Pyramid Oil Company (PDO, Financial) filed Quarterly Report for the period ended 2010-03-31.
Pyramid Oil Company has a market cap of $22 million; its shares were traded at around $4.7 with and P/S ratio of 6.6. Pyramid Oil Company had an annual average earning growth of 40.1% over the past 5 years.
for the first quarter of 2010. Oil and gas revenues increased by 69% for the
three months ended March 31, 2010 when compared with the same period for 2009.
Oil and gas revenues increased by 82% due to higher average crude oil prices
for the first quarter of 2010. The average price of the Company's oil and gas
for the first quarter of 2010 increased by approximately $36.73 per equivalent
barrel when compared to the same period of 2009. Revenues decreased by
approximately 13% due to lower crude oil production/sales. The Company's net
revenue share of crude oil production decreased by approximately 2,000 barrels
for the first three months of 2010. The decrease in crude oil production is
primarily the result of the decline in production on the Company's Anderson
lease.
Operating expenses decreased by $11,430 for the first quarter of 2010.
Operating expenses decreased by 3% for the first quarter of 2010. The cost
to produce an equivalent barrel of crude oil during the first quarter of
2010 was approximately $25.64 per barrel, an increase of approximately $2.68
per barrel when compared with production costs for the first quarter of 2009.
The decrease in lease operating expenses is caused by many factors. These
include lower costs for labor, contract operations and inventory change. This
was offset by higher costs for waste water disposal, parts and supplies,
production equipment repair and maintenance, equipment fuel and equipment
rental costs.
Labor costs decreased by approximately $21,000 due to the capitalization of
labor associated with the drilling of the Anderson No. 10 well in the first
quarter of 2010. Contract operations decreased by approximately $9,500 due to
lower activity for the Texas gas prospect. Inventory change decreased by
approximately $39,000 as compared with the same period of 2009. Inventory
values were higher at March 31, 2010 as compared with the same period in 2009.
Waste water disposal increased by approximately $17,500 due to higher costs at
the Company's Delaney Tunnell lease. Parts and supplies increased by
approximately $16,500 due to an increase in maintenance activities.
Production equipment repair and maintenance increased by approximately $11,500
due to an increase in maintenance activities. Equipment fuel increased by
approximately $5,000 due to higher overall maintenance activities and higher
prices for gasoline and diesel during the first quarter of 2010. Equipment
rental costs increase by approximately $5,000 due primarily to maintenance
activities on the Company's Mullaney lease.
General and administrative expenses decreased by $17,937. Accounting services
decreased by approximately $30,000. This was offset by an increase in
salaries of approximately $6,500.
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Pyramid Oil Company has a market cap of $22 million; its shares were traded at around $4.7 with and P/S ratio of 6.6. Pyramid Oil Company had an annual average earning growth of 40.1% over the past 5 years.
Highlight of Business Operations:
The increase in revenues of $407,694 is due primarily to higher average pricesfor the first quarter of 2010. Oil and gas revenues increased by 69% for the
three months ended March 31, 2010 when compared with the same period for 2009.
Oil and gas revenues increased by 82% due to higher average crude oil prices
for the first quarter of 2010. The average price of the Company's oil and gas
for the first quarter of 2010 increased by approximately $36.73 per equivalent
barrel when compared to the same period of 2009. Revenues decreased by
approximately 13% due to lower crude oil production/sales. The Company's net
revenue share of crude oil production decreased by approximately 2,000 barrels
for the first three months of 2010. The decrease in crude oil production is
primarily the result of the decline in production on the Company's Anderson
lease.
Operating expenses decreased by $11,430 for the first quarter of 2010.
Operating expenses decreased by 3% for the first quarter of 2010. The cost
to produce an equivalent barrel of crude oil during the first quarter of
2010 was approximately $25.64 per barrel, an increase of approximately $2.68
per barrel when compared with production costs for the first quarter of 2009.
The decrease in lease operating expenses is caused by many factors. These
include lower costs for labor, contract operations and inventory change. This
was offset by higher costs for waste water disposal, parts and supplies,
production equipment repair and maintenance, equipment fuel and equipment
rental costs.
Labor costs decreased by approximately $21,000 due to the capitalization of
labor associated with the drilling of the Anderson No. 10 well in the first
quarter of 2010. Contract operations decreased by approximately $9,500 due to
lower activity for the Texas gas prospect. Inventory change decreased by
approximately $39,000 as compared with the same period of 2009. Inventory
values were higher at March 31, 2010 as compared with the same period in 2009.
Waste water disposal increased by approximately $17,500 due to higher costs at
the Company's Delaney Tunnell lease. Parts and supplies increased by
approximately $16,500 due to an increase in maintenance activities.
Production equipment repair and maintenance increased by approximately $11,500
due to an increase in maintenance activities. Equipment fuel increased by
approximately $5,000 due to higher overall maintenance activities and higher
prices for gasoline and diesel during the first quarter of 2010. Equipment
rental costs increase by approximately $5,000 due primarily to maintenance
activities on the Company's Mullaney lease.
General and administrative expenses decreased by $17,937. Accounting services
decreased by approximately $30,000. This was offset by an increase in
salaries of approximately $6,500.
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