Parex Resources announces a fulsome business update, alongside its 2023 budget and guidance. The Company is hosting a capital markets day, which will be presented by members of Parex’s senior leadership team. Key Highlights: Current production exceeded 60,000 boe/d in early December 2022, the highest in the Company’s history. Incorporating recent Colombia tax reforms. Making further investments in facilities and infrastructure in 2023 to actively mitigate and arrest declines in core production areas. Unveiled plan for 2023 through 2025, where post 2023 annual base production growth is expected to be approximately 5%, excluding exposure to a world-class exploration portfolio that has potential for transformational discoveries in both oil and gas plays. "I am extremely proud of our teams in Canada and Colombia that overcame challenges throughout the year and delivered on our promise of a 60,000 boe/d production rate by year end. This achievement demonstrates the resiliency of our employees and contractors, our world-class portfolio, and the potential we see in Colombia for the years to come," commented Imad Mohsen, President and Chief Executive Officer. "The 2023 plan builds on our 2022 successes and our three-year outlook shows that even before exploration potential is considered, Parex can grow its production at highly efficient capital rates while increasing its returns to shareholders."
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