Parex Resources Announces Record 2021 Full-Year Results

 

Parex Resources Inc. ("Parex" or the "Company") (TSX: PXT) announced its financial and operating results for the three- and twelve-month periods ended December 31, 2021. All amounts herein are in United States dollars ("USD") unless otherwise stated.

 

   Highlights   

 

"Reflecting on my first year at Parex, I am extremely proud of our team's ability to deliver record results and consistently execute our strategy. In 2021, we built on our first-mover advantage and nearly quadrupled the Company's land position through the Colombia Bid Round and our strategic partnership with Ecopetrol, reinforcing our Colombia-focused strategy," commented Imad Mohsen, President and Chief Executive Officer.

 

"Leveraging our 2021 momentum, I am excited about our 2022 business plan. We have already grown the base dividend and expect to repurchase 10% of our stock in the year, while executing a substantial exploitation and exploration program for the potential of a step change in long-term production."

 

   2021 Full-Year Results   

 
  • Annual oil and natural gas production averaged 46,998 barrels of oil equivalent per day ("boe/d") (96% crude oil and 4% natural gas), starting the year at an approximately 45,000 boe/d average production rate (in January 2021) and exiting the year at an approximately 51,700 boe/d average production rate (in December 2021).
  •  
  • Recognized net income of $303 million.
  •  
  • Generated record annual funds flow provided by operations ("FFO") ( 1) of $578 million or $4.61 per basic share ( 2 ) .
  •  
  • Returned CAD$334 million to shareholders through dividends and share repurchases; implemented a regular quarterly dividend, paid a CAD$0.25 per share special dividend and repurchased 10% of the Company's public float (12.9 million shares) via normal course issuer bid ("NCIB").
  •  
  • Acquired 18 new blocks in the 2021 Colombia Bid Round as well as expanded the strategic partnership with Ecopetrol S.A. for a 50% interest in the Arauca and LLA-38 blocks. Including these additions, Parex is now the largest independent acreage holder in Colombia.
  •  

   2021 Fourth Quarter Results   

 
  • Quarterly oil and natural gas production averaged 49,779 boe/d (96% crude oil and 4% natural gas), an increase of 7% over the fourth quarter of 2020.
  •  
  • Generated record quarterly FFO ( 1) of $168.3 million or $1.39 per basic share.
  •  
  • Paid a CAD$0.25 per share special dividend in addition to the regular quarterly dividend of CAD$0.125 per share, as well as repurchased 1.5 million shares via NCIB.
  •  
  • Generated an operating netback ( 2) of $46.79/boe and an FFO netback (2) of $36.41/boe from an average Brent price of $79.66/bbl.
  •  
  • Participated in drilling 15 gross (11.40 net) wells ( 3 ) in Colombia, resulting in 10 oil wells, 3 injector wells and 2 wells under test.
  •  

  (1) "Capital management measure," which is not a standardized financial measure under International Financial Reporting Standards ("IFRS") and might not be comparable to similar financial measures disclosed by other issuers. See "Non-GAAP and Other Financial Measures Advisory."
(2) "Non-GAAP ratio," which is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Non-GAAP and Other Financial Measures Advisory."
(3) Oil wells: LLA-34: Tigui-11 & ST & 17, Tigana Suroeste-14 & 20, Tigana Norte-36, Jacana 49 & 50; Block Cabrestero: Bacano Oeste-10, 11 & ST-1 & 13. Injector wells: Cabrestero: Bacano Suroeste-1ST1, 2, 3, Bacano Sur-2 and Totoro Sur-1. Wells under test: Block Fortuna: Cayena-1ST-ML1 & ML2; LLA-34: Jacana-59.

 

   Outlook   

 
  • This year, Parex expects to be able to execute an ambitious capital investment plan that is balanced across development, exploitation, and exploration programs to build long-term Company sustainability.
  •  
  • Production volume and total capital expenditure guidance for 2022 remain unchanged ( 1) . At the mid-point of guidance, Parex forecasts to grow production by 13% year-over-year.
  •  
  • In addition to the capital investment plan, Parex anticipates that it will repurchase 10% of the Company's float (11.8 million shares) through its NCIB, while also having upside base dividend growth potential. Combined with the Company's planned share repurchases, Parex is forecasting production per share growth of 23% year-over-year.
  •  
      
   2022 Guidance  
Production (average for period) (boe/d) 52,000-54,000
Total Capital Expenditures ($ Millions) ( 1) (2) $400-450
 

  (1) Please see the Company's November 3, 2021 news release for additional details on FY 2022 corporate guidance and netback sensitivity estimates.
(2) "Non-GAAP financial measure," which is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Non-GAAP and Other Financial Measures Advisory."

 
  • All Parex guidance does not include any potential volume from Magdalena basin exploitation as well as the overall exploration program.
  •  
  • Year-to-date February 2022 average production is estimated to be approximately 51,600 boe/d.
  •  
  • By year-end 2022, Parex is aiming to grow its net operated production by 50%, with its current operational focus being on traditional near-field exploration in the Llanos basin and advancing conventional oil in place exploitation projects in the Magdalena basin.
  •  

   Return of Capital Update   

 
  • From 2017 to February 28, 2022, Parex has returned over CAD$1 billion to shareholders through share repurchases pursuant to its NCIBs as well as dividends.
  •  
  • As previously disclosed, on February 2, 2022, Parex's Board of Directors declared a first quarter 2022 regular dividend of CAD$0.14 per share to be paid on March 30, 2022 to shareholders of record on March 15, 2022, representing a 12% dividend increase from the prior quarter dividend.
  •  
  • Building on the Company's track record of returning capital to shareholders, Parex targets to return at least one third of FFO to shareholders through share repurchases and dividends. The remaining FFO will be invested to grow the company over the long term and replenish development inventory to support future return of capital activity.
  •  
  • Being fully debt free and 100% unhedged to commodity pricing is unique to Parex. At current strip prices, the Company expects to return approximately 40% of 2022 annual FFO to shareholders.
  •  

   Financial and Operational Highlights   

 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
   Three Months Ended    Year Ended  
   Dec. 31,     Dec. 31,     Sept. 30,     Dec. 31,  
   2021     2020     2021     2021     2020     2019   
  Operational        
  Average daily production        
Light Crude and Medium Crude Oil (bbl/d)   6,376    6,637   6,955    6,831    6,021   7,214  
Heavy Crude Oil (bbl/d)   41,534    38,332   38,949    38,449    39,197   44,494  
Crude oil (bbl/d)   47,910    44,969   45,904    45,280    45,218   51,708  
Conventional Natural Gas (mcf/d)   11,214    10,038   9,552    10,308    7,800   5,874  
Oil & Gas (boe/d) ( 1)   49,779    46,642   47,496    46,998    46,518   52,687  
       
Production split (% crude oil)   96    96   97    96    97   98  
       
  Operating netback ($/boe)        
Reference price - Brent ($/bbl)   79.66    45.26   73.23    70.95    43.30   64.21  
Oil and gas revenue (excluding hedging) ( 4)   67.81    36.95   62.77    60.97    32.55   54.70  
Royalties ( 4)   (11.69    )   (3.19 ) (9.67 )   (9.12    )   (3.28 ) (7.06 )
Net revenue ( 4)   56.12    33.76   53.10    51.85    29.27   47.64  
Production expense ( 4)   (6.61    )   (5.26 ) (5.99 )   (6.29    )   (5.15 ) (5.76 )
Transportation expense ( 4)   (2.72    )   (3.74 ) (2.99 )   (3.03    )   (3.28 ) (4.37 )
  Operating netback ($/boe)   (   2)    46.79    24.76   44.12    42.53    20.84   37.51  
       
  Funds flow provided by operations ($/boe)   (   2)    36.41    19.06   35.46    33.56    17.52   29.61  
       
  Financial  
($000s except per share amounts)  
      
       
  Net income    96,041    56,192   67,942    303,105    99,322   327,994  
Per share - basic ( 6)   0.80    0.42   0.55    2.42    0.72   2.24  
       
  Funds flow provided by operations   (   5)(8)    168,261    81,567   152,713    577,545    297,041   570,480  
Per share - basic ( 2)(6)   1.39    0.61   1.24    4.61    2.15   3.90  
       
  Capital expenditures   (   3)    118,507    46,932   74,289    277,235    141,264   208,196  
       
  Free funds flow   (   3)    49,754    34,635   78,424    300,310    155,777   362,284  
       
  Dividends paid    35,610     12,021    47,631     
Per share – Cdn$ (4)(6)   0.375     0.125    0.50     
       
  Shares repurchased    1,510    6,607   3,645    12,869    13,852   14,679  
       
  Outstanding shares (end of period) (000s)        
Basic   120,266    130,873   121,415    120,266    130,873   143,295  
Weighted average basic   120,716    133,812   123,184    125,210    138,356   146,380  
Diluted ( 8)   121,600    134,351   123,155    121,600    134,351   147,848  
       
  Working capital surplus   (   5)    325,780    320,155   349,694    325,780    320,155   344,031  
  Bank debt   (   7)            
  Cash    378,338    330,564
  361,353    378,338    330,564   396,839  
 

  (1) Reference to crude oil or natural gas in the above table and elsewhere in this press release refer to the light and medium crude oil and heavy crude oil and conventional natural gas, respectively, product types as defined in National Instrument 51-101 - Standard of Disclosure for Oil and Gas Activities.
(2) Non-GAAP ratio. See "Non-GAAP and Other Financial Measures Advisory."
(3) Non-GAAP financial measure. See "Non-GAAP and Other Financial Measures Advisory."
(4) Supplementary financial measure. See "Non-GAAP and Other Financial Measures Advisory" for the composition of such measure.
(5) Capital management measure. See "Non-GAAP and Other Financial Measures Advisory".
(6) Per share amounts (with the exception of dividends) are based on weighted average common shares.
(7) Borrowing limit of $200.0 million as of December 31, 2021.
(8) Diluted shares as stated include the effects of common shares and stock options outstanding at the period-end. The December 31, 2021 closing stock price was CAD$21.61 per share.

 

   2021 Fourth Quarter Conference Call & Webcast   

 

Parex will host a conference call to discuss the 2021 fourth quarter and full-year results on Wednesday, March 2, 2022, beginning at 9:30 am MT (11:30 am ET). To participate in the conference call or webcast, please see access information below:

 
        
Toll-free dial number (Canada/US) 1-800-952-5114
International dial-in numbers    Click to access the dial-in number of your location   
Passcode 3997132 #
Webcast    https://edge.media-server.com/mmc/p/jezv2otm   
 

   2021 Annual General Meeting   

 

Parex anticipates holding its Annual General and Special Meeting of Shareholders on Thursday, May 12, 2022 at 9:30 am MT (11:30 am ET).

 

   About Parex Resources Inc.   

 

Parex is the largest independent oil and gas company in Colombia, focusing on sustainable, conventional production. Parex's corporate headquarters are in Calgary, Canada, and the Company has an operating office in Bogotá, Colombia. Parex is a member of the S&P/TSX Composite ESG Index and its shares trade on the Toronto Stock Exchange under the symbol PXT.

 

  For more information, please contact:  

 

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   

 

  NOT FOR DISTRIBUTION FOR DISSEMINATION IN THE UNITED STATES  

 

  Non-GAAP and Other Financial Measures Advisory  

 

This press release uses various "non-GAAP financial measures", "non-GAAP ratios", "supplementary financial measures" and "capital management measures" (as such terms are defined in NI 52-112), which are described in further detail below. Such measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measures as indicators of Parex's performance.

 

These measures facilitate management's comparisons to the Company's historical operating results in assessing its results and strategic and operational decision-making and may be used by financial analysts and others in the oil and natural gas industry to evaluate the Company's performance. Further, management believes that such financial measures are useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company's principal business activities.

 

Set forth below is a description of the non-GAAP financial measures, non-GAAP ratios, supplementary financial measures and capital management measures used in this press release.

 

   Non-GAAP Financial Measures   

 

   Capital expenditures,    is a non-GAAP financial measure which the Company uses to describe it's capital costs associated with Oil and Gas expenditures. The measure considers both Property, Plant and Equipment expenditures and Exploration and Evaluation asset expenditures which are items in the Company's statement of Cash Flows for the period.  

 
                                                                                  
   For the three months ended     For the year ended  
   Dec. 31,    Sept. 30,    Dec. 31,  
($000s)    2021     2020    2021     2021     2020    2019
Property, plant and equipment expenditures   $    76,454    $ 34,893   $ 51,637    $    212,153    $ 116,915   $ 148,519
Exploration and evaluation expenditures    42,053     12,039    22,652     65,082     24,349    59,677
  Total Capital expenditures     118,507     46,932    74,289     277,235     141,264    208,196
 

   Free funds flow,    is a non-GAAP measure that is determined by funds flow provided by operations less capital expenditures. The Company considers free funds flow or free cash flow to be a key measure as it demonstrates Parex's ability to fund return of capital, such as the NCIB, without accessing outside funds and is calculated as follows:  

 
                                                                                                                     
   For the three months ended     For the year ended  
   Dec. 31,   Sept. 30,    Dec. 31,  
($000s)    2021     2020    2021     2021     2020    2019
Cash provided by operating activities   $    176,003    $ 86,988   $ 118,298    $    534,301    $ 290,018   $ 365,067
Net change in non-cash working capital    (7,742    )    (5,421 )   34,415     43,244     7,023    205,413
Funds flow provided by operations    168,261     81,567    152,713     577,545     297,041    570,480
Capital expenditures, excluding corporate acquisitions    118,507     46,932    74,289     277,235     141,264    208,196
Free funds flow   $    49,754    $ 34,635   $ 78,424    $    300,310    $ 155,777   $ 362,284
 

   
Operating netback
 
  - The Company considers operating netbacks to be a key measure as they demonstrate Parex's profitability relative to current commodity prices. Parex calculates operating netback as oil and natural gas sales from production less royalties, operating, and transportation expense.  

 

   Non-GAAP Financial Ratios   

 

   Operating netback per boe    - The Company considers operating netback per boe to be a key measure as they demonstrate Parex's profitability relative to current commodity prices. Parex calculates operating netback per boe as operating netback divided by the total equivalent sales volume including purchased oil volumes for oil and natural gas sales price per boe and by the total equivalent sales volume and excludes purchased oil volumes for royalties, operating, and transportation expense per boe.  

 

   Funds flow provided by operations per boe or funds flow netback per boe    , is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by produced oil and natural gas sales volumes. The Company considers funds flow netback to be a key measure as it demonstrates Parex's profitability after all cash costs relative to current commodity prices.  

 

   Basic funds flow provided by operations per share    is calculated by dividing funds flow provided by operations by the weighted average number of basic shares outstanding. Parex presents basic funds flow provided by operations per share whereby per share amounts are calculated using weighted-average shares outstanding, consistent with the calculation of earnings per share.  

 

   Capital Management Measures   

 

   Funds flow provided by operations,    is a non-GAAP capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. A reconciliation from cash provided by operating activities to funds flow provided by operations is as follows:  

 
                                                                                 
   For the three months ended     For the year ended  
   Dec. 31,   Sept. 30,    Dec. 31,  
($000s)    2021     2020    2021     2021     2020    2019
  Cash provided by operating activities    $    176,003    $ 86,988   $ 118,298    $    534,301    $ 290,018   $ 365,067
Net change in non-cash working capital    (7,742    )    (5,421 )   34,415     43,244     7,023    205,413
  Funds flow provided by operations     168,261     81,567    152,713     577,545     297,041    570,480
 

   
Working capital surplus,
 
  is a non-GAAP capital management measure that the Company uses to describe its liquidity position and ability to meet its short-term liabilities. Working Capital Surplus is defined as current assets less current liabilities.  

 
                                                                                  
   For the three months ended     For the year ended  
   Dec. 31,    Sept. 30,    Dec. 31,  
($000s)    2021     2020    2021     2021     2020    2019
Current Assets   $    574,038    $ 442,636   $ 550,918    $    574,038    $ 442,636   $ 555,876
Current Liabilities    248,258     122,481    201,224     248,258     122,481    211,845
  Working Capital Surplus     325,780     320,155    349,694     325,780     320,155    344,031
 

   Supplementary Financial Measures   

 

   "Oil and natural gas revenue per boe"    is determined by sales revenue excluding risk management contracts, as determined in accordance with IFRS, divided by total equivalent sales volume including purchased oil volumes.  

 

   "Royalties per boe"    is comprised of royalties, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.  

 

   "Production expense per boe"    is comprised of production expense, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.  

 

   "Transportation expense per boe"    is comprised of transportation expense, as determined in accordance with IFRS, divided by the total equivalent sales volumes including purchased oil volumes.  

 

   "Dividends paid per share"    is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.  

 

  Oil & Gas Matters Advisory  

 

The term "Boe" means a barrel of oil equivalent on the basis of 6 Mcf of natural gas to 1 barrel of oil ("bbl"). Boe's may be misleading, particularly if used in isolation. A boe conversation ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1Bbl, utilizing a conversion ratio at 6 Mcf: 1 Bbl may be misleading as an indication of value.

 

This press release contains a number of oil and gas metrics, including, operating netbacks and FFO netbacks. These oil and gas metrics have been prepared by management and do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare the Company's operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment or other purposes.

 

  Dividend Advisory  

 

Future dividend payments, if any, and the level thereof is uncertain. The Company's dividend policy and any decision to pay further dividends on the common shares, including any special dividends, will be subject to the discretion of the Board and may depend on a variety of factors, including, without limitation the Company's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. The actual amount, the declaration date, the record date and the payment date of any dividend are subject to the discretion of the Board. There can be no assurance that dividends will be paid at the intended rate or at any rate in the future.

 

  Advisory on Forward Looking Statements  

 

Certain information regarding Parex set forth in this document contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words "plan", "expect", "prospective", "project", "intend", "believe", "should", "anticipate", "estimate", "forecast", "guidance", "budget" or other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements. Such statements represent Parex' internal projections, estimates or beliefs concerning, among other things: statements with respect to the Company's operational and financial position; the Company's plan, strategy and focus; Parex' plans to repurchase 10% of its stock and grow the base dividend, while leveraging its substantial exploitation portfolio and delivering meaningful exploration for the potential of a step change in long-term production; Parex' expectations that it will execute a profitable capital plan and have upside base dividend growth potential; anticipated year-to-date production rates; anticipated growth in production and production per share; anticipated 2022 total capital expenditures; anticipated net operated production and the expected timing thereof; Parex' ability to advance conventional oil in place exploitation projects in the Magdalena basin and traditional near-field exploration in the Llanos basin; Parex' expectations that it will return at least one third of FFO to shareholders through share repurchases and dividends, while investing the remaining FFO in profitable growth; Parex' expected annual FFO in 2022; and the anticipated date and time of the Parex annual general and special meeting. These statements are only predictions and actual events or results may differ materially. Although the Company's management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Parex' actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex.

 

These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; impact of the COVID-19 pandemic and the ability of the Company to carry on its operations as currently contemplated in light of the COVID-19 pandemic; determinations by OPEC and other countries as to production levels; volatility in commodity prices; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced, in Canada and Colombia; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities, in Canada and Colombia; risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; risk that Parex' evaluation of its existing portfolio of development and exploration opportunities is not consistent with its expectations; that production test results may not necessarily be indicative of long term performance or of ultimate recovery; failure to reach production targets; risk that Parex will not have sufficient financial resources in the future to pay a dividend; risk that the Board does not declare dividends in the future, that there is no base dividend growth and/or that Parex' dividend policy changes; risk that the amount of FFO to be returned to shareholders is less than anticipated; that Parex will not repurchase 10% of the Company's float; risk that year-to-date February 2022 production will be less than anticipated, and anticipated growth in production and production per share will be less than anticipated; net operated production growth will be less than anticipated; risk that anticipated capital expenditures and FFO for 2022 are less than anticipated; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Parex' operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

 

Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Parex has made assumptions regarding, among other things: current and anticipated commodity prices and royalty regimes; the impact (and the duration thereof) that COVID-19 pandemic will have on the demand for crude oil and natural gas, Parex' supply chain and Parex' ability to produce, transport and sell Parex' crude oil and natural gas; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil, including anticipated Brent oil prices; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; receipt of partner, regulatory and community approvals; royalty rates; effective tax rates on FFO; future operating costs; effects of regulation by governmental agencies; uninterrupted access to areas of Parex' operations and infrastructure; recoverability of reserves and future production rates; timing of drilling and completion of wells; on-stream timing of production from successful exploration wells; operational performance of non-operated producing fields; pipeline capacity; that Parex will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that Parex' conduct and results of operations will be consistent with its expectations; that Parex will have the ability to develop its oil and gas properties in the manner currently contemplated; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of Parex' reserves and production volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that Parex will be able to obtain contract extensions or fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; that Parex will have sufficient financial resources in the future to pay a dividend; that the Board will declare dividends in the future; that Parex will have sufficient financial resources to repurchase shares under its NCIB; that strip prices will remain unchanged; and other matters.

 

Management has included the above summary of assumptions and risks related to forward-looking information provided in this document in order to provide shareholders with a more complete perspective on Parex' current and future operations and such information may not be appropriate for other purposes. Parex' actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Parex will derive. These forward-looking statements are made as of the date of this document and Parex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

 

This press release and in particular, the information in respect of the Company's expected total capital expenditures and FFO for 2022; and Parex' plans to repurchase 10% of its stock, may be considered a financial outlook under applicable securities laws about the Company's potential financial position, which is subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Company and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company's potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.

 

PDF available: https://ml.globenewswire.com/Resource/Download/c2f91cc5-f048-4740-932a-87eb5782ef28  

 

  Primary Logo 

 

News Provided by GlobeNewswire via QuoteMedia

PXT:CA,PARXF
The Conversation (0)
BTV Highlights: North American Iron, West Red Lake Gold Mines, Northisle Copper and Gold, Westport Fuels, US Gold, Orvana Minerals, Avino Silver & Gold, Pasofino Gold, & Mayfair Gold

BTV Highlights: North American Iron, West Red Lake Gold Mines, Northisle Copper and Gold, Westport Fuels, US Gold, Orvana Minerals, Avino Silver & Gold, Pasofino Gold, & Mayfair Gold

Watch on FOX Business News
Saturday, July 5 at 5:00 PM EST or via the links below

Tune into BTV-Business Television and Discover Investment Opportunities featuring nine standout companies making major moves globally.

North American Iron - With pig iron in short supply, North American Iron is stepping up with a two-million-ton annual solution. The company is transforming Minnesota's legacy iron ore into a domestic feedstock for U.S. steelmakers-backed by North Dakota's clean energy support and aiming for production in 2029.

West Red Lake Gold Mines (TSXV: WRLG) (OTCQB: WRLGF) - BTV features West Red Lake Gold as it marks its first gold pour at the fully permitted Madsen Mine in Ontario's Red Lake district. With two million ounces of historical production and robust infrastructure, the company is ramping toward 70,000 ounces per year.

Northisle Copper and Gold (TSXV: NCX) (OTCQX: NTCPF) - BTV spotlights Northisle's advanced copper-gold project on Vancouver Island. With an estimated long mine life, low capital intensity, and proximity to a deepwater port, the project is backed by experienced leadership and strong local support.

Westport Fuel Systems (NASDAQ: WPRT) - With over 30 years of innovation, Westport is delivering fuel-agnostic engine solutions including hydrogen and natural gas. Through its high-pressure joint venture and over 1,400 patents, Westport is helping long-haul transportation transition toward cleaner fuel alternatives.

U.S. Gold Corp. (NASDAQ: USAU) - This fully permitted copper-gold project in Wyoming boasts a sub-two-year payback. ESG-friendly plan, low water use, and potential for added revenue through local gravel sales.

Orvana Minerals  (TSX: ORV) (OTCQX: ORVMF) - With operations in Spain and growth projects in Bolivia and Argentina, Orvana Minerals delivers near-term production and exploration upside across gold, copper, and silver.

Avino Silver & Gold (TSX: ASM) (NYSE American: ASM) - A debt-free, cash-flow positive silver, gold, and copper producer, operating in Durango, Mexico. With development underway at a second mine, Avino is scaling production while leveraging existing infrastructure.

Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) - is advancing a 3.9-million-ounce gold project in Liberia. Backed by strong economics and a completed feasibility study, the company is preparing for a construction decision and aiming for early production of up to 200,000 ounces per year.

Mayfair Gold (TSXV: MFG) (OTCQX: MFGCF) - Mayfair Gold is developing a low-risk, fast-to-market gold operation in Ontario, with a unique strategy to self-finance expansion using early cash flow. Positioned below federal permitting thresholds, it's set to capitalize on the current gold cycle.

About BTV - Business Television:

On air for 25+ years, BTV - Business Television, a half-hour investment TV show, delivers up-and-coming companies and investment opportunities. With Hosts, Taylor Thoen and Jessica Katrichak, BTV features stock market analysts, experts and on location interviews with emerging company executives.

TV BROADCAST NETWORKS and TIMES: 

Airing on FOX Business News!

  • Saturday, July 5 @ 5:00pm ET

Suggest a Company to Feature!

Contact: (604) 664-7401 x3 info@b-tv.com. To receive BTV news, subscribe.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/257791

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Westport to Issue Q2 2025 Financial Results on August 11, 2025 and Provides an Update on the Divestment of the Light-Duty Segment

Westport to Issue Q2 2025 Financial Results on August 11, 2025 and Provides an Update on the Divestment of the Light-Duty Segment

 

Westport Fuel Systems Inc. (TSX: WPRT Nasdaq: WPRT) ("Westport" or "The Company") announces that the Company will release Q2 2025 financial results on Monday, August 11, 2025, after market close. A conference call and webcast to discuss the financial results and other corporate developments will be held on Tuesday, August 12, 2025.

 

Time: 10:00 a.m. ET (7:00 a.m. PT)
Call Link: https://register-conf.media-server.com/register/BI842f3b76bd5b44c7aee3e609a6cc77b3   
Webcast: https://investors.westport.com  

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Shell sign on a tall pole against a clear blue sky.

Shell Denies Interest in BP Takeover, Freezing Potential Deal for Six Months

Shell (NYSE:SHEL) has moved quickly to shut down speculation about a takeover bid for BP (LSE:BP,NYSE:BP), issuing a formal statement under the UK Takeover Code.

According to the company, no talks have taken place and it has no intention of making an offer.

“In response to recent media speculation Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with, BP with regards to a possible offer,” the company said in a statement released Thursday (June 26) morning.

Keep reading...Show less
CHARBONE Hydrogen Executed a Master Collaborative Agreement to Receive 1M USD to Support the Deployment of a Malaysian Green Hydrogen Project Development for a Local Partner

CHARBONE Hydrogen Executed a Master Collaborative Agreement to Receive 1M USD to Support the Deployment of a Malaysian Green Hydrogen Project Development for a Local Partner

 

(TheNewswire)

 
     
  Charbone Hydrogen Corporation 
          
 

  The CHARBONE team will serve as expert matter advisors to a private Malaysian financial group for the development and construction of their first modular and scalable production facility in the Asia-Pacific region.  

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×