Parex Resources Reports Strong Q1 and Dividend Increase

Parex (TSE:PXT) has released an update.

Parex Resources Inc. has reported a productive first quarter with a 4% year-over-year increase in production and a notable commencement of operations at Arauca-8, one of Colombia’s top oil-producing wells. The company has announced a Q2 2024 dividend hike to C$0.385 per share, underscoring their strategic growth in Colombia’s Llanos Foothills and a solid financial performance with Q1 funds flow of $148 million. Despite a slight dip in funds flow and funds flow per share compared to the previous year, Parex’s operational efficiency and expansion signal a robust outlook for investors.

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