# Parex Reports $549 Million in Q3 Revenue, Raises 2026 Capital Outlook

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/51359
Published: 2026-11-08T04:51:51.000Z
Updated: 2026-11-08T04:51:51.000Z
Section: Business

> Parex expects 2026 production to exceed its previous range and lowered its second-half funds flow provided by operations outlook to $435 million to $450 million.

Parex Resources Inc. raised its 2026 capital spending range and said annual production should exceed its earlier target after third-quarter revenue rose to $549.1 million.

The quarter ended Sept. 30, 2026. The Calgary-based oil and gas producer focuses on Colombia, and its financial figures are in U.S. dollars. Revenue was $549.068 million, compared with $220.786 million in the third quarter of 2025. Net income was $75.255 million, up from $50.476 million. Basic net income per share was 78 cents, compared with 52 cents.

Average production rose to 83,264 barrels of oil equivalent per day (boe/d) from 43,953 boe/d a year earlier. The production increase was driven mainly by the newly acquired Colombian operations, which contributed for a full quarter after the Frontera deal closed June 1, alongside continued output from LLA-111. Parex’s net revenue was $66.58 per boe.

For 2026, Parex raised its capital spending range to $510 million to $540 million from $495 million to $515 million. It expects average production to exceed its previous guidance range of 63,000 to 67,000 boe/d but did not provide a new numerical target.

For the second half of 2026, Parex narrowed its production range to 85,500 to 87,500 boe/d from 82,000 to 91,000 boe/d. It lowered its funds flow provided by operations outlook to $435 million to $450 million from $475 million to $525 million. The midpoint of its free funds flow outlook fell to $140 million from $215 million, while second-half capital spending guidance rose to $285 million to $315 million from $275 million to $295 million.

Parex raised its second-half Brent price assumption to $95 per barrel from $90. Its production expense assumption increased to $22 to $23 per boe from $16 to $20, and its assumed Vasconia differential widened to $8 to $12 per barrel from $4. Parex pointed to a wider Vasconia discount, higher energy costs and the peso’s appreciation as factors pressuring cash flow and production costs.

“While wider differentials, energy costs, and foreign exchange are weighing on near-term cash flow expectations, our operational momentum remains strong,” Parex President and CEO Imad Mohsen said.