-- Parex Resources' (PXT.TO) first-quarter earnings dropped year over year in the first quarter, according to preliminary results released Thursday.
Parex cited an unrealized loss on commodity risk management contracts, an increase in deferred tax expense, a higher cash settled share-based compensation expense, and recognition of one one-time costs.
The company booked a net income of US$5 million, or $0.05 per share, in the first quarter, slumping from $81 million, or $0.82 per share, in the year-ago period.
Average production rose year over year to 44,735 barrels of oil equivalent per day (boe/d) from 43,658 boe/d.
Adjusted EBITDA totaled $133 million in the first quarter, compared to $135 million in the previous year.
Parex expects to release its financial and operating results for the first quarter before markets open on May 12.