Company downgrades sales volumes forecast for 2024

  • Paramount Resources shares fall on lower sales volumes expectations
  • Company downgrades sales volumes forecast for 2024
  • Shut-in of dry gas production due to current commodity prices
  • Shares down 9.9% at 28.25 Canadian dollars
  • Sales volumes expected to be between 100,000 and 106,000 barrels of oil equivalent a day
  • 9,000 barrel-a-day decline compared to prior guidance
  • Disposition completed in February reduces sales volumes by about 1,000 barrels a day
  • Shut-in of dry gas production reduces forecast 2024 average sales volumes by 2,250 barrels a day
  • Production expectations for other wells across operations downgraded

Paramount Resources shares were lower after the company downgraded its sales volumes forecast for the year in part amid a shut-in of dry gas production due to current commodity prices. In late morning trading, shares were down 9.9% at 28.25 Canadian dollars ($20.78). The Canadian petroleum company said it now expects sales volumes to be between 100,000 and 106,000 barrels of oil equivalent a day. The company said this is a 9,000 barrel-a-day decline at the midpoint compared with its prior guidance of 108,000 to 116,000 barrels of oil a day. Behind the downgrade is a disposition that was completed in February, reducing sales volumes by about 1,000 barrels a day. Paramount added that it has shut in dry gas production as a result of current natural gas price environment, reducing forecast 2024 average sales volumes by a further 2,250 barrels a day. It has also downgraded its production expectations for other wells across its operations.

Factuality Level: 8
Factuality Justification: The article provides specific details about Paramount Resources’ downgraded sales volumes forecast, including the reasons behind the downgrade and the impact on production. The information is clear and focused on the main topic without unnecessary digressions or bias.
Noise Level: 3
Noise Justification: The article provides relevant information about Paramount Resources downgrading its sales volumes forecast for the year due to current commodity prices. It includes specific details such as the new sales volume forecast, reasons behind the downgrade, and the impact on production. The article stays on topic and supports its claims with data and examples. However, it lacks in-depth analysis, accountability, and actionable insights, which prevents it from scoring higher.
Financial Relevance: Yes
Financial Markets Impacted: Paramount Resources
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to a financial company, Paramount Resources, and provides information about the company downgrading its sales volumes forecast for the year due to a shut-in of dry gas production and current commodity prices. However, there is no mention of an extreme event or its impact.
Public Companies: Paramount Resources (N/A)
Key People: Adriano Marchese (N/A)

Reported publicly: www.marketwatch.com