345,588	288,568
Related Party [Member]
Liabilities, Current [Abstract]
Due to related parties	$ 28	$ 80

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 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)	1,726,970	1,820,100
Treasury Stock, Common, Shares (in shares)	1,083,030	989,900

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Interest and other income, net	$ 15	$ 113	$ 172	$ 324
Gain on derivative instruments, net	0	0	0	414
Gain on disposition of assets, net	2,775	2,102	3,411	8,206
Total revenues	69,455	37,575	177,270	96,109
Costs and expenses:
Oil and gas production	12,878	7,898	34,424	21,171
Production and ad valorem taxes	2,650	1,445	9,301	5,308
Field service	3,103	3,166	8,376	9,700
Depreciation, depletion and amortization	18,231	8,924	45,845	22,857
Accretion of discount on asset retirement obligations	172	183	514	550
General and administrative	3,943	2,714	10,863	8,086
Interest	414	133	865	428
Total costs and expenses	41,391	24,463	110,188	68,100
Income before income taxes	28,064	13,112	67,082	28,009
Income tax provision	5,988	2,392	13,955	5,789
Net income attributable to common stockholders	$ 22,076	$ 10,720	$ 53,127	$ 22,220
Basic (in dollars per share)	$ 12.63	$ 5.84	$ 29.88	$ 11.95
Diluted (in dollars per share)	$ 8.8	$ 4.13	$ 20.93	$ 8.49
Weighted average shares outstanding:
Basic (in shares)	1,747,727	1,834,709	1,778,224	1,859,084
Diluted (in shares)	2,508,631	2,593,924	2,538,268	2,617,758
Oil Sales [Member]
Revenues:
Revenues	$ 56,194	$ 26,402	$ 145,727	$ 61,948
Natural Gas, Production [Member]
Revenues:
Revenues	638	2,472	2,078	5,452
Natural Gas Liquids (NGL) [Member]
Revenues:
Revenues	7,176	3,149	16,915	8,323
Oil and Gas Service [Member]
Revenues:
Revenues	$ 2,657	$ 3,337	$ 8,967	$ 11,442

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - 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	(2,748)	(2,748)
Net income		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, 2022	1,901,000
Balance at Dec. 31, 2022		281	7,555	177,566	(45,049)	140,353
Net income						22,220
Balance (in shares) at Sep. 30, 2023	1,828,500
Balance at Sep. 30, 2023		281	7,555	199,786	(51,621)	156,001
Balance (in shares) at Mar. 31, 2023	1,869,560
Balance at Mar. 31, 2023		281	7,555	178,976	(47,797)	139,015
Purchase of treasury stock (in shares)	(29,060)
Purchase of treasury stock		0	0	0	(2,616)	(2,616)
Net income		0		10,090	0	10,090
Balance (in shares) at Jun. 30, 2023	1,840,500
Balance at Jun. 30, 2023		281	7,555	189,066	(50,413)	146,489
Purchase of treasury stock (in shares)	(12,000)
Purchase of treasury stock		0	0	0	(1,208)	(1,208)
Net income		0		10,720	0	10,720
Balance (in shares) at Sep. 30, 2023	1,828,500
Balance at Sep. 30, 2023		281	7,555	199,786	(51,621)	156,001
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		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
Balance (in shares) at Dec. 31, 2023	1,820,100
Balance at Dec. 31, 2023		281	7,555	205,669	(52,555)	160,950
Net income						53,127
Balance (in shares) at Sep. 30, 2024	1,726,970
Balance at Sep. 30, 2024		281	7,555	258,796	(62,794)	203,838
Balance (in shares) at Mar. 31, 2024	1,790,245
Balance at Mar. 31, 2024		281	7,555	216,988	(55,404)	169,420
Purchase of treasury stock (in shares)	(28,191)
Purchase of treasury stock		0	0	0	(2,857)	(2,857)
Net income		0		19,732	0	19,732
Balance (in shares) at Jun. 30, 2024	1,762,054
Balance at Jun. 30, 2024		281	7,555	236,720	(58,261)	186,295
Purchase of treasury stock (in shares)	(35,084)
Purchase of treasury stock		0	0	0	(4,533)	(4,533)
Net income		0		22,076	0	22,076
Balance (in shares) at Sep. 30, 2024	1,726,970
Balance at Sep. 30, 2024		$ 281	$ 7,555	$ 258,796	$ (62,794)	$ 203,838

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net Income	$ 53,127	$ 22,220
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion on discounted liabilities	45,845	22,857
Accretion of discount on asset retirement obligations	514	550
Gain on sale and exchange of assets	(3,411)	(8,206)
Unrealized gain on derivative instruments, net	0	(980)
Deferred income taxes	8,077	3,320
us-gaap_IncreaseDecreaseInOperatingCapitalAbstract
Accounts receivable	(14,003)	(5,225)
Due from related parties	0	388
Due to related parties	(52)	398
Prepaids obligations	(757)	32,426
Other current assets	33	0
Accounts payable	26,753	449
Accrued property costs	(26,131)	0
Accrued liabilities	2,708	2,700
Right of use and other assets	(701)	0
Other long-term liabilities	0	(173)
Net Cash Provided by Operating Activities	92,002	70,724
Net Cash Provided by (Used in) Investing Activities [Abstract]
Capital expenditures, including exploration expense	(98,395)	(67,069)
Proceeds from sale of properties and equipment	4,153	7,434
Net Cash Provided by (Used in) Investing Activities	(94,242)	(59,635)
Cash Flows from Financing Activities
Purchase of stock for treasury	(10,239)	(6,572)
Proceeds from long-term bank debt	57,500	0
Repayment of long-term bank debt and other long-term obligations	(54,500)	(11,270)
Net Cash Provided by (Used in) Financing Activities	(7,239)	(17,842)
Net (Decrease) Increase in Cash and Cash Equivalents	(9,479)	(6,753)
Cash and Cash Equivalents at the Beginning of the Period	11,061	26,543
Cash and Cash Equivalents at the End of the Period	1,582	19,790
Supplemental Cash Flow Information [Abstract]
Income taxes paid during the year	101	9,288
Interest paid	$ 782	$ 450

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 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 September 30, 2024, and December 31, 2023, the consolidated results of operations, cash flows and equity for the nine months ended September 30, 2024, and 2023. As of September 30, 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. 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. New Pronouncements Issued But Not Yet Adopted: In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40),” which expands disclosures around a public entity’s costs and expenses of specific items (i.e. employee compensation, DD&A), requires the inclusion of amounts that are required to be disclosed under GAAP in the same disclosure as other disaggregation requirements, requires qualitative descriptions of amounts remaining in expense captions that are not separately disaggregated quantitatively, and requires disclosure of total selling expenses, and in annual periods, the definition of selling expenses. The amendment does not change or remove existing disclosure requirements. The amendment is effective for fiscal years beginning after December 15, 2026, and interim periods with fiscal years beginning after December 15, 2027. Early adoption is permitted, and the amendment can be adopted prospectively or retrospectively to any or all periods presented in the financial statements. The Company is currently assessing the impact of adopting this standard.

Note 2 - Acquisitions and Dispo

Note 2 - Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	(2) Acquisitions and Dispositions 2024 Transactions: In the first quarter of 2024, the Company 48 net acres in Lea County, New Mexico, along with minor working interest in 23 non-operated wells, receiving gross proceeds of $375,600, and in the second quarter of 2024, sold an additional 12 net acres in Lea County for proceeds of $150,600. Also in the second quarter of 2024, we farmed out certain acreage in east Texas for $55,000. In the third quarter of 2024, acreage transactions included the acquisition of 100.27 net acres in Reagan County for a purchase price of $1,109,785, the sale of 7.8 surface acres in Midland County, Texas for proceeds of $427,760 and the sale of 44.58 net acres of leasehold interest in Roger Mills County Oklahoma for proceeds of $89,159. In New Mexico we sold our working interests in seven properties in Lea and Eddy Counties $220,000. Effective September 1, 2024 the Company sold its interest in Eastern Oil Well Service Company, a south Texas well-servicing business, for net proceeds of $2,800,000, regonizing a gain of $1,921,000. 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 acres for proceeds of $6,000,000. In addition, the Company sold 36.51% interest in one well in Midland County, Texas for proceeds of $60,000. In the third quarter of 2023, the Company sold a non-core 38.25-acre leasehold tract in Martin County, Texas for proceeds of $899,000 and sold 3 surface acres in Liberty County, Texas for net proceeds of $37,053. Also in the third quarter, in various counties of Oklahoma, the Company divested its interest in 39 wells, reducing its future plugging liability by approximately $1.5 million. Effective July 1, 2023, the Company acquired the operations of 36 wells from DE Permian and 50% of DE Permian’s original ownership in such wells. In addition, in Reagan County, Texas, the Company acquired 114.52 net acres from DE Permian for $1,700,853 and assigned to them 203.23 net acres.

Note 3 - Additional Balance She

Note 3 - Additional Balance Sheet Information	9 Months Ended
	Sep. 30, 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) September 30, December 31, Accounts Receivable: Joint interest billing $ 3,340 $ 2,560 Trade receivables 1,483 2,345 Oil and gas sales 28,970 14,457 Taxes 1,078 1,458 Other 452 155 35,323 20,975 Less: Allowance for credit losses (1,019 ) (674 ) Total $ 34,304 $ 20,301 Accounts Payable: Trade $ 36,574 $ 9,847 Royalty and other owners 4,391 4,405 Partner advances 976 946 Other 236 226 Total $ 42,177 $ 15,424 Accrued Liabilities: Compensation and related expenses $ 5,890 $ 10,324 Taxes 7,246 929 Lease operating costs 4,540 3,898 Other 381 198 Total $ 18,057 $ 15,349

Note 4 - Long-Term Debt

Note 4 - Long-Term Debt	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Long-Term Debt [Text Block]	(4) Long-Term Debt: Bank Debt: On July 5, , Fourth . $ Effective January 20, , $ Effective July 24, , As of December 31, , no Effective February 9, , Effective July 29, 2024 , As of September 30, 2024, the Company had $3 million in outstanding borrowings and $112 million in available under the credit facility.

Note 5 - Other Long-Term Obliga

Note 5 - Other Long-Term Obligations and Commitments	9 Months Ended
	Sep. 30, 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 8.97%. 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 nine months ended September 30, 2024 and 2023 were $557 thousand and $525 thousand, respectively. Cash payments included in the operating lease cost for the nine months ended September 30, 2024 and 2023 were $592 thousand and $552 thousand, respectively. The weighted-average remaining operating lease terms as of September 2024 and 2023 were 3.0 months and 7.88 months, respectively. The Company acquired and amended certain leases for office space in Texas providing for future payments of $200 thousand in 2024, and $149 thousand in 2025. Rent expense for office space for the nine months ended September 30, 2024 and 2023 was $668 thousand and $522 thousand, respectively. The payment schedule for the Company’s operating lease obligations as of September 30, 2024 is as follows: (Thousands of dollars) Operating 2024 $ 200 2025 149 Total undiscounted lease payments $ 349 Less: Amount associated with discounting (35 ) Total net operating lease liabilities $ 314 Less: Current portion asset retirement and other long-term obligations (314 ) Non-current portion included in Other long-term obligations $ 0 Asset Retirement Obligation: A reconciliation of the liability for plugging and abandonment costs for the nine months ended September 30, 2024 is as follows: (Thousands of dollars) September 30, Asset retirement obligation at December 31, 2023 $ 15,153 Net wells placed on production 70 Liabilities settled (706 ) Liabilities divested (137 ) Accretion of discount 514 Asset retirement obligation at September 30, 2024 $ 14,894 Less current portion of asset retirement obligations (316 ) Asset retirement obligations, long-term $ 14,578 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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 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 nine months ended September 30, 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 0 235 Crude oil commodity contracts Gain on derivative instruments, net 0 179 $ 0 $ 414

Note 10 - Earnings Per Share

Note 10 - Earnings Per Share	9 Months Ended
	Sep. 30, 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: Nine Months Ended September 30, 2024 2023 Net Weighted Per Net Weighted Per Basic $ 53,127 1,778,224 $ 29.88 $ 22,220 1,859,084 $ 11.95 Effect of dilutive securities: Options (a) 0 760,044 0 758,674 Diluted $ 53,127 2,538,268 $ 20.93 $ 22,220 2,617,758 $ 8.49 Three Months Ended September 30, 2024 2023 Net Weighted Per Net Weighted Per Basic $ 22,076 1,747,727 $ 12.63 $ 10,720 1,834,709 $ 5.84 Effect of dilutive securities: Options (a) 0 760,904 759,215 Diluted $ 22,076 2,508,631 $ 8.80 $ 10,720 2,593,924 $ 4.13

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Condensed Balance Sheet [Table Text Block]	(Thousands of dollars) September 30, December 31, Accounts Receivable: Joint interest billing $ 3,340 $ 2,560 Trade receivables 1,483 2,345 Oil and gas sales 28,970 14,457 Taxes 1,078 1,458 Other 452 155 35,323 20,975 Less: Allowance for credit losses (1,019 ) (674 ) Total $ 34,304 $ 20,301 Accounts Payable: Trade $ 36,574 $ 9,847 Royalty and other owners 4,391 4,405 Partner advances 976 946 Other 236 226 Total $ 42,177 $ 15,424 Accrued Liabilities: Compensation and related expenses $ 5,890 $ 10,324 Taxes 7,246 929 Lease operating costs 4,540 3,898 Other 381 198 Total $ 18,057 $ 15,349

Note 5 - Other Long-Term Obli_2

Note 5 - Other Long-Term Obligations and Commitments (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	(Thousands of dollars) Operating 2024 $ 200 2025 149 Total undiscounted lease payments $ 349 Less: Amount associated with discounting (35 ) Total net operating lease liabilities $ 314 Less: Current portion asset retirement and other long-term obligations (314 ) Non-current portion included in Other long-term obligations $ 0
Schedule of Change in Asset Retirement Obligation [Table Text Block]	(Thousands of dollars) September 30, Asset retirement obligation at December 31, 2023 $ 15,153 Net wells placed on production 70 Liabilities settled (706 ) Liabilities divested (137 ) Accretion of discount 514 Asset retirement obligation at September 30, 2024 $ 14,894 Less current portion of asset retirement obligations (316 ) Asset retirement obligations, long-term $ 14,578

Note 9 - Financial Instruments

Note 9 - Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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 0 235 Crude oil commodity contracts Gain on derivative instruments, net 0 179 $ 0 $ 414

Note 10 - Earnings Per Share (T

Note 10 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Nine Months Ended September 30, 2024 2023 Net Weighted Per Net Weighted Per Basic $ 53,127 1,778,224 $ 29.88 $ 22,220 1,859,084 $ 11.95 Effect of dilutive securities: Options (a) 0 760,044 0 758,674 Diluted $ 53,127 2,538,268 $ 20.93 $ 22,220 2,617,758 $ 8.49 Three Months Ended September 30, 2024 2023 Net Weighted Per Net Weighted Per Basic $ 22,076 1,747,727 $ 12.63 $ 10,720 1,834,709 $ 5.84 Effect of dilutive securities: Options (a) 0 760,904 759,215 Diluted $ 22,076 2,508,631 $ 8.80 $ 10,720 2,593,924 $ 4.13

Note 2 - Acquisitions and Dis_2

Note 2 - Acquisitions and Dispositions (Details Textual)		1 Months Ended	3 Months Ended						9 Months Ended
	Jul. 01, 2023 USD ($) a	Sep. 30, 2024 USD ($) a	Sep. 30, 2024 USD ($) a	Jun. 30, 2024 USD ($) a	Mar. 31, 2024 USD ($) a	Sep. 30, 2023 USD ($) a	Jun. 30, 2023 USD ($) a	Mar. 31, 2023 USD ($) a	Sep. 30, 2024 USD ($) a	Sep. 30, 2023 USD ($) a
Area of Land | a	203.23
Proceeds from Divestiture of Businesses						$ 37,053
Gain (Loss) on Disposition of Property Plant Equipment			$ 2,775,000			$ 2,102,000			$ 3,411,000	$ 8,206,000
Number Of Acres Sold (Acre) | a						3				3
Percentage Of Ownership In Divestiture Of Businesses	50%
NEW MEXICO
Area of Land | a				12	48
Oil, Productive Well, Number of Wells, Net					23
Proceeds from Sale, Land, Held-for-Use				$ 150,600	$ 375,600
NEW MEXICO | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Proceeds from Divestiture of Businesses			$ 220,000
TEXAS
Area of Land | a	114.52	100.27	100.27				55		100.27
Proceeds from Sale, Land, Held-for-Use							$ 6,000,000
Proceeds from Divestiture of Businesses				$ 55,000		$ 899,000	60,000
Payment for Acquisition, Land, Held-for-Use			$ 1,109,785				$ 605,000
Number Of Acres Sold (Acre) | a						38.25	320			38.25
Percentage Of Interest In Divestiture Of Businesses							36.51%
Cash Acquired from Acquisition	$ 1,700,853
TEXAS | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Area of Land | a		7.8	7.8					7.8	7.8
Proceeds from Sale, Land, Held-for-Use			$ 427,760					$ 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
TEXAS | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Eastern Oilwells Service Corporation [Member]
Proceeds from Divestiture of Businesses		$ 2,800,000
Gain (Loss) on Disposition of Business		$ 1,921,000
OKLAHOMA
Business Combination, Consideration Transferred, Liabilities Incurred						$ 1,500,000
OKLAHOMA | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Area of Land | a		44.58	44.58						44.58
Proceeds from Sale, Land, Held-for-Use			$ 89,159

Note 3 - Additional Balance S_3

Note 3 - Additional Balance Sheet Information -Components of Balance Sheet Amounts (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Joint interest billing	$ 3,340	$ 2,560
Trade receivables	1,483	2,345
Oil and gas sales	28,970	14,457
Taxes	1,078	1,458
Other	452	155
Accounts Receivable, before Allowance for Credit Loss, Current	35,323	20,975
Less: Allowance for credit losses	(1,019)	(674)
Accounts receivable, net	34,304	20,301
Trade	36,574	9,847
Royalty and other owners	4,391	4,405
Partner advances	976	946
Other	236	226
Accounts payable	42,177	15,424
Compensation and related expenses	5,890	10,324
Taxes	7,246	929
Lease operating costs	4,540	3,898
Other	381	198
Accrued liabilities	$ 18,057	$ 15,349

Note 4 - Long-Term Debt (Detail

Note 4 - Long-Term Debt (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2024	Jul. 29, 2024	Jun. 30, 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		$ 115,000	$ 85,000		$ 65,000
Long-Term Line of Credit	$ 3,000				$ 0
Line of Credit Facility, Current Borrowing Capacity	$ 112,000

Note 5 - Other Long-Term Obli_3

Note 5 - Other Long-Term Obligations and Commitments (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Lease, Weighted Average Discount Rate, Percent	8.97%
Operating Lease, Cost	$ 557	$ 525
Operating Lease, Payments	$ 592	$ 552
Operating Lease, Weighted Average Remaining Lease Term	3 months	7 months 26 days
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	$ 200
Lessee, Operating Lease, Liability, to be Paid, Year One	149
Operating Lease, Expense	$ 668	$ 522

Note 5 - Other Long-Term Obli_4

Note 5 - Other Long-Term Obligations and Commitments - Schedule of Operating Lease Obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	$ 200
Lessee, Operating Lease, Liability, to be Paid, Year One	149
Total undiscounted lease payments	349
Less: Amount associated with discounting	(35)
Total net operating lease liabilities	$ 314
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	$ (314)
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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Asset retirement obligation, Balance	$ 15,153
Net wells placed on production	70
Liabilities settled	(706)
Liabilities divested	(137)
Accretion of discount	514	$ 550
Asset retirement obligation, Balance	14,894
Less current portion of asset retirement obligations	(316)
Asset Retirement Obligations	$ 14,578		$ 14,707

Note 7 - Stock Options and Ot_2

Note 7 - Stock Options and Other Compensation (Details Textual)	9 Months Ended
	Sep. 30, 2024 $ / shares shares	May 31, 1989
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
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	$ 1
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 1.25

Note 9 - Financial Instrument_2

Note 9 - Financial Instruments - Effect of Derivative Instruments on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	9 Months Ended	21 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Natural gas commodity contracts	$ 0	$ 414
Natural Gas Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member]
Natural gas commodity contracts	0	235
Crude Oil Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member]
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic	$ 22,076	$ 10,720	$ 53,127	$ 22,220
Basic (in shares)	1,747,727	1,834,709	1,778,224	1,859,084
Basic (in dollars per share)	$ 12.63	$ 5.84	$ 29.88	$ 11.95
Diluted (in shares)	760,904	759,215	760,044	758,674
Diluted	$ 22,076	$ 10,720	$ 53,127	$ 22,220
Diluted (in shares)	2,508,631	2,593,924	2,538,268	2,617,758
Diluted (in dollars per share)	$ 8.8	$ 4.13	$ 20.93	$ 8.49