Pyramid Oil Company (PDO, Financial) filed Quarterly Report for the period ended 2010-06-30.
Pyramid Oil Company has a market cap of $21.8 million; its shares were traded at around $4.6501 with a P/E ratio of 116.3 and P/S ratio of 6.6. Pyramid Oil Company had an annual average earning growth of 39.1% over the past 5 years.
cost to produce an equivalent barrel of crude oil during the second quarter of
2010 was approximately $26.42 per barrel, an increase of approximately $4.08
per barrel when compared with production costs for the second quarter of 2009.
The increase in lease operating expenses is caused by many factors. The
largest component of the increase in operating expenses is the quarterly
adjustment for inventory change. Inventory change increased by approximately
$35,000 as compared with the same period of 2009. Inventory volumes were
lower at June 30, 2010 as compared with the same period in 2009. Higher costs
were also incurred for parts and supplies, pump repairs, labor, equipment
rental, chemicals, contract operations, insurance and equipment fuel.
Contract operations increased by approximately $6,000 due to greater activity
for the Texas prospect. Insurance expense increased by approximately $6,000
due to higher costs for workers' compensation and liability insurance
premiums. Equipment fuel increased by approximately $4,000 due to higher
overall maintenance activities and higher prices for gasoline and diesel
during the second quarter of 2010.
General and administrative expenses increased by approximately $21,000 for the
second quarter of 2010 when compared with the same period for 2009. Legal
services increased by approximately $20,000 due primarily to services related
to the Company's filing of its proxy for the 2010 annual meeting. Consulting
services increased by approximately $13,000 due to fees paid to a third-party
geologist that is reviewing the Company's oil and gas properties for potential
well drilling locations. Administrative salaries increased by approximately
$8,600 due to the hiring of a part-time petroleum engineer during the third
quarter of 2009. This was offset by a decrease in officers salaries of
approximately $27,000. During the second quarter of 2009, the Board of
Directors approved the payment of a bonus of $25,000 to Mr. Alexander,
President. No bonuses was paid during the second quarter of 2010.
Parts and supplies increased by approximately $40,000 due to an increase in
lease and well maintenance activities during the first half of 2010. Waste
water disposal increased by approximately $20,000 due to higher costs at the
Company's Delaney Tunnell lease. Production equipment repair and maintenance
increased by approximately $15,000 due to an increase in maintenance
activities. Equipment rental increased by approximately $13,000 due primarily
to maintenance activities on the Company's Mullaney lease and the rental of a
crude oil storage tank in the second quarter of 2010 for the new well that was
drilled on the Anderson lease in the first quarter of 2010.
General and administrative expenses increased by approximately $3,000 for the
first six months of 2010 when compared with the same period for 2009.
Officers salaries decreased by approximately $27,000 for the six months ended
June 30, 2010. During June of 2009, the Board of Directors approved the
payment of a bonus of $25,000 to Mr. Alexander, President. No bonuses were
paid during the first six months of 2010. Accounting services decreased by
approximately $25,000 due primarily to lower audit fees. These were offset by
higher costs for legal fees, administrative salaries and consulting services.
Legal services increased by approximately $17,000 due primarily to services
related to the Company's filing of its proxy for the 2010 annual meeting.
Administrative salaries increased by approximately $15,000 due to the hiring
of a part-time employee effective August 1, 2009. Consulting services
increased by approximately $15,000 due to fees paid to a third-party
geologist that is reviewing the Company's oil and gas properties for potential
well drilling locations.
Cash decreased by $535,445 for the six months ended June 30, 2010. During the
first half of 2010, operating activities provided cash of $706,368. Cash was
provided by the redemption of short-term investments in the amount of
$480,000. Cash was used for the purchase of short-term investments of
$250,000, capital expenditures of $1,498,010 and payments on long-term debt of
$12,304. See the Statements of Cash Flows for additional detailed
information. The Company had available a line of credit of $500,000 and
short-term investments of $3,075,960 that provided additional liquidity during
the first six months of 2010.
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Pyramid Oil Company has a market cap of $21.8 million; its shares were traded at around $4.6501 with a P/E ratio of 116.3 and P/S ratio of 6.6. Pyramid Oil Company had an annual average earning growth of 39.1% over the past 5 years.
Highlight of Business Operations:
Operating expenses increased by $113,203 for the second quarter of 2010. Thecost to produce an equivalent barrel of crude oil during the second quarter of
2010 was approximately $26.42 per barrel, an increase of approximately $4.08
per barrel when compared with production costs for the second quarter of 2009.
The increase in lease operating expenses is caused by many factors. The
largest component of the increase in operating expenses is the quarterly
adjustment for inventory change. Inventory change increased by approximately
$35,000 as compared with the same period of 2009. Inventory volumes were
lower at June 30, 2010 as compared with the same period in 2009. Higher costs
were also incurred for parts and supplies, pump repairs, labor, equipment
rental, chemicals, contract operations, insurance and equipment fuel.
Contract operations increased by approximately $6,000 due to greater activity
for the Texas prospect. Insurance expense increased by approximately $6,000
due to higher costs for workers' compensation and liability insurance
premiums. Equipment fuel increased by approximately $4,000 due to higher
overall maintenance activities and higher prices for gasoline and diesel
during the second quarter of 2010.
General and administrative expenses increased by approximately $21,000 for the
second quarter of 2010 when compared with the same period for 2009. Legal
services increased by approximately $20,000 due primarily to services related
to the Company's filing of its proxy for the 2010 annual meeting. Consulting
services increased by approximately $13,000 due to fees paid to a third-party
geologist that is reviewing the Company's oil and gas properties for potential
well drilling locations. Administrative salaries increased by approximately
$8,600 due to the hiring of a part-time petroleum engineer during the third
quarter of 2009. This was offset by a decrease in officers salaries of
approximately $27,000. During the second quarter of 2009, the Board of
Directors approved the payment of a bonus of $25,000 to Mr. Alexander,
President. No bonuses was paid during the second quarter of 2010.
Parts and supplies increased by approximately $40,000 due to an increase in
lease and well maintenance activities during the first half of 2010. Waste
water disposal increased by approximately $20,000 due to higher costs at the
Company's Delaney Tunnell lease. Production equipment repair and maintenance
increased by approximately $15,000 due to an increase in maintenance
activities. Equipment rental increased by approximately $13,000 due primarily
to maintenance activities on the Company's Mullaney lease and the rental of a
crude oil storage tank in the second quarter of 2010 for the new well that was
drilled on the Anderson lease in the first quarter of 2010.
General and administrative expenses increased by approximately $3,000 for the
first six months of 2010 when compared with the same period for 2009.
Officers salaries decreased by approximately $27,000 for the six months ended
June 30, 2010. During June of 2009, the Board of Directors approved the
payment of a bonus of $25,000 to Mr. Alexander, President. No bonuses were
paid during the first six months of 2010. Accounting services decreased by
approximately $25,000 due primarily to lower audit fees. These were offset by
higher costs for legal fees, administrative salaries and consulting services.
Legal services increased by approximately $17,000 due primarily to services
related to the Company's filing of its proxy for the 2010 annual meeting.
Administrative salaries increased by approximately $15,000 due to the hiring
of a part-time employee effective August 1, 2009. Consulting services
increased by approximately $15,000 due to fees paid to a third-party
geologist that is reviewing the Company's oil and gas properties for potential
well drilling locations.
Cash decreased by $535,445 for the six months ended June 30, 2010. During the
first half of 2010, operating activities provided cash of $706,368. Cash was
provided by the redemption of short-term investments in the amount of
$480,000. Cash was used for the purchase of short-term investments of
$250,000, capital expenditures of $1,498,010 and payments on long-term debt of
$12,304. See the Statements of Cash Flows for additional detailed
information. The Company had available a line of credit of $500,000 and
short-term investments of $3,075,960 that provided additional liquidity during
the first six months of 2010.
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