Business
Parex Resources Announces 2024 Full-Year Results & Reserves, Declaration of Q1 2025 Dividend, and Appointment of Chief Financial Officer
CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” ...
About this update from Parex Resources Inc.
[{"type":"text","content":"Parex Resources Announces 2024 Full-Year Results & Reserves, Declaration of Q1 2025 Dividend, and Appointment of Chief Financial Officer\n\n\n\n CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce its financial and operating results for the three- and twelve-month periods ended December 31, 2024, as well as the results of its independent reserves assessment as at December 31, 2024. Additionally, the Company declares its Q1 2025 regular dividend of C$0.385 per share and provides a corporate update.\n \n All amounts herein are in United States dollars (“USD”) unless otherwise stated.\n \n\n\n\n\n Key Highlights\n \n\n\n\n\n Generated annual funds flow provided by operations of $622 million\n \n (\n \n\n 1)\n \n and free funds flow of $275 million\n \n (2)\n \n in 2024.\n \n\n Evaluated PDP after-tax net asset value per share of C$22.02\n \n (3)\n \n .\n \n\n Added 10 mmboe 1P reserves and 7 mmboe 2P reserves at LLA-34 and Cabrestero through positive technical revisions as well as extensions & improved recovery; 2024 reserves evaluation supported by technology, including waterflood and polymer injection results\n \n (8)\n \n .\n \n\n Tracking to deliver FY 2025 average production guidance of 43,000 to 47,000 boe/d (45,000 boe/d midpoint); YTD average production is 44,500 boe/d\n \n (\n \n\n 4)\n \n .\n \n\n Declared a Q1 2025 regular dividend of C$0.385 per share\n \n (\n \n\n 5)\n \n (C$1.54 per share annualized).\n \n\n Commenced a normal course issuer bid (\"NCIB\") on January 22, 2025; in 2024, the Company repurchased roughly 5% of its outstanding shares through its prior NCIB.\n \n\n Appointed Cameron Grainger as Chief Financial Officer, effective immediately.\n \n\n Retiring from the Board of Directors are Lisa Colnett and Robert Engbloom as part of standard Board renewal process; in preparation, the Company has approved Mona Jasinski and Jeff Lawson as director nominees for the upcoming Annual General Meeting of Shareholders.\n \n\n\n\n Imad Mohsen, President & Chief Executive Officer, commented: \"In 2024, Parex generated strong financial results from its underlying asset base while achieving its best annual safety performance. Despite challenges, we accomplished multiple strategic m...