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Parex Resources Announces First Quarter Results, Declaration of Q2 2025 Dividend, and Operational Update
CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or...
About this update from Parex Resources Inc.
[{"type":"text","content":"Parex Resources Announces First Quarter Results, Declaration of Q2 2025 Dividend, and Operational Update\n\n\n\n CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce its financial and operating results for the three-month period ended March 31, 2025, the declaration of its Q2 2025 regular dividend of C$0.385 per share, as well as an operational update.\n \n All amounts herein are in United States Dollars (“USD”) unless otherwise stated.\n \n\n\n “We entered the year with a disciplined and diversified plan aimed at delivering steady performance, and given current market volatility, are focused on sustaining base production and maintaining flexibility,” commented Imad Mohsen, President & Chief Executive Officer.\n \n\n \"After a measured first quarter, drilling activity is increasing consistent with our budget. The recent tuck-in acquisition of LLA-32, an asset integral to our development plans, along with encouraging exploration results, represent key milestones that will drive near-term production. While we are well-positioned to deliver a strong second half, we will closely monitor commodity prices and our capital allocation throughout the year to maximize shareholder value.\"\n \n\n\n\n Key Highlights\n \n\n\n\n\n Generated Q1 2025 funds flow provided by operations (\"FFO\")\n \n (1)\n \n of $122 million and FFO per share\n \n (2)(3)\n \n of $1.24.\n \n\n Tracking to deliver FY 2025 average production guidance of 43,000 to 47,000 boe/d; YTD 2025 average production is approximately 43,100 boe/d\n \n (5)(7)\n \n , with plans intact for a growing H2 2025 production profile.\n \n\n Positive initial results at two prospects in the Southern Llanos, which are driving near-field exploration momentum.\n \n\n Capital expenditure\n \n (6)\n \n guidance for FY 2025 remains at $285 to $315 million, though the Company continues to monitor commodity prices and could revise lower if warranted by market conditions.\n \n\n Executed a tuck-in acquisition of the remaining working interest at LLA-32 for total consideration of $16 million.\n \n\n\n\n\n\n\n Q1 2025 Results\n \n\n\n\n\n Average oil & natural gas production was 43,658 boe/d\n \n (7)\n \n .\n \n\n Realized net income of $81 million or $0.8...