By Adriano Marchese
Paramount Resources lifted its production outlook for 2026 on the back of stronger output from its Alberta operations, a bright spot as the company reported lower profit in the first quarter.
The Canadian oil-and-natural-gas company on Tuesday said it now expects to produce more on average in 2026 thanks to the higher output at its Willesden Green Duvernay property in Alberta and an earlier start-up of its Alhambra processing facility.
Paramount set a new output guidance of between 48,000 barrels and 52,000 barrels of oil-equivalent a day, representing a 1,500 barrel-a-day increase at the midpoint.
Capital expenditures for the year are expected lower by 50 million Canadian dollars (US$36.6 million) to between C$1 billion and C$1.1 billion, Paramount said.
In the quarter, net income fell to C$53.2 million, or C$0.36 a share, down from C$1.29 billion, or C$8.74 a share, in the comparable quarter a year earlier.
According to FactSet, analysts were expecting C$0.27 a share.
The company logged a free-cash-flow loss of C$146.9 million, widened from C$90.6 million a year earlier.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
May 12, 2026 08:15 ET (12:15 GMT)
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