Exploration & Production | Production Rates | Capital Markets | Capital Expenditure
Parallel Energy Trust Freezes New Drilling
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Parallel Energy Trust has announced a revised capital plan and distribution level; confirms its January distribution; and provides an update on its estimated 2014 year-end production results and bank debt.
Corporate SummaryParallel's management team and board have remained committed to operating a sustainable business model, which requires the Trust to generate more than sufficient free cash flow to fund its distribution and capital expenditures. The Trust's initial 2015 capital plans and guidance, announced in late November 2014, were aligned with this commitment based on a WTI oil price of US$80.00 per barrel and were designed to be sustainable at WTI oil prices in the low US$70.00 per barrel range. Since that time, commodity prices have dropped significantly and the Trust's capital…
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