RE:RE:Ecopetrol Block Partnership and Quarterly DividendOther points of interest in this release:
parex oil 1. No hedges in place, full exposure to Brent pricing
2. No restrictions due to unrest, upward guidance for end of year 46-50k bbl/day
3. They are still repurchasing shares w 110m still allocated until Dec 2021
Issues a dividend, and repurchase shares. No debt. Talk about gushing cash with high netbacks: say 47500 bbl/day ... based on the below current netbacks at $74brent would be 40-44. Additional cash flow just from brent price increase is approx 43m/qtr ... so enough for dividend money ;)
29.98 per boe from an average Brent price of $61.32 per barrel ("bbl"); As of June 30, 2021, Parex has approximately 124.9 million basic Common Shares outstanding. The aggregate 2021 budgeted amount for Common Share purchases under the current NCIB is approximately CAD$275 million (of which approximately CAD$165 million has been incurred) or approximately 12% of Parex’ current enterprise value. Parex continues to have no commodity price hedges in place such that any increases in Brent oil prices would contribute to increases in Parex’ 2021 funds flow provided by operations.