Parex is a ~100% Colombia-focused conventional light/medium oil E&P listed in Canada (TSX) and one of the country's largest independent producers. It runs a low-cost, high-netback Llanos Basin portfolio (LLA-34, Cabrestero, Capachos) plus Middle Magdalena Valley assets, historically operated with a net-cash balance sheet and strong free-cash-flow generation.
FY2025 delivered ~42 mboe/d of ~99% oil production, ~US$0.89bn revenue and ~US$0.25bn net income (up sharply on a weak FY2024), while the company sustained a ~5-6% dividend yield and share buybacks. The investment case pits Colombia country risk (political, fiscal/tax, FX, security and community-related disruptions) against a low-decline oil base and one of the sector's cleanest balance sheets.
Its EV/EBITDA of 3.6x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 7.8% is higher than the 6.5% median, and at $16.28/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Parex Resources Inc. scores 56/100, strongest on valuation (68/100). Sub-scores: value 68, quality 56, growth 32, risk 53 (higher = riskier).
Parex Resources Inc. holds approximately 0.11 billion boe of proved (1P) reserves with FY2025 production of about 45 thousand boe/d (93% liquids), a reserve life of roughly 6.9 years. Break-even: ~$40 (Brent FCF breakeven) — Low corporate breakeven (~US$40/bbl Brent) driven by low-cost conventional Llanos oil, high netbacks and no debt-service burden; base dividend plus sustaining capital are covered well below prevailing Brent.
For Parex Resources Inc., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Colombia | 100% | 66 | New licensing ban stance, security in producing regions, fiscal reform. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| LLA-34 | Colombia | Conventional oil | Flagship Llanos block; core producing asset, 100% WI after Ecopetrol stake buy-in |
| Cabrestero (LLA-32) | Colombia | Conventional oil | Core Llanos producing block adjacent to LLA-34 |
| Capachos | Colombia | Conventional oil & gas | Llanos foothills; higher-pressure light oil and associated gas |
| Arauca | Colombia | Conventional oil | Llanos foothills conventional oil, foothills trend |
| LLA-122 (Northern Llanos) | Colombia | Exploration/appraisal | Large deep Northern Llanos exploration and appraisal acreage |
| VMM blocks | Colombia | Conventional / unconventional | Middle Magdalena Valley oil incl. appraisal upside |
| Aguas Blancas / Fortuna | Colombia | Conventional oil | Magdalena Valley producing and EOR asset |
| Northern Llanos (LLA-38 etc.) | Colombia | Exploration | Additional Llanos exploration blocks |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 46 | 52 | 54 | 47 | 45 |
| Proved reserves (bnboe) | 0.14 | 0.15 | 0.15 | 0.14 | 0.11 |
| Revenue ($bn) | 0.8 | 1.4 | 1.2 | 1.1 | 1.2 |
| EBITDA ($bn) | 0.5 | 0.8 | 0.7 | 0.6 | 0.5 |
| Net income ($bn) | 0.2 | 0.5 | 0.4 | 0.1 | 0.3 |
| Free cash flow ($bn) | 0.2 | 0.3 | 0.2 | 0.1 | 0.1 |
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✓ FY2025 figures verified against primary sources: