Parex reported 2Q15 production of 27,025 bbl/d and cash flow of US$50 mm, which was in line with expectations. Most impressively, Parex has demonstrated q/q production growth in 1Q15 and 2Q15 without any development drilling. In the first half of 2015, Parex’s cash fl ow of US$83 mm has exceeded capital expenditures of US$64 mm, thereby improving the balance sheet by over US$19 mm. We believe this is a distinguishing feature of Parex, which provides support to our Top Pick ranking.
05 Aug 2015
Parex Resources’ 2Q15 Results in line with Expectations and Looking Forward to a Busy 2H15e Drilling Campaign
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Parex Resources’ 2Q15 Results in line with Expectations and Looking Forward to a Busy 2H15e Drilling Campaign
Parex Resources Inc. (PXT:TSE) | 0 0 1.1% | Mkt Cap: 2,763m
- Published:
05 Aug 2015 -
Author:
Darren B. Engels -
Pages:
7
Parex reported 2Q15 production of 27,025 bbl/d and cash flow of US$50 mm, which was in line with expectations. Most impressively, Parex has demonstrated q/q production growth in 1Q15 and 2Q15 without any development drilling. In the first half of 2015, Parex’s cash fl ow of US$83 mm has exceeded capital expenditures of US$64 mm, thereby improving the balance sheet by over US$19 mm. We believe this is a distinguishing feature of Parex, which provides support to our Top Pick ranking.