Parex’s third-quarter results could not be verified; preliminary production was 83,259 barrels per day
Key Facts
Parex Resources’ third-quarter 2026 earnings and revenue figures could not be verified in a reliable public source on the results date the company had previously set for November 6. Parex had said it would release results before markets opened, followed by a webcast at 9:30 a.m. Mountain Time, or 11:30 a.m. Eastern Time. In its operating update published on October 8, it said preliminary average production for the quarter was 83,259 barrels of oil equivalent per day, subject to final reconciliation. The figure therefore remains an initial production indicator and does not by itself provide quarterly revenue or profitability data. Production figures are important when assessing an oil company’s results, but they do not replace the financial disclosure expected that day.
October data showed preliminary average production rising from 83,050 barrels of oil equivalent per day in July to 82,250 in August, then to 84,500 in September. Parex said increased production following successful exploration near fields in LLA-111 in the Eastern Llanos primarily supported September output. This monthly progression places the initially reported quarterly figure within a varied pattern across the three months, with September reaching the highest level of the three cited in the update. But the company described the quarterly average as preliminary and subject to reconciliation, so it should not be treated as final. The operating factor identified by the company relates to support for September production and does not on its own establish its effect on revenue or net income.
In October, the company reaffirmed its target average production range for the second half of 2026 at 82,000 to 91,000 barrels of oil equivalent per day, and maintained its full-year average production outlook of 63,000 to 67,000 barrels of oil equivalent per day. These ranges provide an operating framework for the rest of the year and are not revenue or earnings guidance. Parex said it expected a net addition of about 7,000 barrels per day in November from its partnership with Ecopetrol in the Magdalena region, alongside continued success in LLA-111. The expected addition links production growth to the company’s operating plan for the coming months, while its realization remains dependent on actual production developments. The conference time announced by the company gave investors an opportunity to follow the results and related questions on the release date.
Second-quarter results provide an earlier financial comparison: Parex reported net income of $444 million, or $4.62 per basic share, compared with $49 million, or $0.50 per share, in the same quarter of 2025. The company attributed the increase primarily to an acquisition gain, a factor to consider when comparing net income between the periods. Adjusted funds flow from operations was $191 million, or $1.99 per share, in the second quarter of 2026. The company said the figure included about $59 million in one-time costs, including $28 million in non-recurring transaction costs and $31 million in realized hedging losses. These figures relate to the second quarter and cannot serve as a substitute for the third-quarter results that could not be verified.
Average production in the second quarter was 54,121 barrels of oil equivalent per day, compared with 44,735 barrels in the first quarter, and the company said the improvement was primarily due to the completion of the Frontera deal on June 1. This comparison puts the change in the production base in the context of the deal, alongside the higher preliminary production figures the company reported for the third quarter. In the second quarter, Parex recorded capital expenditures of $134 million and repaid $175 million of bank debt, according to its results announcement. It also announced in July a regular third-quarter cash dividend of C$0.385 per share, equivalent to C$1.54 per share on an annualized basis. This information remains dated background on performance, spending and distributions, while the third-quarter financial disclosure was the development expected on November 6.