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Articles 

Pyramid Oil Company Reports Operating Results (10-Q)

August 14, 2012 | About:

Pyramid Oil Company (PDO) filed Quarterly Report for the period ended 2012-06-30.

Pyramid Oil Company has a market cap of $22.7 million; its shares were traded at around $4.55 with a P/E ratio of 20.2 and P/S ratio of 4. Pyramid Oil Company had an annual average earning growth of 36% over the past 10 years.

Highlight of Business Operations:

The decrease in oil and gas sales of $208,715 is due primarily to lower crude oil production combined with lower average sales prices for the second quarter of 2012. The Company's net revenue share of crude oil production/sales decreased by approximately 1,800 barrels for the second quarter of 2012. The average sales price of the Company's oil and gas for the second quarter of 2012 decreased by approximately 72 cents per equivalent barrel when compared to the same period of 2011. The decline in production for the second quarter of 2012 is not attributable to any one property. Most of the oil and gas leases had lower production due primarily to natural decline.

The decrease in oil and gas sales of $165,955 is due primarily to lower crude oil sales volumes offset by higher average sales prices for the six months ended June 30, 2012. The Company's net revenue share of crude oil production/sales decreased by approximately 3,200 barrels for the six months ended June 30, 2012. The decline in production for the first half of 2012 is not attributable to any one property. Most of the oil and gas leases had lower production due primarily to natural decline. The average sales price of the Company's oil and gas for the six months ended June 30, 2012 increased by approximately $6.60 per equivalent barrel when compared to the same period of 2011.

The Company’s revenue is affected by crude oil prices paid by the major oil companies. Average crude oil prices for the six months ended June 30, 2012 increased by approximately $6.60 per equivalent barrel when compared with the same period of 2011. The Company cannot predict the future course of crude oil prices.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D., is the founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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