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Parex Resources (PXT) investor relations material
Parex Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong operational and financial results in Q3 2025, with production momentum expected to exceed annual guidance in Q4 and a robust start anticipated for 2026.
Core assets Cabrestero and Llanos 34 delivered robust reservoir performance through secondary recovery and EOR programs, with waterflood and polymer injection projects advancing and completion expected by year-end.
Llanos 32 (LLA-32) production ramped up post-acquisition, now over 12,000 boe/d, more than triple pre-acquisition levels.
Five near-field exploration successes at Llanos 74 contributed to tangible production gains, with a 75% exploration success rate and October production over 5,000 bbl/d.
The Guapo-1 exploration well at VIM-1 was spud in October, targeting gas and condensate with results expected by year-end.
Financial highlights
Funds flow from operations reached $105 million in Q3 2025, or $1.09 per share.
Net income for Q3 2025 was $50 million, or $0.52 per share basic.
FFO netback held steady at $26.07 per BOE, supported by an average Brent price of $68.17 per barrel; operating netback was $34.71/boe.
Capital spending totaled $80 million, mainly at LLA-32, LLA-74, LLA-34, and Capachos.
Free funds flow for the quarter was $25 million.
Q4 2025 dividend declared at C$0.385 per share.
Outlook and guidance
Q4 production average is expected to exceed the top end of annual guidance, with October production averaging 49,300 BOE per day, a 12% month-over-month increase from September.
FY 2025 average production guidance reaffirmed at 43,000–47,000 boe/d, with capital expenditures for 2025 expected toward the high end of $285–$315 million.
Four to six new production wells and the VIM-1 exploration well are planned for Q4.
Approximately 25% of Q4 planned production is hedged with a Brent put spread at $60.65 per barrel.
Capital expenditures are expected to remain at similar levels through year-end, with potential for incremental spending based on well results.
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