PrimeEnergy Q1 profit plunges 53% as Permian gas prices turn negative; capex cut 56%

Filed May 20, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 19, 2025 · ~1 min read

Key Changes

• high

  Q1 2026 net income fell 53% to $4.3M ($2.67/share) from $9.1M ($5.40/share) in Q1 2025, driven by negative gas prices and NGL price declines that offset higher oil volumes.

  MD&A: Q1 Results verify on EDGAR →
• high

  Natural gas realized price was negative $0.40/Mcf in Q1 2026 vs. $2.52/Mcf in Q1 2025, producing negative $1.0M gas revenue due to Permian Basin pipeline takeaway constraints; management warns constraints may persist through 2026.

  MD&A: Gas Pricing verify on EDGAR →
• high

  2026 capital budget slashed to $52M for 28 horizontal wells, down 56% from the $118M / 38-well plan disclosed for 2025, reflecting capital discipline amid commodity price weakness.

  MD&A: Capital Budget verify on EDGAR →