12:07 PM EDT, 05/13/2025 (MT Newswires) -- (Updates shares.)

Paramount Resources ( PRMRF ) on Tuesday said its profit surged in the first quarter and revised its 2025 capital expenditures guidance due to work at the Sinclair operation in Alberta.

The Western Canadian oil and gas producer said it earned of $1.29 billion, or $8.74 per share in the quarter, compared with $68.1 million, or $0.46 per diluted share, beating the analyst consensus estimate of $0.43 per share compiled by FactSet.

The results included a $1.62-billion gain from the $3.3-billion sale of its Karr, Wapiti and Zama properties to Ovintiv (OVV.TO) that closed on Jan. 31.

Total sales volumes fell to 54,409 barrels of oil equivalent per day (boe/d) from 100,977 boe/d.

Paramount increased its 2025 capital expenditures guidance to a range of $780 million to $840 million from the previous range of $760 million to $790 million, reflecting additional work on a potential new dry gas processing facility at its Sinclair property.

The company said the facility will preserve optionality for the company to advance the development of Sinclair in the coming quarters and allow for the possibility of ordering long-lead equipment before the year ends.

Paramount shares were last seen up $1.16 to $18.27 on the Toronto Stock Exchange.

Price: 18.27, Change: +1.16, Percent Change: +6.78