09:05 AM EDT, 05/02/2024 (MT Newswires) -- Paramount Resources ( PRMRF ) on Thursday reported first-quarter earnings of $68.1 million, or $0.46 per diluted share, down 65% from $197 million, or $1.33 per diluted share, a year earlier.

A sole analyst polled by Capital IQ expected $0.50.

Adjusted funds flow for the quarter ended March 31 was $225.6 million, or $1.52 per diluted share, down 16% from $268.2 million, or $1.81 per diluted share, a year earlier.

Petroleum and natural gas sales for the first quarter were $452.3 million, down 8% from $489.7 million. A sole analyst surveyed by Capital IQ expected $415 million.

The company said it raised its regular monthly dividend by 20% to $0.15 per common share from $0.125 per class A common share. The dividend is payable on May 31 to shareholders of record on May 15.

Paramount confirmed its 2024 sales volumes, capital expenditure, and abandonment and reclamation expenditure guidance. The company lowered its forecast for 2024 free cash flow to $205 million from $235 million.