Canada’s Paramount reports Q2 decline on lower production
Canadian liquids-rich natural gas producer Paramount Resources said August 2 it had net income of C$74.2mn (US$55.7mn) in Q2 2023, down from C$182.2mn in Q2 2022 and C$197mn in the first quarter this year.
Total production fell to 88,243 barrels of oil (boe)/day in the second quarter this year from 97,269 boe/day in the first quarter, reflecting wildfire activity in Alberta that reduced production by about 12,000 boe/day, mostly in the Grande Prairie and Kaybob regions.
Natural gas production fell 4% sequentially, to 196.4mn ft3/day in Q2 2023 from 204.4mn ft3/day in Q1 2023, but was up year-over-year from 267.2mn ft3/day in Q2 2022.
Cash from operating activities fell to C$172.2mn from C$318.9mn year-over-year, while adjusted funds flow fell to C$178.7mn from C$258.3mn a year ago. Free cash flow declined to C$30.5mn from C$68.3mn in Q2 2022.