PARXF - Parex Resources: Plan To Replace Declining Flagship Fields
2024-05-16 08:52:17 ET
Summary
- Parex Resources reports 1Q2024 operational and financial results, showing a 3.9% increase in total production and a 31.4% increase in free funds flow.
- Parex is seeking new growth engines to replace its declining LLA-34/Cabrestero fields by forming a strategic partnership with Ecopetrol and pursuing natural gas exploration and production.
- In this article, I analyze the risk-reward profile of Parex Resources in light of recent developments and near-term catalysts.
Last week, Parex Resources (PXT:CA)(PARXF) reported its 1Q2024 operational and financial results. It gives us an opportunity to review its recently revealed strategic plan of countering the natural decline of its flagship assets in Llanos Basin, Colombia, and seeking production growth in an unfolding oil bull market....
Parex Resources: Plan To Replace Declining Flagship Fields