PrimeEnergy Shares Drop as Earnings Cut in Half on Gas Price Pressure
PrimeEnergy shares fell 1.2% to $243.06 after first-quarter profit dropped to $4.3 million from $9.1 million a year earlier, hit by negative Permian Basin gas prices. The company sold gas at an average of minus 40 cents per Mcf, swinging gas revenue to negative $1 million. President Charles E. Drimal, Jr. warned the pricing strain could persist through 2026.