Increased revenues reported by Prime Energy


Houston-based Prime Energy, a firm with major operations in Oklahoma, Texas and West Virginia reported increased revenues in the first quarter that ended March 31, 2020.

The company stated its revenues were $26,108,000 compared to $24,419,000 reported one year ago. Prime Energy also reported a net loss of $170,000 compared to more than $3 million in the first quarter of 2019.

Earnings per share were only 9 cents  while a year earlier, Prime’s earnings were $1.49 a share. Prime’s total assets were nearly the same as reported at the end of 2019.

It’s crude oil production was also down with a decline of 122,000 barrels of oil and a more than$7 decline in the average price of oil received for its produced crude.

Source: Business Wire