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Parex Resources Inc. (PARXF) CEO Imad Mohsen on Q4 2021 Results - Earnings Call Transcript

Mar. 02, 2022 1:16 PM ETParex Resources Inc. (PARXF), PXT:CA1 Comment
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Parex Resources Inc. (OTCPK:PARXF) Q4 2021 Earnings Conference Call March 2, 2022 11:30 AM ET

Company Participants

Mike Kruchten - Senior Vice President of Capital Markets & Corporate Planning

Imad Mohsen - President & Chief Executive Officer

Ken Pinsky - Chief Financial Officer

Eric Furlan - Chief Operating Officer

Conference Call Participants

Luke Davis - RBC


Good morning, everyone, and welcome to Parex Resources Fourth Quarter and Year-End 2021 Conference Call and Webcast. [Operator Instructions]

I would now like to turn the call over to Mike Kruchten, Senior Vice President of Capital Markets and Corporate Planning at Parex. Please, go ahead, Mike.

Mike Kruchten

Thank you, operator, and good morning, everyone. On the call with me today are Imad Mohsen, Parex's President and CEO; Ken Pinsky, Chief Financial Officer; Eric Furlan Chief Operating Officer; and Ryan Fowler, Senior Vice President of Exploration.

I would like to remind you that this conference call includes forward-looking statements and non-GAAP and other financial measures, with the associated risks outlined in our news release and MD&A, which can be found on our website or at sedar.com. All amounts disclosed today are in U.S. dollars, unless otherwise stated.

Please go ahead, Imad.

Imad Mohsen

Thanks, Mike, and good morning, everyone. As we reflect on 2021, we are extremely proud of our record results and our team that's consistently executing in both Calgary and in Colombia.

Looking back, we started the year at approximately 45,000 barrels a day, increased our capital budget significantly and exited that same year at roughly 51,500 barrels a day production rate.

Substantially, with increasing our production, we also saw an increasingly constructive global commodity price environment that ultimately contributed to Parex generating annual funds flow from operations of US$578 million, which was a record and the largest in the company's history. More to come, I

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Comments (1)

Erik Poole profile picture
Best in class.
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