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Parex Resources (PXT) USD

At a glance: strengths & risks
✓Revenue growing (+94% y/y, Q2 2026)✓Profit growing (+805% y/y, Q2 2026)✓Net cash balance sheet✗Pricier than own history (EV/EBITDA 4.4 vs avg 2.1)

Sector: Oil & gas

COMM_PXT

Price chart

26.68 CADDay -0.00%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
26.68 CAD · -0.00%
Market cap
1.8 bn USD

Growth

Δ revenue y/y
94.3%
Δ EBITDA y/y
93.1%

Multiples

P/E (LTM)
2.8x
3y avg: 8.3x
P/B (FY)
0.9x
P/E (ann.)
1.0x
EV/EBITDA (LTM)
4.4x
3y avg: 2.1x
EV/EBITDA (ann.)
3.0x

Cash return

Dividend yield
5.8%
FCF yield (LTM)
-43.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-27.8%
↓ details

Liquidity

Daily turnover (listing)
8 mln CAD

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK468.9
y/y 94.3%
143.3
y/y 144.6%
62.4
y/y 30.1%
205.7
y/y 93.1%
444.3
y/y 804.6%
199.2-67.94235.5
y/y 90.5%
2351.7
y/y 24.0%
83.0%629.0Yahoo Finance
2026-03-31Q1 2026 (3M)OK273.1
y/y 1.9%
54.5
y/y -34.9%
51.3
y/y 1.7%
105.8
y/y -21.1%
4.6
y/y -94.3%
24.1-41.52496.1
y/y 13.6%
1932.7
y/y 2.8%
0.9%130.4Yahoo Finance
2025-12-31Q4 2025 (3M)OK251.5
y/y —
36.1
y/y —
54.3
y/y —
90.3
y/y —
74.9
y/y —
107.7-39.92341.1
y/y 8.6%
1952.9
y/y 6.6%
13.3%-25.3Yahoo Finance
2025-06-30Q2 2025 (3M)OK241.4
y/y —
58.6
y/y —
47.9
y/y —
106.5
y/y —
49.1
y/y —
142.6-45.42223.2
y/y —
1896.2
y/y —
10.4%-80.8Yahoo Finance
2025-03-31Q1 2025 (3M)OK268.1
y/y —
83.7
y/y —
50.4
y/y —
134.1
y/y —
80.6
y/y —
87.6-40.32198.0
y/y —
1880.5
y/y —
17.4%-31.0Yahoo Finance
2024-12-31FY 2024 (12M)OK1288.2
y/y -9.0%
467.8
y/y -21.6%
215.8
y/y 11.1%
683.6
y/y -13.5%
60.7
y/y -86.8%
569.9-226.02155.1
y/y -10.8%
1831.3
y/y -6.3%
3.2%-38.0Yahoo Finance
2023-12-31FY 2023 (12M)OK1415.0
y/y —
596.3
y/y —
194.2
y/y —
790.6
y/y —
459.3
y/y —
376.5-350.42415.3
y/y —
1955.4
y/y —
—-50.4Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Long-term debt (incl. LT leases)792
− Cash & equivalents163
Net debt629

Net debt / LTM EBITDA: 1.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-200-10001002002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Net debt / cash ($ mln)

-20002004006002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.64x of reported net profit; after capex, 0.84x.
year2022202320242025
cash flow / profit1.61x0.82x9.39x1.67x
accruals, % of assets-16.1%3.4%-23.6%-7.2%
Last twelve months (to - Q2 2025): 0.74x of profit came back as operating cash flow.
net debt / EBITDA -0.1x · capex 1.7x of depreciation · dividends 39% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d		Realized price
USD $/boe		Operating netback
USD $/boe		Operating cost
USD $/boe		Realized price
USD $/Mcf		Operating netback
USD $/Mcf
Q2 2026-0654 121
+27.2%		90.84
+48.1%		45.14
+24.5%		17.69
+39.3%		——
H1 2026-0649 45580.6742.5016.20——
Q1 2026-0344 735
+2.5%		67.67
+0.9%		39.16
−0.6%		14.29
−0.8%		——
Q4 2025-1248 606
+7.3%		56.70
−11.4%		32.10
−8.0%		12.14
−6.3%		——
FY 2025-1242 377
−15.1%		65.0738.32
−7.2%		19.64
+66.3%		11.688.31
Q3 2025-0943 953
−7.6%		62.32
−9.8%		34.7115.36——
Q2 2025-0642 542
−20.6%		61.35
−18.9%		36.2512.70——
Q1 2025-0343 658
−18.1%		67.05
−5.6%		39.4014.41——
Q4 2024-1245 29764.0134.9012.95——
FY 2024-1249 924
−8.2%		—41.30
−7.3%		11.81
+13.3%		——
Q3 2024-0947 56969.07————
Q2 2024-0653 56875.69————
Q1 2024-0353 33871.02————
FY 2023-1254 356—44.5510.42——

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.parexresources.com/press-releases/parex-resources-announces-2025-full-year-results-reserves-per-share-growth-and-declaration-of-q1-2026-dividend-2/; https://www.parexresources.com/press-releases/parex-resources-announces-q2-2026-results-highlights-strong-july-production-reaffirms-step-change-guidance-and-declares-q3-2026-dividend/; https://www.parexresources.com/press-releases/parex-resources-positioned-to-become-colombias-largest-independent-oil-gas-producer-provides-step-change-guidance-reports-q1-2026-results-and-declares-q2-2026-dividend-2/; https://www.parexresources.com/wp-content/uploads/2026/03/PXT-12-31-2025-AIF-FINAL.pdf; https://www.parexresources.com/wp-content/uploads/2026/03/PXT.12-31-2025.FS-MDA-Combined-FINAL.pdf; https://www.parexresources.com/wp-content/uploads/2026/07/PXT-06-30-2026.FSMDA-Combined-FINAL.pdf

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
305.47 mln boe (2P)
2025
Reserve life (R/P)
19.7 yrs
reserves ÷ annual output
Annual production
15.47 mln boe
2025

Production, mln boe

19.84202318.22202415.472025

Proved reserves

YearReserves, mln boe (2P)
2025305.47

Production

YearProduction, mln boeper day, mln boe
202515.47
−15.1%		0.04
202418.22
−8.2%		0.05
202319.840.05

Company reports: https://www.parexresources.com/press-releases/parex-resources-announces-2025-full-year-results-reserves-per-share-growth-and-declaration-of-q1-2026-dividend-2/; https://www.parexresources.com/press-releases/parex-resources-announces-q2-2026-results-highlights-strong-july-production-reaffirms-step-change-guidance-and-declares-q3-2026-dividend/; https://www.parexresources.com/press-releases/parex-resources-positioned-to-become-colombias-largest-independent-oil-gas-producer-provides-step-change-guidance-reports-q1-2026-results-and-declares-q2-2026-dividend-2/; https://www.parexresources.com/wp-content/uploads/2026/03/PXT-12-31-2025-AIF-FINAL.pdf; https://www.parexresources.com/wp-content/uploads/2026/03/PXT.12-31-2025.FS-MDA-Combined-FINAL.pdf; https://www.parexresources.com/wp-content/uploads/2026/07/PXT-06-30-2026.FSMDA-Combined-FINAL.pdf

Key-commodity price — Brent

Current 100spot vs LTM +30%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -27.8% ▲ +2.4 pp 1d

Main driver: Brent +30% vs LTM; revenue ×1.29 vs costs ×1.04; EBITDA 491→673; at 2.8× EV/EBITDA → -28%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+95%99.6976.5180.81+30%+6%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue1 235
LTM EBITDA491
LTM cash costs (revenue − EBITDA)744
2 · Revenue projection
Revenue multiplier — spot×1.288 (+29%)
= Spot revenue1 591
Revenue multiplier — 3y price×1.054 (+5%)
= 3-year-price revenue1 301
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs773
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs773
4 · EBITDA projection (revenue − costs)
= Spot EBITDA817
= 3-year-price EBITDA528
Conservative EBITDA = min(spot, avg)673
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.8x
Target EV = EV/EBITDA × conservative EBITDA1 890
Net debt629
Target market cap = EV − net debt1 332
Current market cap1 843

Upside = target market cap ÷ current − 1 = -27.8%

Life of mine: 20 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY1 4151 382+2.4%649664-2.2%
2024 FY1 2881 375-6.3%529579-8.5%
2025 FY1 0161 110-8.5%461321+43.8%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -21% vs -9% the year before — a -12.2 pp move. 3-year CAGR -15%.
revenue growth by year: 2023 -14% · 2024 -9% · 2025 -21%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.1x · target 75th pct (3y) 2.8x · LTM avg 2.9x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil & gas. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal22.22.8x2.8x
LukoilRussia44.72.2x4.6x
Occidental Petroleumglobal54.55.1x5.1x
GazpromRussia32.42.8x5.8x
ConocoPhillipsglobal156.76.4x6.4x
RosneftRussia51.43.1x6.6x
Chevronglobal378.97.9x7.9x
SantosAustralia19.08.9x8.4x
TatneftRussia20.84.1x8.5x
Gazprom NeftRussia37.04.1x8.6x
Exxon Mobilglobal680.19.6x9.6x
NovatekRussia44.57.8x16.5x
Group median4.6x7.2x
Group average5.4x7.6x
This companyglobal1.84.4x4.4x

Group median 4.6x as traded, 7.2x adjusted; this company 4.4x — a 39% discount.

Group average 5.4x as traded, 7.6x adjusted; against the average this company is at a 41% discount.

At the adjusted group median the market cap would be +62% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.4x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.5x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-01; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-080.385 CADEx-dividend: 0.385 CAD per sharePaidYahoo Finance (ex-div)
2026-06-080.385 CADEx-dividend: 0.385 CAD per sharePaidYahoo Finance (ex-div)
2026-03-180.385 CADEx-dividend: 0.385 CAD per sharePaidYahoo Finance (ex-div)
2025-12-080.385 CADEx-dividend: 0.385 CAD per sharePaidYahoo Finance (ex-div)
2025-09-080.385 CADEx-dividend: 0.385 CAD per sharePaidYahoo Finance (ex-div)
2025-06-090.385 CADEx-dividend: 0.385 CAD per sharePaidYahoo Finance (ex-div)
2025-03-110.385 CADEx-dividend: 0.385 CAD per sharePaidYahoo Finance (ex-div)
2024-12-090.385 CADEx-dividend: 0.385 CAD per sharePaidYahoo Finance (ex-div)
2024-09-090.385 CADEx-dividend: 0.385 CAD per sharePaidYahoo Finance (ex-div)
2024-06-100.385 CADEx-dividend: 0.385 CAD per sharePaidYahoo Finance (ex-div)
2024-03-140.375 CADEx-dividend: 0.375 CAD per sharePaidYahoo Finance (ex-div)
2023-12-140.375 CADEx-dividend: 0.375 CAD per sharePaidYahoo Finance (ex-div)
2023-09-140.375 CADEx-dividend: 0.375 CAD per sharePaidYahoo Finance (ex-div)
2023-06-140.375 CADEx-dividend: 0.375 CAD per sharePaidYahoo Finance (ex-div)
2023-03-140.375 CADEx-dividend: 0.375 CAD per sharePaidYahoo Finance (ex-div)
2022-12-140.25 CADEx-dividend: 0.25 CAD per sharePaidYahoo Finance (ex-div)
2022-09-140.25 CADEx-dividend: 0.25 CAD per sharePaidYahoo Finance (ex-div)
2022-06-140.25 CADEx-dividend: 0.25 CAD per sharePaidYahoo Finance (ex-div)
2022-03-140.14 CADEx-dividend: 0.14 CAD per sharePaidYahoo Finance (ex-div)
2021-12-140.125 CADEx-dividend: 0.125 CAD per sharePaidYahoo Finance (ex-div)
2021-11-150.25 CADEx-dividend: 0.25 CAD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Parex Resources (PXT) — from primary filings.

Frequently asked questions

What is Parex Resources (PXT)'s P/E ratio?
Parex Resources (PXT) trades at a P/E of 2.8x (price to trailing 12-month earnings).
What is Parex Resources (PXT)'s EV/EBITDA?
Parex Resources (PXT) trades at 4.4x EV/EBITDA.
What is Parex Resources (PXT)'s P/B ratio?
Parex Resources (PXT) trades at a P/B of 0.9x.
What is Parex Resources (PXT)'s dividend yield?
Parex Resources (PXT)'s trailing 12-month dividend yield is 5.8%.
What is Parex Resources (PXT)'s return on equity (ROE)?
Parex Resources (PXT)'s ROE is 83.0%.
What is Parex Resources (PXT)'s market capitalization?
Parex Resources (PXT)'s market cap is 1.8 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map