Paramount Resources Ltd

Latest Results (14.08.2024):

Net Income

Paramount Resources Ltd. reported a net income of $84.5 million for the second quarter of 2024, an increase from $74.2 million in the same period in 2023. This improvement was primarily driven by higher liquids sales volumes and prices, as well as a $10.0 million interim payment from insurers for 2023 Alberta wildfire losses, despite lower natural gas prices.

Cash From Operating Activities

For the second quarter of 2024, Paramount Resources Ltd. generated $220.5 million in cash from operating activities, up from $172.2 million in the same quarter of 2023. The increase was mainly due to higher liquids sales volumes and prices, receipts on risk management contract settlements, and dividend income.

Adjusted Funds Flow

Paramount Resources Ltd.'s adjusted funds flow for the second quarter of 2024 was $266.2 million, compared to $178.7 million in the same period in 2023. The rise was attributed to higher netback from increased liquids sales volumes and prices, as well as receipts on risk management contract settlements and dividend income.

Six-Month Net Income

For the first half of 2024, Paramount Resources Ltd. recorded a net income of $152.7 million, down from $271.1 million in the same period in 2023. The decrease was influenced by a lower gain on the sale of oil and gas assets and higher depletion and depreciation expenses, despite higher netback and a $10.0 million interim payment from insurers for 2023 Alberta wildfire losses.

Six-Month Cash From Operating Activities

Paramount Resources Ltd. reported $421.9 million in cash from operating activities for the first six months of 2024, compared to $443.4 million in the same period in 2023. The slight decline was due to changes in non-cash working capital and higher asset retirement obligations settled, partially offset by higher netback and dividend income.