Paramount Resources Ltd

Latest Results (08.04.2026):

Paramount Resources Ltd.'s fourth quarter of 2025 results show a strong operational ramp‑up driven by the Willesden Green Duvernay development: Q4 sales volumes were 46,973 Boe/d (53% liquids) with adjusted funds flow of $140 million, while the company reported continued reserves growth and increased 2026 production guidance following plant performance and land expansions.

Q4 financials

Q4 2025 net loss was $1.9 million (‑$0.01/share), cash from operating activities was $185 million ($1.29/share), adjusted funds flow was $140 million ($0.97/share) and free cash flow was negative $84.6 million (‑$0.59/share).

Full‑year 2025 results

For 2025 Paramount reported annual adjusted funds flow of $467 million, cash from operations $417 million, free cash flow negative $386 million, and capital expenditures of $789 million (below guidance low end).

Production and plant performance

Q4 sales volumes were 46,973 Boe/d (53% liquids). Willesden Green averaged 25,752 Boe/d (62% liquids) in Q4 after Alhambra Plant start‑up; first ten Duvernay wells averaged ~1,250 Boe/d gross (61% liquids) over 150‑day peaks.

Reserves and resource growth

After adjusting for the Grande Prairie Disposition, Dec 31, 2025 proved developed producing (PDP) reserves rose 46% to 59 MMBoe, total proved (TP) +43% to 200 MMBoe and proved plus probable (P+P) +115% to 522 MMBoe.

Asset sales and shareholder returns

Paramount closed the Grande Prairie Disposition (Karr, Wapiti, Zama) for $3.243 billion (after adjustments) and returned ~$2.4 billion to shareholders in 2025, including a $2.15 billion special cash distribution ($15.00/share), $101 million of regular dividends and $155 million of NCIB repurchases.

Liquidity and balance sheet

At Dec 31, 2025 the company had ~$730 million cash and cash equivalents and $750 million of undrawn credit facilities; net cash (debt) reported was negative $672.8 million (i.e., net cash position).

2026 guidance and outlook

Paramount increased 2026 annual sales guidance to 46,000–51,000 Boe/d (50% liquids); reaffirmed 2026 capital spending of $1,050–1,150 million and plans mid‑point capex of ~$1,100 million for 2026 and 2027, focused on Willesden Green and Sinclair.

Willesden Green and Sinclair project updates

Alhambra Plant phase 1 came onstream July 2025; phase 2 expected early Q3 2026 (doubling raw handling capacity). Sinclair Montney was sanctioned in Q4 2025 with the Sinclair Plant planned to add ~300 MMcf/d and target in‑service in Q4 2027.

Costs, operating metrics and market exposure

Q4 operating expense was $9.84/Boe (Willesden Green $4.71/Boe in Q4). Natural gas realized price for 2025 averaged $3.02/Mcf with ~58% of 2026 forecast gas volumes expected to be priced outside AECO (Dawn, Malin, Emerson). Hedging includes a Citygate/Malin basis swap and FX forwards.

Corporate actions and governance

Board declared March 2026 dividend of $0.05/share payable Mar 31, 2026; AGM scheduled for May 12, 2026. Complete audited financial statements and MD&A are available on SEDAR+ and the company website.