Exploration & Production | Production Rates | Forecast - Production | Capital Markets | Capital Expenditure
Parex Resources Cuts Capex in Half
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Parex Resources Inc. has provided a Q4 2014 operational update and a revision to its 2015 base capital budget from $300 million to $145-$155 million to reflect Brent oil prices of $50-$60 per barrel.
With a revised base capital budget of $145-$155 million for 2015 Parex expects to be able to provide year over year annual production growth of 18% fully funded from cash flow from operations and maintain its strong balance sheet in a low Brent oil price environment. Further, the company was debt free (working capital exceeded long-term debt) at September 30, 2014. Our balance sheet strength provides the Company with the flexibility to pursue additional production growth and enhance its asset portfolio at our discretion. All amounts herein are in United States dollars (USD).
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