Paramount Resources Reports First Quarter Profit of $68.1 Million and Increases Monthly Dividend by 20%

CALGARY – Paramount Resources Ltd. has increased its dividend by 20 percent as it reported first-quarter profits of $68.1 million.

The oil and gas producer now says it will pay a monthly dividend of 15 cents per share, down from 12.5 cents per share.

The increase came as Paramount says first-quarter profit was 46 cents per diluted share for the quarter ended March 31, compared with profit of $197.0 million or $1.33 per diluted share a year earlier.

Oil and natural gas sales totaled $452.3 million, compared to $489.7 million in the first quarter of 2023.

Sales volumes in the quarter totaled 100,977 barrels of oil equivalent per day, compared to 97,269 in the same quarter last year.

On an adjusted basis, Paramount says cash flow in the latest quarter was $1.52 per diluted share, compared to $1.81 per diluted share a year earlier.

This report by The Canadian Press was first published May 2, 2024.

Companies in this story: (TSX:POU)

The Canadian Press