Paramount’s 2Q15 volumes were in line to slightly ahead of our expectations while cash fl ow came in markedly lower than both our estimate and that of consensus. The Company posted 2Q15 cash fl ow of $0.17 per diluted share which halved consensus estimates of $0.36 per share and well shy of FirstEnergy’s $0.55 per share due to a combination of lower realized pricing and total cash costs coming in hotter than expected.
