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Parex Resources Inc
Parex Resources, Inc. engages in the exploration, development, and production of crude oil. The company is headquartered in Calgary, Alberta and currently employs 371 full-time employees. The company went IPO on 2009-11-12. The firm through its foreign subsidiaries holds interests in onshore exploration and production blocks totaling approximately two million gross acres over 24 onshore blocks in Colombia’s Llanos and Magdalena Basins.
Parex Resources, Inc. engages in the exploration, development, and production of crude oil. The company is headquartered in Calgary, Alberta and currently employs 371 full-time employees. The company went IPO on 2009-11-12. The firm through its foreign subsidiaries holds interests in onshore exploration and production blocks totaling approximately two million gross acres over 24 onshore blocks in Colombia’s Llanos and Magdalena Basins.
Production Guidance: Q4 production is expected to average above the top end of annual guidance, reflecting strong execution and performance.
Q3 Production: Average quarterly production was 43,953 BOE per day, with October production increasing 12% month-over-month to 49,300 BOE per day.
Financials: Funds flow from operations grew to $105 million despite softer oil prices; FFO netback remained strong at $26.07 per BOE.
Operating Costs: Operating expenses rose in Q3 but are expected to normalize in Q4 to $12–$13 per barrel.
Exploration Success: Five near-field exploration wells at LLA-74 are now online, contributing over 5,000 BOE per day.
Balance Sheet: The company maintains a strong financial position with ample liquidity and continued share repurchases and dividends.
GeoPark Acquisition: Management gave no new details or commentary on the proposed GeoPark acquisition.
