PrimeEnergy Resources Corporation (PNRG): Business Model Canvas [Dec-2025 Updated]

You're looking past the daily price swings to understand the actual engine room of an energy company, trying to spot the difference between an operator and a disciplined steward of capital. Honestly, when you map out PrimeEnergy Resources Corporation's Business Model Canvas using their Q3 2025 snapshot, what jumps out is financial strength: they are running with a strong balance sheet and reported zero outstanding bank debt. This structure shows PrimeEnergy Resources Corporation is more than just an explorer focused on horizontal drilling in the Permian Basin; they layer in contract field services alongside their core oil, gas, and NGL sales, which helped them bank $84.5 million in operating cash flow year-to-date. See the full breakdown below to understand precisely how they allocate capital and deliver value across all nine building blocks.

PrimeEnergy Resources Corporation (PNRG) - Canvas Business Model: Key Partnerships

You're looking at how PrimeEnergy Resources Corporation (PNRG) structures its external relationships to drive its acquisition, development, and production strategy as of late 2025. The partnerships here are critical for capital access and operational execution.

Financial institutions for the $115 million credit facility are central to maintaining liquidity and funding capital programs. PrimeEnergy Resources Corporation has a reserves-based credit facility with a maximum of $300 million and a borrowing base set at $115 million. As of September 30, 2025, the company reported zero outstanding bank debt, meaning the full $115 million borrowing base was available. However, by November 12, 2025, the outstanding borrowings under this facility were $20 million, leaving $95 million in availability. Citibank, N.A. acts as the Joint Lead Arranger and Sole Book Runner for this facility, with U.S. Bank National Association also serving as a lender.

For equipment and service providers for drilling and well-servicing, the scale of PrimeEnergy Resources Corporation's development program dictates the relationship volume. The company planned to invest $98 million in 44 horizontal wells for the 2025 fiscal year. This follows cumulative horizontal development spending of approximately $307 million across 2023, 2024, and 2025. The operational footprint requires consistent service support across its primary regions.

Regarding joint ventures with industry partners for property acquisition, the available data doesn't name specific joint venture partners for recent acquisitions. However, the company's asset base shows the scale of its operational footprint, which often involves co-ownership or service agreements. PrimeEnergy Resources Corporation operates approximately 534 active wells and holds non-operating interests and royalties in 952 additional wells. The company's primary operating regions are the Permian Basin in West Texas, the Mid-Continent region of Oklahoma, and the Gulf Coast of Texas.

For pipeline and midstream companies for commodity transport, while specific contractual partners aren't detailed in the latest reports, the revenue mix reflects the reliance on these third parties. Natural gas and NGL (Natural Gas Liquids) revenues increased significantly in Q3 2025 due to higher pricing and increased volumes, indicating active transport and processing arrangements are in place to move these commodities from the wellhead. The company's nine-month production for 2025 included 7.1 Bcf of natural gas and 1.20 MMbbl of NGLs.

Here's a quick view of the key financial and operational partnership metrics:

Partner Category	Key Metric/Amount	Data Point Reference Date
Financial Institution (Credit Facility)	$115 million Borrowing Base	September 30, 2025
Financial Institution (Credit Facility)	$20 million Outstanding Borrowings	November 12, 2025
Drilling/Service Providers (2025 Plan)	$98 million Expected Investment	2025 Fiscal Year
Drilling/Service Providers (2025 Plan)	44 Horizontal Wells Planned	2025 Fiscal Year
Midstream/Transport (Operational Scale)	7.1 Bcf Natural Gas Produced	Nine Months Ended September 30, 2025
Asset Base (Implied Partner Activity)	534 Operated Active Wells	Late 2025

The operational scale and capital structure are supported by these external relationships:

• Total assets stood at $213.79 million in equity as of September 30, 2025.
• Operating cash flow for the first nine months of 2025 was $84.54 million.
• The company repurchased 73,470 shares year-to-date 2025, reducing outstanding shares by more than 4%.
• Chairman and CEO, Charles E. Drimal, Jr., maintains voting control of approximately 56.5% of fully diluted shares.

Finance: draft 13-week cash view by Friday.

PrimeEnergy Resources Corporation (PNRG) - Canvas Business Model: Key Activities

You're looking at the core engine of PrimeEnergy Resources Corporation, the things they actually do to make money and grow. It's all about getting hydrocarbons out of the ground and managing the capital returns.

Exploration and development of oil and gas properties

PrimeEnergy Resources Corporation focuses its development efforts across core acreage in Texas and Oklahoma. The company's operational base is primarily in West Texas, specifically the Permian Basin, with additional presence in the Mid-Continent region of Oklahoma and the Gulf Coast of Texas. As of December 31, 2024, total proved reserves stood at 26,512 MBoe, with 23,383 MBoe located in West Texas. The company continued development across these areas through the first nine months of 2025.

Horizontal drilling, primarily in the Permian Basin

A major part of their development strategy involves horizontal drilling, with a clear emphasis on the Permian Basin. PrimeEnergy Resources Corporation expects to invest approximately $98 million in 44 horizontal wells during 2025. This activity contributes to a cumulative estimated investment of ~$307 million in horizontal development spanning 2023 through 2025, concentrated mainly in the Midland Basin of West Texas.

Production and marketing of crude oil, gas, and NGLs

The output from their properties drives revenue. For the quarter ended September 30, 2025, PrimeEnergy Resources Corporation reported production volumes as follows:

Commodity	Q3 2025 Production Volume
Oil	505 MBbl
Natural Gas	2.3 Bcf
NGLs (Natural Gas Liquids)	362 MBbl

For the first nine months of 2025, total production reached 1.56 MMbbl oil, 7.1 Bcf gas, and 1.20 MMbbl NGLs. Total oil, gas, and NGL revenue for the third quarter of 2025 was $45.97 million. The first half of 2025 saw total revenue of $92.0 million.

Providing contract field services to third-party operators

PrimeEnergy Resources Corporation is engaged in providing oilfield services to other operators. The company's overall revenue streams include these services alongside its own production sales.

Disciplined capital allocation and share repurchases

The company emphasizes a disciplined capital program while actively returning capital to shareholders. Operating cash flow for the first nine months of 2025 totaled $84.5 million. The commitment to repurchases is clear in the year-to-date figures for 2025:

• The Company retired 73,470 shares year-to-date (through September 30, 2025), reducing outstanding shares by more than 4%.
• For the first half of 2025, share repurchases totaled 53,000 shares, amounting to $12.1 million.
• In the first quarter of 2025 alone, 47,970 shares were repurchased at a cost of $9.17 million.
• As of September 30, 2025, outstanding common shares were 1,642,500.
• The company reported zero outstanding bank debt as of September 30, 2025, with full availability under its $115 million revolving credit facility.

The total returned to shareholders through stock repurchases since the program's inception reached $113.5 million as of the first half of 2025. That's a defintely concrete action on capital deployment.

PrimeEnergy Resources Corporation (PNRG) - Canvas Business Model: Key Resources

You're looking at the core assets that make PrimeEnergy Resources Corporation tick, the stuff they own and control that lets them actually produce energy. It's all about the dirt they own and the financial muscle to keep drilling.

Core acreage in Texas and Oklahoma, including the Permian Basin

PrimeEnergy Resources Corporation continues to focus its development efforts on its established operational areas. The company is actively engaged in development across its core acreage situated in Texas and Oklahoma. Specifically, significant horizontal drilling activity is cited in the West Texas region, which includes the prolific Permian Basin. The company indicated plans for drilling 44 horizontal wells in 2025. Furthermore, management points to roughly $224,000,000 of anticipated investment over the next several years to support this development.

Proven oil, gas, and NGL reserves

The foundation of the resource base is the proved reserves, though the latest reported figures are from the end of the prior year. These reserves represent the quantities of oil and gas that can be recovered under existing economic and operating conditions. Here's the breakdown of the proved reserves as of December 31, 2024:

Reserve Category	Volume (MBoe)	Notes
Total Proved Reserves	26,512	Total Proved Reserves as of 12/31/2024
Proved Developed Reserves	23,383	Portion of total proved reserves
West Texas (Permian Basin) Reserves	23,383	Geographic breakdown of proved reserves
Mid-Continent (Oklahoma) Reserves	2,643	Geographic breakdown of proved reserves

To give you a sense of recent activity, Q3 2025 production figures included 505 MBbl of oil, 2.3 Bcf of natural gas, and 362 MBbl of natural gas liquids (NGLs) for the quarter. For the first nine months of 2025, the company sold 1.56 million barrels of oil, 7.10 Bcf of gas, and 1.20 million barrels of NGLs.

Strong balance sheet with zero outstanding bank debt (Q3 2025)

This is a major point for PrimeEnergy Resources Corporation; the financial structure is lean. As of September 30, 2025, the company reported zero outstanding bank debt. That's right, no long-term bank debt. This strong liquidity position is backed by a solid equity base and an available credit facility. Here are the key financial metrics supporting this:

• Total Equity as of September 30, 2025: $213.79 million
• Cash and Cash Equivalents as of September 30, 2025: $3.69 million
• Revolving Credit Facility Borrowing Base: $300 million
• Available Borrowing Capacity as of September 30, 2025: $115 million (full availability)
• Operating Cash Flow (Nine Months Ended Sept 30, 2025): $84.5 million

The company retired 73,470 shares year-to-date, which reduced outstanding common shares by more than 4% as of the reporting date.

Technical expertise in E&P and lease operations

The ability to execute on the acreage relies on human capital. PrimeEnergy Resources Corporation employs technical teams focused on Exploration and Production (E&P) and managing lease operations. This expertise is critical for maximizing recovery from mature assets and successfully executing the planned horizontal drilling programs in the Permian Basin and Oklahoma.

Well-servicing equipment and construction assets

While specific asset values aren't detailed, the operational execution implies ownership or access to necessary physical assets. The company's capital expenditures for the first nine months of 2025 totaled $68.0 million, supporting the development and maintenance of production across its asset base. This spending underpins the physical capability to conduct drilling and service operations on their leases.

PrimeEnergy Resources Corporation (PNRG) - Canvas Business Model: Value Propositions

You're looking at the core promises PrimeEnergy Resources Corporation makes to its customers and investors as of late 2025. These aren't just goals; they are backed by the numbers from their recent filings.

Reliable supply of diversified energy commodities (oil, gas, NGLs)

PrimeEnergy Resources Corporation emphasizes a production mix that balances different commodity exposures, which helps smooth out revenue volatility. The company's operational focus is on its core acreage in Texas and Oklahoma.

Here's a look at the production mix through the third quarter of 2025:

Commodity	Q3 2025 Production	Nine-Month 2025 Production
Oil	505 MBbl	1.56 MMbbl
Natural Gas	2.3 Bcf	7.1 Bcf
NGLs (Natural Gas Liquids)	362 MBbl	1.20 MMbbl

The revenue generated from these commodities reflects this diversification, with gas revenue increasing significantly in Q3 2025 due to higher pricing and increased volumes.

• Q3 2025 Total Oil, Gas, and NGL Revenue: $45.97 million
• First Half 2025 Total Revenue: $92.0 million
• Trailing Twelve Months (TTM) Revenue (as of latest report): $0.21 Billion USD

Strong financial discipline and capital preservation

The commitment to a strong balance sheet is a key value proposition, evidenced by the company's debt management and liquidity position as of September 30, 2025.

The company's financial health metrics show a clear focus on preservation:

• Bank Debt Outstanding (as of September 30, 2025): Zero outstanding bank debt
• Revolving Credit Facility Availability (as of September 30, 2025): $115 million fully available
• First Half 2025 Discretionary Cash Flow: $56.9 million
• First Nine Months 2025 Operating Cash Flow: $84.5 million

This cash generation supported profitability even amid lower oil prices, with net income for the first nine months of 2025 reaching $22.9 million.

Direct return of capital to shareholders via buybacks

PrimeEnergy Resources Corporation actively returns capital to shareholders through share repurchases, signaling management's belief in the company's intrinsic value.

The buyback activity year-to-date through Q3 2025 demonstrates this commitment:

Metric	Value
Shares Retired Year-to-Date (as of Q3 2025)	73,470 shares
Reduction in Outstanding Shares (YTD)	More than 4%
Total Returned via Buybacks (Since Inception, as of Q2 2025)	$113.5 million

For context, in Q2 2025 alone, the company bought back 53,000 shares for a total of $12.1 million.

Operational efficiency and a lean cost structure

PrimeEnergy Resources Corporation emphasizes prioritizing long-lived production and capital discipline in its development across Texas and Oklahoma. The company focuses on disciplined development while balancing investments with shareholder returns. The operational focus is on maintaining production from its approximately 507 active wells and non-operating interests in approximately 1054 additional wells.

Contract services for third-party drilling and reworking

Through subsidiaries like Eastern Oil Well Service Company and EOWS Midland Company, PrimeEnergy Resources Corporation provides essential support services to the industry beyond its own production activities. This segment offers a service revenue stream alongside its primary E&P (exploration and production) business.

These services include:

• Well-servicing support operations
• Site-preparation services
• Construction services for oil and gas drilling and reworking operations

Finance: draft 13-week cash view by Friday.

PrimeEnergy Resources Corporation (PNRG) - Canvas Business Model: Customer Relationships

You're looking at how PrimeEnergy Resources Corporation (PNRG) manages its connections with the groups that buy its product and services, and how it manages its relationship with its owners. It's a mix of commodity sales, service contracts, and a very tight alignment with its controlling shareholders.

Transactional sales model for commodity purchasers

For the bulk of its revenue, PrimeEnergy Resources Corporation operates on a transactional basis, selling its produced commodities-oil, natural gas, and NGLs-into the market. This means customer relationships are primarily driven by the spot price or short-term contracts for the physical product. The scale of these transactions is significant, as seen in the third quarter of 2025 results.

The operational output directly feeds these transactional relationships:

• Q3 2025 oil production totaled 505 MBbl.
• Q3 2025 natural gas production was 2.3 Bcf.
• Q3 2025 NGL production reached 362 MBbl.

This production supported total oil, gas, and NGL revenue of $45.97 million for the third quarter of 2025. To put that in context, the second quarter of 2025 revenue was $42.0 million. The company is clearly focused on maximizing the value extracted from its wells, which is the core of these commodity customer interactions.

Direct contractual relationships for field services clients

Beyond selling hydrocarbons, PrimeEnergy Resources Corporation also engages in providing field services. These relationships are more likely to be direct and contractual, involving specialized support for drilling and re-working operations. This segment includes well service support operations, site preparation, and construction services. While specific revenue figures for the contract services arm aren't broken out separately from the total revenue, this side of the business implies longer-term, service-based customer agreements with partners or third parties needing operational support in areas like the Permian Basin.

Shareholder alignment via high insider ownership and buybacks

The relationship with equity holders is managed through a clear commitment to capital return and demonstrable control by insiders. This structure aims to align management and ownership interests directly with the company's performance. The company has been actively retiring shares, which directly increases the ownership stake of remaining shareholders.

Here's a look at the capital allocation directed toward shareholders as of late 2025:

Metric	Value	Period/Context
Shares Retired Year-to-Date	73,470 shares	Through Q3 2025
Reduction in Outstanding Shares	Over 4%	Year-to-date 2025
Total Returned via Buybacks Since Inception	$113.5 million	As of Q2/H1 2025
Share Repurchases in 2025	$12.1 million	Through Q2/H1 2025

This focus on buybacks is paired with extremely high insider control. The Chairman and CEO, Charles E. Drimal, Jr., maintains voting control of approximately 56.5% of fully diluted shares. When you add the holdings of directors and a major shareholder, affiliated parties collectively control over 80% of the voting power. That's a defintely strong signal of long-term strategic alignment.

Minimal investor relations; letting operational results speak

PrimeEnergy Resources Corporation appears to maintain a relationship with the broader investment community characterized by restraint. The company reportedly does not conduct 'road shows' to promote the stock. This suggests a deliberate choice to let the operational and financial results speak for themselves, rather than relying on extensive marketing efforts to influence valuation. The focus is on tangible results, such as generating $84.5 million in operating cash flow for the first nine months of 2025 and maintaining zero outstanding bank debt as of September 30, 2025. The company's investor relations materials are available, but the operational philosophy leans toward performance over promotion.

Finance: draft the Q4 2025 cash flow projection by next Tuesday.

PrimeEnergy Resources Corporation (PNRG) - Canvas Business Model: Channels

You're looking at how PrimeEnergy Resources Corporation moves its product-hydrocarbons-to the market as of late 2025. It's a mix of direct commodity sales, leveraging existing infrastructure, and some service revenue.

Direct sales to commodity purchasers (refiners, utilities)

The primary channel for PrimeEnergy Resources Corporation is the direct sale of produced commodities. For the quarter ended September 30, 2025, total oil, gas, and NGL revenue was reported at $45.97 million. Looking closer at the Q3 2025 sales breakdown, oil sales accounted for $34.81 million, while natural gas revenue was $1.97 million. NGL sales contributed $5.62 million to the quarterly total. For the first nine months of 2025, total oil, gas, and NGL sales reached $129.5 million, a decrease of 21.4% compared to the same period last year. This channel is directly impacted by commodity pricing; for instance, Q3 oil revenue dropped by 38% year-over-year. Still, gas revenue increased due to higher pricing and volumes.

Pipeline and processing infrastructure access for delivery

Delivery relies on the physical production volumes moved through contracted access. PrimeEnergy Resources Corporation's Q3 2025 production volumes were:

• Oil production: 505 MBbl
• Natural gas production: 2.3 Bcf
• NGL production: 362 MBbl

Over the first nine months of 2025, cumulative production was 1.56 MMbbl of oil, 7.1 Bcf of gas, and 1.20 MMbbl of NGLs. The company continues to focus its development, budgeting $98 million for 44 horizontals in 2025, primarily in the Permian Basin and Oklahoma, which feeds this delivery channel.

Field services division for third-party contracts

This division provides a secondary, non-commodity revenue stream. For the third quarter of 2025, field service income and other revenue totaled $3.58 million. This is a smaller component compared to the primary hydrocarbon sales.

NASDAQ stock exchange for public investors (PNRG)

The NASDAQ-CM serves as the channel for capital formation and liquidity for public shareholders. As of the close on November 28, 2025, PrimeEnergy Resources Corporation had a market capitalization of $305.78 million. The share count as of September 30, 2025, was 1,642,500 outstanding common shares, which reflected a reduction of more than 4% year-to-date through share repurchases totaling $12.1 million in the first nine months of 2025. The stock traded at $192.81 on December 4, 2025. The company maintains a significant insider ownership stake, with the Chairman and CEO holding approximately 56.5% of fully diluted shares.

Here's a quick view of the key financial metrics tied to these channels as of late 2025:

Metric	Value (Q3 2025 or Latest Reported)	Period/Date
Total Oil, Gas, NGL Revenue	$45.97 million	Q3 2025
Oil Revenue (Direct Sales)	$34.81 million	Q3 2025
Field Service Income (Third-Party)	$3.58 million	Q3 2025
Oil Production Volume	505 MBbl	Q3 2025
Natural Gas Production Volume	2.3 Bcf	Q3 2025
Outstanding Shares (Post-Repurchase)	1,642,500	September 30, 2025
Market Capitalization	$305.78 million	November 28, 2025

The company's liquidity channel is supported by zero outstanding bank debt and full availability under its $115 million revolving credit facility as of September 30, 2025. Finance: draft 13-week cash view by Friday.

PrimeEnergy Resources Corporation (PNRG) - Canvas Business Model: Customer Segments

You're looking at the core groups PrimeEnergy Resources Corporation sells to or relies on for capital, which is key for understanding their revenue stability, especially given the commodity price swings they faced in 2025.

PrimeEnergy Resources Corporation sells its output-crude oil, natural gas, and Natural Gas Liquids (NGLs)-on the open market or via forward delivery contracts, meaning their customer base is directly tied to prevailing market prices. The company has also strategically shifted focus to increase natural gas and NGL production to balance revenue streams against volatile oil prices.

The primary buyers for the produced hydrocarbons fall into these categories:

• Crude oil purchasers, like refiners.
• Natural gas purchasers, such as utilities.
• Industrial users of NGLs.

Here's a look at the production volumes that feed these customers through the third quarter of 2025, along with some segment-specific revenue data from earlier in the year:

Customer Type / Commodity	Q3 2025 Production Volume	Q1 2025 Revenue (Segment Specific)
Crude Oil Purchasers	505 MBbl oil	Oil revenue not explicitly broken out for Q1 2025 in segment detail.
Natural Gas Purchasers	2.3 Bcf natural gas	Natural gas revenue: $6 million
Industrial Users of NGLs	362 MBbl NGLs	NGL revenue: $8.5 million

The company also provides essential field support, which brings in a different set of customers. Honestly, this service line offers a diversification buffer when commodity prices are tough.

PrimeEnergy Resources Corporation offers well service support operations, site preparation, and construction services for drilling and re-working operations, providing contract services for third parties. Specific 2025 revenue for this segment isn't detailed in the latest reports, but the overall strategy points to its importance for a balanced business.

The fourth key segment is the capital providers, the investors. This group is critical for funding the budgeted capital expenditure of $129 million for 43 horizontal wells in 2025. Management alignment here is very high:

• Affiliated shareholders control over 80% of voting power (Q2 2025).
• Chairman Charles E. Drimal, Jr. holds approximately 56.5% of fully diluted shares (Sept 30, 2025).
• Directors and a major shareholder hold an additional 20% equity (Sept 30, 2025).
• Total returned to shareholders via buybacks reached $113.5 million since inception (as of August 2025).
• 73,470 shares were retired year-to-date as of September 30, 2025.

If you're tracking capital allocation, the commitment to share repurchases, totaling $12.1 million in 2025 alone through the second quarter, shows a clear path for returning value. Finance: draft the Q4 2025 capital allocation forecast by next Wednesday.

PrimeEnergy Resources Corporation (PNRG) - Canvas Business Model: Cost Structure

The cost structure for PrimeEnergy Resources Corporation is heavily weighted toward investment in future production capacity, meaning capital expenditures for drilling and development are the primary cost driver. This focus on asset growth is typical for an independent exploration and production company prioritizing reserve replacement and expansion, especially in core areas like the Permian Basin and Oklahoma.

While the specific $129 million budgeted for 2025 capital expenditures was not confirmed in the latest filings, the company's operational focus clearly points to this being the largest cost category. For context on the scale of capital deployment, PrimeEnergy Resources Corporation reported zero outstanding bank debt as of September 30, 2025, and maintained full availability under its $115 million revolving credit facility, indicating a strong liquidity position to fund this development program. Operating cash flow for the first nine months of 2025 totaled $84.5 million, which directly supports the capital program and shareholder returns.

General and administrative (G&A) expenses represent a more fixed component of the cost base. The latest available figure for General and administrative Expense, from 2024 data, stood at $15,645 thousand, or $15.645 million.

Specific, current 2025 figures for Production expenses and ad valorem taxes, as well as Depreciation, depletion, and amortization (DDA) costs, were not explicitly detailed in the most recent public disclosures covering the first nine months of 2025. However, these are inherent operating costs tied directly to the production levels achieved.

Here is a summary of the latest available financial metrics that inform the cost structure:

Cost Component Category	Latest Available Financial Data	Period/Year
Budgeted Capital Expenditures	Not explicitly confirmed	2025
Operating Cash Flow (Supporting CapEx)	$84.5 million	Nine Months Ended September 30, 2025
General and Administrative (G&A) Expense	$15.645 million	2024
Revolving Credit Facility Availability	$115 million	September 30, 2025
Bank Debt Outstanding	$0	September 30, 2025

The cost structure is characterized by the following key elements:

• Domination by capital expenditures for drilling and development.
• Reliance on operating cash flow to fund the development program.
• Fixed G&A costs, with the latest reported figure at $15.645 million (2024).
• Variable operating costs including production expenses and ad valorem taxes.
• Non-cash charges like Depreciation, depletion, and amortization (DDA).

The company's strategy to maintain zero bank debt while funding development through operating cash flow and credit facility availability suggests a tight management of the variable and fixed operating costs relative to the significant capital outlay.

PrimeEnergy Resources Corporation (PNRG) - Canvas Business Model: Revenue Streams

You're looking at how PrimeEnergy Resources Corporation (PNRG) actually brings in the money as of late 2025. It's all about what they pull out of the ground and sell, plus some service work, though the service revenue number isn't explicitly broken out in the latest filings.

The company's operational performance is clearly tied to commodity prices, as you can see from the recent results. For the first nine months of 2025, PrimeEnergy Resources Corporation generated operating cash flow totaling $84.5 million.

The primary revenue drivers are the sale of hydrocarbons. Here's a look at the production volumes that feed those revenue streams for the nine months ended September 30, 2025, alongside the total reported commodity revenue for the period.

Revenue Component	Nine Months Ended Sept 30, 2025 Production Volume	Nine Months Ended Sept 30, 2025 Total Revenue (Oil, Gas, NGL)
Sale of Crude Oil production	1.56 MMbbl (Million barrels of oil)	Implied component of total
Sale of Natural Gas production	7.1 Bcf (Billion cubic feet of gas)	Implied component of total
Sale of Natural Gas Liquids (NGLs) production	1.20 MMbbl (Million barrels of NGLs)	Implied component of total
Total Oil, Gas, and NGL Revenue (Q3 2025)	N/A	$45.97 million
Total Oil, Gas, and NGL Revenue (9M 2025)	N/A	Implied component of $138.01 million (Total Revenue)

The revenue from the sale of Crude Oil production is a major factor, though Q3 2025 saw a significant headwind; for the nine months ended September 30, 2025, oil revenue dropped by $44,076,000 year-over-year, reflecting both lower volumes and weaker realized prices.

The Sale of Natural Gas production and Sale of Natural Gas Liquids (NGLs) production actually provided a partial offset, as both gas and NGL revenues increased year-over-year for the quarter. This mix shift is important; you're seeing natural gas become a more significant part of the revenue picture, which changes the company's exposure to oil price volatility.

Regarding Revenue from contract field services to third parties, the public results combine oil, gas, and NGL revenue into a single figure for the quarter, which was $45.97 million. The specific amount attributable to contract field services is not itemized separately in the summary data available, so we treat it as an unquantified part of the overall revenue generation.

Here are the key financial performance indicators related to cash generation and revenue context:

• Nine-month 2025 Total Revenue was $138.01 million.
• Nine-month 2025 Net Income was $22.93 million.
• Q3 2025 Net Income was $10.6 million.
• The company retired 73,470 shares year-to-date, reducing outstanding shares by more than 4%.

Honestly, the story here is cash flow strength despite earnings pressure. The $84.5 million in operating cash flow for the first nine months shows they are generating real cash from operations, even if reported net income was down year-over-year. Finance: draft 13-week cash view by Friday.