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Parex Resources (PXT) investor relations material
Parex Resources Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 funds flow from operations reached $105 million, with FFO per share at $1.08, supported by operational efficiency and favorable crude differentials.
Net income for the quarter was $49 million or $0.50 per share basic.
Average production was 42,542 BOE/d, with July 2025 production averaging 44,450 BOE/d.
Three successful near-field exploration wells in H1 2025 added 2,500 bbl/d to current production.
The company remains focused on low-risk development, sustaining production, and delivering shareholder returns, with a back-end weighted activity plan for 2025.
Financial highlights
Operating netback was $36.25/BOE, and FFO netback was $26.90/BOE, with Brent averaging $66.71/bbl.
Capital expenditures totaled $89 million in Q2, mainly at LLA-32, LLA-34, and LLA-74.
Free funds flow for the quarter was $16 million; cash at quarter end was $99 million, with bank debt at $18 million.
Dividends paid in Q2 totaled $27.6 million; Q3 2025 regular dividend of C$0.385 per share declared.
Current taxes for the quarter were $9 million; full-year effective tax rate expected at 5–10%.
Outlook and guidance
FY 2025 average production guidance reaffirmed at 43,000–47,000 BOE/d, with a strong exit rate expected to set up 2026 favorably.
Capital expenditure guidance for 2025 is $285–$315 million.
H2 2025 will see continued production growth, fully funded capital program, robust dividend, and ongoing share buybacks.
Q3 capital spending to remain steady; lighter outlay forecast for Q4.
Brent crude oil hedge in place for Q3 2025, covering 50% of planned net production with a put spread at $60/$65 per bbl.
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