Parex Resources reports strong Q3 2024 results with increased production and dividend
From GlobeNewswire: 2024-11-05 19:45:00
Parex Resources Inc. reported Q3 2024 results with funds flow of $152 million and FFO per share of $1.50. FY 2024 production guidance increased to 49,000-50,000 boe/d with capital expenditure guidance of $350-370 million. The company declared a Q4 2024 dividend of C$0.385 per share and repurchased 4.5 million shares YTD 2024.
Key operational and financial highlights for Q3 2024 include an average daily production of 47,569 boe/d, net income of $66 million, and capital expenditures of $82 million. The company generated free funds flow of $69 million and had a working capital surplus of $38 million at quarter end. Parex also paid a regular dividend of C$0.385 per share.
Parex provided an operational update on several key assets, including Cabrestero and LLA-34, where average production was around 37,000 bbl/d in Q3 2024. The company drilled successful wells at LLA-32 and Capachos, with plans for further exploration and development activities. Additionally, Parex plans for the Arauca-81 well to be onstream in Q4 2024.
Looking ahead, Parex updated its FY 2024 guidance with an average production range of 49,000-50,000 boe/d and capital expenditures of $350-370 million based on an $80/bbl Brent crude oil price. The company expects funds flow to be $575-585 million and free funds flow of $220 million at the midpoint of guidance.
Parex announced a Q4 2024 regular dividend of C$0.385 per share to be paid on December 16, 2024, to shareholders of record on December 9, 2024. The company has repurchased approximately 4.5 million shares under its current NCIB. Updates on the 2025 budget and guidance are expected in January 2025.
Parex will host a conference call and webcast to discuss its Q3 2024 results on November 6, 2024. The company’s focus is on sustainable conventional production in Colombia, with headquarters in Calgary, Canada. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.
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