Parex Resources Posts Solid Production Figures for Q3 2024
Production Performance Overview
Parex Resources Inc. (TSX: PXT) is excited to share its latest production update, showcasing impressive figures from the third quarter of 2024. This Alberta-based oil and gas company has worked diligently to maintain consistent output amidst various challenges in the industry. With an average daily production rate of 47,569 barrels of oil equivalent per day (boe/d), Parex’s results are aligned with recent production guidance, underlining the Company's robust operational capabilities.
Key Highlights of Q3 2024
In analyzing the quarterly performance, it’s crucial to highlight the pivotal influences on production levels. Analyzing the new well at Capachos that came online in September 2024 shed light on production support throughout the month. As reflected in the latest figures, Parex successfully abided by their production guidance, marking a significant achievement without any notable downtime events affecting operations during the quarter.
Monthly Average Production Breakdown
The breakdown of monthly average production reveals a steady performance across several operational blocks:
- Block LLA-34 delivered an average of 24,975 boe/d, showcasing its significance in Parex's portfolio.
- The Southern Llanos for the same period saw an output of 15,031 boe/d.
- Meanwhile, the Northern Llanos and the Magdalena Basin produced 4,567 boe/d and 2,268 boe/d, respectively.
- Additionally, natural gas production contributed with 728 boe/d.
Plans for Q3 2024 Results Release
Parex Resources intends to unveil its comprehensive financial and operational results for Q3 2024 on November 5, 2024. Details regarding a conference call and webcast will be made available, enabling stakeholders to engage and scrutinize the insights thoroughly. Such forums promote transparency, allowing investors and interested parties to gain a better understanding of the Company’s overall performance.
Company Overview and Market Positioning
Parex Resources stands as one of Colombia's largest independent oil and gas entities, emphasizing sustainable and conventional production methods. With its headquarters situated in Calgary, Canada, and operational facilities in Bogotá, Colombia, the Company encompasses a vast operational network. As its shares trade under the ticker symbol PXT on the Toronto Stock Exchange, Parex continues to prioritize innovation alongside environmental responsibility.
Contact for Investor Inquiries
For further inquiries or detailed information about Parex Resources’ operations or financial strategies, stakeholders can reach out to:
Mike Kruchten
Senior Vice President, Capital Markets & Corporate Planning
Parex Resources Inc.
403-517-1733
investor.relations@parexresources.com
Steven Eirich
Investor Relations & Communications Advisor
Parex Resources Inc.
587-293-3286
investor.relations@parexresources.com
Frequently Asked Questions
What is the average production rate for Parex Resources in Q3 2024?
The average production rate for Parex in Q3 2024 was 47,569 boe/d.
When will Parex announce its Q3 2024 financial results?
Parex Resources plans to announce its Q3 2024 financial results on November 5, 2024.
What are the key production areas for Parex Resources?
Parex operates predominantly in areas including Block LLA-34, Southern Llanos, Northern Llanos, and the Magdalena Basin.
How does Parex ensure consistent production levels?
Parex focuses on sustainable practices, operational excellence, and contingency plans to mitigate any unexpected downtime.
Where is Parex Resources headquartered?
Parex Resources is headquartered in Calgary, Canada, with operations extending into Colombia.
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