Paramount Resources reports $68.1M Q1 profit, raises monthly dividend 20%

Paramount Resources Ltd. raised its dividend by 20 per cent as it reported a first-quarter profit of $68.1 million.

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

The increase came as Paramount says its first-quarter profit amounted to 46 cents per diluted share for the quarter ended March 31 down from a profit of $197.0 million or $1.33 per diluted share a year earlier.

Petroleum and natural gas sales totalled $452.3 million, down from $489.7 million in the first quarter of 2023.

Sales volumes in the quarter totalled 100,977 barrels of oil equivalent per day, up from 97,269 in the same quarter last year.

On an adjusted basis, Paramount says its funds flow amounted to $1.52 per diluted share in its latest quarter, down from $1.81 per diluted share a year earlier.

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