Paramount Resources Ltd ( (PRMRF) ) has released its Q3 earnings. Here is a breakdown of the information Paramount Resources Ltd presented to its investors.
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Paramount Resources Ltd. is a Canadian energy company focused on exploring and developing conventional and unconventional petroleum and natural gas, with principal properties in Alberta and British Columbia.
In its third-quarter 2024 earnings report, Paramount Resources Ltd. reported average sales volumes of 94,892 Boe/d, with cash from operating activities of $206 million and a net income of $95.8 million. The company has faced various operational challenges, including an early start to the Wapiti Plant turnaround and curtailments due to high temperatures, impacting sales volumes.
Key highlights from the report include significant development activities in the Grande Prairie Region, where 19 Montney wells were brought onstream, and the successful completion of a new compressor node at Wapiti. Paramount also continues to progress with its Sinclair property appraisal and the construction of the Alhambra Plant in Central Alberta, expected to add substantial processing capacity.
Despite operational hurdles, Paramount has updated its fourth-quarter sales volumes guidance to 102,000 Boe/d to 109,000 Boe/d. The company remains on track with its capital expenditure plans and expects to generate free cash flow of approximately $10 million for the year, adjusting its previous forecast due to revised production estimates and lower WTI prices.
