Canada’s Paramount rebounds in 2021
Canadian Montney-focused producer Paramount Resources said March 2 it had rebounded in 2021 to post net income of C$236.9mn (US$186.7mn) against a C$22.7mn loss in 2020.
Capital expenditures in 2021 increased to C$274.6mn from C$220.2mn in 2020, slightly below the mid-point of its guidance. For 2022, Paramount confirmed a capital budget in the C$500-$550mn range, driven by an expected C$135mn increase in free cash flow on the back of higher commodity price expectations and higher forecast production.
Annual sales volumes in 2021 averaged 82,001 barrels of oil equivalent (boe)/day, up from 68,340 boe/day in 2020. Natural gas sales averaged 275.2mn ft3/day, up from 248.7mn ft3/day, while crude oil and natural gas liquids sales averaged 36,136 b/d, up from 26,890 b/d the previous year.