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Parex Resources posts lower YOY Q2 net income despite higher revenue

Parex Resources Inc. on Aug. 1 reported a net income of $101.5 million, or 69 cents per share, down from the $188.6 million, or $1.21 cents per share, posted for the same period in 2018.

Oil and natural gas revenue came in at $301.8 million, compared to $241.8 million a year prior.

Capital expenditures came in at $48.7 million, down from $100.6 million a year ago.

Average daily production was pegged at 52,252 barrels of oil equivalent per day in the second quarter, up from 42,625 boe/d a year ago.

The company's operating netback was recorded at $41.25/boe, compared to $44.97/boe a year ago.

Parex said it expects third-quarter production to exceed 53,000 boe/d.

Headquartered in Canada, Parex Resources focuses on exploring, developing, producing and marketing oil and natural gas in Colombia.