Paramount Resources Ltd

Latest Results (19.05.2026):

Paramount Resources Ltd — fourth quarter of 2025: the company reported Q4 sales volumes of 46,973 Boe/d (53% liquids), adjusted funds flow of $140 million and cash from operations of $185 million, while reporting strong reserve additions and raising 2026 production guidance after strong Willesden Green Duvernay performance.

Q4 production & liquids mix

Q4 2025 sales volumes were 46,973 Boe/d (53% liquids); full-year 2025 volumes were 42,238 Boe/d (48% liquids). Willesden Green averaged 25,752 Boe/d (62% liquids) in Q4, driving the company ramp.

Cash flow & earnings

Q4 adjusted funds flow was $140.1M ($0.97/share) and cash from operations was $185.4M ($1.29/share). Q4 net loss was $1.9M; full-year adjusted funds flow was $467.2M.

Capital spending & free cash flow

2025 capital expenditures were $789M (below guidance lower bound). Free cash flow was negative: Q4 free cash flow $(84.6)M and full-year $(385.5)M.

Reserves and development efficiency

As at Dec 31, 2025 (after adjusting for assets sold), PDP reserves rose 46% to 59 MMBoe, Total Proved +43% to 200 MMBoe and P+P +115% to 522 MMBoe. 2025 F&D costs: PDP $24.42/Boe, TP $24.15/Boe, P+P $11.67/Boe.

Major disposition & shareholder returns

Paramount closed the Grande Prairie disposition (Karr, Wapiti, Zama) for $3.243 billion (Jan 31, 2025) and returned $2.4B to shareholders in 2025 (including a $2.15B special $15.00/share cash distribution, $101M regular dividends and $155M NCIB purchases).

Willesden Green / Alhambra plant

Phase 1 of the Alhambra Plant started in July 2025 (ahead of schedule, below budget); phase 2 is sanctioned and expected onstream early Q3 2026. Early Duvernay well performance averaged ~1,250 Boe/d (gross 150‑day peak) for the first ten wells.

Sinclair sanction & land expansion

Sinclair Montney was sanctioned in Q4 2025 and is planned to add over 300 MMcf/d; start-up is targeted for Q4 2027. Paramount expanded land positions ~20% at Willesden Green (to >500 net sections / 320,000 acres) and ~30% at Sinclair (to >220 net sections / 140,000 acres).

2026 guidance & outlook

2026 sales volume guidance was increased to 46,000–51,000 Boe/d (50% liquids). Capital expenditures for 2026 are reaffirmed at $1,050–1,150M (midpoint ~$1,100M); management targets exit >100,000 Boe/d by end-2027.

Balance sheet & liquidity

At Dec 31, 2025 Paramount had $730M cash and $750M undrawn credit facilities. Reported net (cash) debt was $(672.8)M (net cash) and investments and proceeds included $519M from NuVista and financing arrangements including a $250M EDC facility.