Canada’s Paramount Resources reports record 2022
Paramount Resources, a Canadian Montney and Deep Basin producer, said March 7 it had 2022 financial results highlighted by records for production, adjusted funds flow and free cash flow.
Net income for the year increased to C$680.6mn (US$495mn) from C$236.9mn in 2021. Production averaged 88,672 barrels of oil equivalent (boe)/day in 2022, up from 82,001 boe/day in 2021, while natural gas production increased to 294.7mn ft3/day from 275.2mn ft3/day.
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Adjusted funds flow increased to C$1.17bn from C$499.8mn, while free cash flow rose to C$471.1mn from C$191.8mn.
With the record free cash flow, Paramount said it continued to deliver on its promises, reducing net debt to C$161mn at year-end – a C$296mn reduction – doubled its regular monthly dividend in 2022 to C$0.125/share and in January 2023 paying a special cash dividend of C$1/share.