Parex Resources
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Parex Resources (PXT) investor relations material

Parex Resources Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Mar, 2026

Executive summary

  • Achieved full-year average production of 44,701 barrels per day in 2025, meeting guidance and reflecting operational efficiency and asset strength.

  • Annual funds flow from operations (FFO) reached $455 million and free funds flow was $145 million, with net income of $255 million or $2.62 per share.

  • Enhanced recovery initiatives and strategic progress included successful integration of the Takema/LLA-32 acquisition and a 75% near field exploration success rate.

  • Returned $134 million to shareholders in 2025 through dividends and share repurchases, reducing diluted shares outstanding by over 40% in eight years.

  • Ongoing share repurchases and capital returns over eight years exceeded CAD 2 billion.

Financial highlights

  • Q4 2025 funds flow from operations (FFO) was $123 million ($1.28/share); adjusted EBITDA was $129 million.

  • FY 2025 adjusted EBITDA reached $513 million; operating netback was $35.52/boe and FFO netback was $28.00/boe.

  • FY 2025 capital expenditures totaled $310 million, mainly at LLA-32, LLA-74, LLA-34, Cabrestero, and Capachos.

  • Achieved over 100% reserves replacement, with 152% in 2P reserves and strong FD&A recycle ratios of 2x or higher.

  • Year-end working capital surplus was $28 million; cash balance was $58 million; bank debt was $33 million.

Outlook and guidance

  • 2026 production and capital guidance remain unchanged, with FY 2026 average production guidance of 45,000–49,000 boe/d (midpoint: 47,000 boe/d); YTD 2026 average production is 46,150 boe/d.

  • Q1 2026 regular dividend of C$0.385/share declared (C$1.54/share annualized).

  • Front-end-weighted 2026 activity plan with six rigs running and significant inventory growth anticipated, including high-impact exploration in the Llanos Foothills.

  • Management expects elevated capital expenditures in H1 2026 due to front-end weighted activity, with moderation later in the year.

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Frequently asked questions

Parex Resources Inc. is an oil and gas exploration and production company focused on operations in Latin America. The company is primarily engaged in the acquisition, exploration, development, and production of hydrocarbon resources in Colombia. Parex Resources operates a portfolio of assets across various basins, employing advanced exploration and production techniques to optimize resource recovery. The company serves both domestic and international markets with its oil and natural gas products. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.

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