(Calgary) Shares of Parex Resources fell more than 20 per cent Thursday after the company cut its production forecast for the year and announced its chief financial officer was leaving to pursue another opportunity.
The company, which has operations in Colombia, said the midpoint of its production guidance for its 2024 fiscal year is now 49,000 barrels of oil equivalent per day, down from previous expectations of 57,000.
The company said the lower production forecast was mainly due to lower-than-expected results from its Arauca operations.
Parex also lowered the midpoint of its capital expenditure guidance from US$410 million to US$380 million.
The changes came as Parex announced that Chief Financial Officer Sanjay Bishnoi was leaving the company, effective September 20. Parex said it has appointed Cameron Grainger as interim CFO.
Parex shares fell $4.08, or 23.6%, to $13.18 at the close on the Toronto Stock Exchange on Thursday.