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Parex Posts Stronger Q1 Production Ahead of Frontera Asset Acquisition

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Colombia-based Parex Resources reported Q1 earnings Tuesday, showing total average daily production of 44,735 barrels of oil equivalent per day, up from 43,658 boe/d a year earlier.

The company produced 43,249 barrels per day of crude oil for the quarter ended March 31, compared with 42,857 b/d a year earlier.

Parex increased light and medium crude oil production to 13,980 b/d in the quarter from 10,650 b/d a year earlier, while heavy crude oil production declined to 29,269 b/d from 32,207 b/d.

Natural gas production was 8.9 million cubic feet per day in the first quarter, up from 4.8 MMcf/d a year earlier.

Average daily oil and natural gas sales reached 44,561 boe/d in the quarter, compared with 43,863 boe/d a year earlier.

Produced crude oil sales totaled 43,075 b/d for the quarter, compared with 43,049 b/d in the year-ago period.

Parex expects H2 2026 production to range between 82,000 boe/d and 91,000 boe/d after adding Frontera Energy's Colombian assets and new producing properties in the Magdalena Basin.

Parex agreed to acquire Frontera Energy's Colombian upstream assets for $500 million plus assumed debt and a potential $25 million contingent payment, with the transaction expected to close in the second quarter of 2026 pending remaining conditions and approvals.

The company expects second-half capital expenditures between $275 million and $295 million.

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