05:09 PM EST, 01/19/2026 (MT Newswires) -- Parex Resources ( PARXF ) after close of trade Monday published its 2026 guidance, and also announced that Wayne Foo will be retiring as Board Chair and Director of the Board, effective May 12, 2026. In line with succession planning, it added, current Vice Chair and Director, Glenn McNamara, will assume the role of Chair.

Among key highlights, Parex said it is targeting FY 2026 average production of 47,000 boe/d, which represents production growth of 5% relative to FY 2025. It is forecasting FY26 capital expenditures of US$300 million, inclusive of $65 million of acquisition capital in the form of carry related to previously announced farm-in agreements. It cited a "fully funded program" at the midpoint of guidance, with estimated FY26 funds flow provided by operations of $405 million and free funds flow of $105 million at $60/bbl Brent, with upside at current strip pricing.

"Parex's 2026 program reflects a year-over-year reduction in sustaining capital and moderate base growth, while strategically investing in independent projects that offer meaningful growth potential for shareholders," said Imad Mohsen, President & Chief Executive Officer.

"While we will maintain disciplined investment in waterflood and polymer to optimize the performance of our core assets, our fully funded program also includes noteworthy carry capital. This represents the acquisition cost of gaining working interests in highly prospective new blocks, such as the Putumayo, where development is being accelerated, and the Foothills, where a transformational exploration well is positioned to unlock significant upside."

Shares in PXT closed down near 0.6% in Canada today.