from SNL Energy Finance Daily
Parex Resources Q3 net income falls YOY despite revenue increase
Byline: Stephen Cedric Jumchai
Parex Resources Inc. on Nov. 6 reported a third-quarter net income of $57.3 million, down from the net income of $88.7 million seen during the third quarter of 2018.
Oil and natural gas revenue came in at $275.7 million during the quarter, up from $250.9 million reported a year ago.
Capital expenditures were pegged at $48.6 million during the third quarter, down from the $66.8 million seen during the same period in 2018.
Average daily production was pegged at 53,045 barrels of oil equivalent per day in the third quarter, compared to the 45,020 boe/d seen a year prior.
The company's operating netback amounted to $36.21 per barrel of oil equivalent, down from the $44.41/boe noted a year ago.
