Paramount slips to loss in Q1
Canadian producer Paramount Resources said May 5 losses on financial commodity contracts and changes to the discounted carrying value of asset retirement obligations on certain properties contributed to a C$82.5mn (US$67mn) net loss in Q1 2021.
That’s down sharply from a profit of C$311.5mn in Q4 2020, but an improvement over the C$235.1mn net loss reported in the year-ago period.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
Cash from operating activities increased year-over-year, to C$81.3mn from C$30.5mn, as did adjusted funds flow, to C$90.9mn from C$33.5mn. Free cash flow of C$23.2mn in Q1, along with C$79.6mn in proceeds from asset dispositions, was directed to debt reduction.
Sales volumes in Q1 averaged 80,540 barrels of oil equivalent (boe)/day, up from 70,022 boe/day in Q1 2020. Natural gas production increased to 273.1mn ft3/day from 261.5mn ft3/day, while high-value condensate sales jumped to 29,854 b/day from 21,898 b/day.