Latest news with #Boe
The Star
20-05-2025
- Sport
- The Star
A bow for Boe – Dane William aspires to be like uncle Mathias
Denmark men's doubles shuttlers William Kryger Boe (left)-Christian Faust Kjaer in action. KUALA LUMPUR: Danish shuttler William Kryger Boe dreams of following the footsteps of his famous uncle Mathias Boe. The 22-year-old announced himself on the world stage in style when he and Christian Faust Kjaer stunned several big names to reach the Thailand Open final before going down fighting to Malaysia's 2022 world champions Aaron Chia-Soh Wooi Yik in Bangkok on Sunday. Boe-Kjaer upstaged Indonesia's world No. 5 Fajar Alfian-Rian Ardianto and another Malaysian duo, world No. 8 Man Wei Chong-Tee Kai Wun en route to the pair's first World Tour final. Boe said that he is inspired by his uncle Mathias, who formed a legendary partnership with Carsten Morgensen during his playing days. The pair reached world No. 1 in 2010 and captured silver in the 2012 London Olympics. 'I was born into badminton. Mathias Boe is my mother's brother and he's been a big influence in my career,' said Boe. 'I've been to the All-England in Birmingham when he was playing and watched him. 'I started playing badminton at the age of five because of him. I always wanted to be like him and hopefully, one day I can play in the big events just like him.' Just like Boe, Kjaer's uncle Kasper Faust Henriksen was also a badminton player. Having uncles in the sport has forged a strong friendship between Boe and Kjaer from childhood. 'My uncle Kasper also played badminton but he was not as good as Mathias. He did play in some big tournaments like the Denmark Open,' said Kjaer. 'William and I knew each other since we were five. We both started playing badminton as soon as we could pick up a racquet and hit the shuttle. 'We are really good friends and we also spend time off court. This helps our communication on court. 'Sometimes, we are harsh with each other but in a good way. We encourage each other.' Boe-Kryger leaped 25 spots to No. 50 in the latest world rankings after their exploits in the Thailand tourney but the duo do not want to stop there. 'We train on a daily basis with some of the best pairs in the world like world No. 1 Kim (Astrup) and Anders (Skaarup Rasmussen),' said Boe. 'Our biggest goal is to emulate our seniors. Right now, we just want to focus on our game and in the coming years, we hope we can step up. 'We want to win as much as possible. We will take it slow and work hard. Last week in Thailand was crazy. We didn't expect anything like that. 'At the highest level, it's about playing more matches and gaining in confidence when we manage to beat the top pairs,' added Boe. Boe-Kryger got off to a good start in the Malaysian Masters when they easily beat homesters Chia Weijie-Lwi Shenghao 21-9, 21-16 in the first qualifying round at the Axiata Arena in Bukit Jalil yesterday. The pair will face another Malaysian pair Aaron Tai-Kang Khai Xing in the first round today. World junior champions Aaron-Khai Xing defeated teammates Bryan Jeremy Goonting-Fazriq Razif 21-17, 21-17 in their qualifying round match.
The Star
20-05-2025
- Sport
- The Star
A bow for Boe - Danish William aspires to be like uncle Mathias
Dynamic duo: Denmark men's doubles shuttlers - William Kryger Boe (left) and Christian Faust Kjaer having a wefie with the fans after beating Malaysia's Chia Weijie-Lwi Sheng Hao in the qualifying round of the Malaysian Masters at Axiata Arena, Bukit Jalil on Tuesday. — IZZRAFIQ ALIAS/The Star KUALA LUMPUR: Danish shuttler William Kryger Boe dreams of following the footsteps of his famous uncle Mathias Boe. The 22-year-old announced himself on the world stage in style when he and Christian Faust Kjaer stunned several big names to reach the Thailand Open final before going down fighting to Malaysia's 2022 world champions Aaron Chia-Soh Wooi Yik in Bangkok on Sunday. Boe-Kjaer upstaged Indonesia's world No. 5 Fajar Alfian-Rian Ardianto and another Malaysian duo, world No. 8 Man Wei Chong-Tee Kai Wun en-route to the pair's first World Tour final. Boe said that he was inspired by his uncle Mathias, who formed a legendary partnership with Carsten Morgensen during his playing days. The pair reached world No. 1 in 2010 and captured silver in the 2012 London Olympics. "I was born into badminton. Mathias Boe is my mother's brother and he's been a big influence in my career," said Boe. "I've been to the All-England in Birmingham when he was playing and watched him. "I started playing badminton at the age of five because of him. I always wanted to be like him and hopefully, one day I can play in the big events just like him." Just like Boe, Kjaer's uncle Kasper Faust Henriksen was also a badminton player. Having uncles in the sport has forged a strong friendship between Boe and Kjaer from childhood. "My uncle Kasper also played badminton but he was not as good as Mathias. He did play in some big tournaments like the Denmark Open," said Kjaer. "William and I knew each other since we were five. We both started playing badminton as soon as we could pick up a racket and hit the shuttle. "We are really good friends off and we also spend time off court. This helps our communication on court. "Sometimes, we are harsh with each other but in a good way. We encourage each other." Boe-Kryger leaped 25 spots to No. 50 in the latest world rankings after their exploits in the Thailand tourney but the duo do not want to stop there. "We train on a daily basis with some of the best pairs in the world like world No. 1 Kim (Astrup) and Anders (Skaarup Rasmussen)," said Boe. "Our biggest goal is to emulate our seniors. Right now, we just want to focus on our game and in the coming years, we hope we can step up. "We want to win as much as possible. We will take it slow and work hard. Last week in Thailand was crazy. We didn't expect anything like that. "At the highest level, it's about playing more matches and gaining in confidence when we manage to beat the top pairs," added Boe. Boe-Kryger got off to a good start in the Malaysian Masters when they easily beat homesters Chia Weijie-Lwi Shenghao 21-9, 21-16 in the first qualifying round at the Axiata Arena in Bukit Jalil on Tuesday (May 20). The pair will face another Malaysian pair Aaron Tai-Kang Khai Xing in the first round on Wednesday. World junior champions Aaron-Khai Xing defeated teammates Bryan Jeremy Goonting-Fazriq Razif 21-17, 21-17 in their qualifying round match.
New Straits Times
20-05-2025
- Sport
- New Straits Times
Danish doubles pair follow in their uncles' footsteps
KUALA LUMPUR: Men's badminton doubles pair William Kryger Boe-Christian Faust Kjaer had plenty of inspiration to draw from when growing up in Denmark. Boe is the nephew of Mathias Boe, who, alongside Carsten Mogensen, formed the world No. 1 men's doubles partnership that won silver at the 2012 London Olympics. Kjaer is the nephew of Kasper Faust Henriksen who is a former European Championships gold medallist. "Christian and I both grew up in a badminton hall and picked up a racquet as soon as we could hit a shuttle. From there, it just evolved," said Boe, 22. "I used to watch my uncle Mathias play at the All England when I was young. "He texts us after every match with advice on what we can improve. He has always been a great supporter. "Our biggest goal is to be the No. 1 pair in the world. But we are going to take things slow. Right now we just have to focus on our career and our play." World No. 50 Boe-Kjaer made headlines last week after advancing to the Thailand Open final as qualifiers. They were eventually beaten by Malaysia's world No. 3 pair, Aaron Chia-Soh Wooi Yik, 20-22, 21-17, 21-12. It was a breakthrough achievement as the Danes had not progressed beyond the early rounds in their previous five tournaments. "It's all about confidence. We train daily with some of the best players in the world," said Kjaer. "We spar regularly with the world No. 1 pair, Kim Astrup-Anders Skaarup Rasmussen, so we know our level is high. We just need to prove it and believe we can win matches." The Danes wasted no time after their Thailand Open campaign, jumping straight into action in the Malaysian Masters qualifying round. They dispatched Malaysia's world No. 72 Chia Weijie-Lwi Sheng Hao 21-9, 21-10 in just 20 minutes at the Axiata Arena to secure a spot in the main draw today (May 19). Boe-Kjaer will face reigning World Junior Champions Aaron Tai-Kang Khai Xing in the opening round of the main draw tomorrow. Earlier, Aaron-Khai Xing earned their place in the main draw after overcoming teammates and world No. 67 Bryan Jeremy Goonting-Fazriq Razif 21-17, 21-17 in straight games.
CBS News
15-05-2025
- Climate
- CBS News
Minnesota National Guard "honored" to aid in wildfire battle
The grim fight against the northeastern Minnesota wildfires continue on Thursday, with hundreds of evacuations and thousands of acres destroyed. On Monday, Gov. Tim Walz activated a team of 20 Minnesota National Guard members to support the Minnesota Department of Natural Resources in its battle against the flames. They are now stationed in Two Harbors. Cpt. Sydney Boe says morale is high as she and her fellow guard members work to contain two of the largest fires from the sky: the Camp House and Jenkins Creek fires, collectively called the "Brimson Complex." "It's been long days," Boe said. "It's very mentally and physically taxing just controlling the aircraft with all the winds and trying to get it in the right spot for the drops that the DNR wants, as well as just looking out for other aircraft, having that positive crew communication the entire time. So it is taxing, but like I said, we're honored to be here." The guard is working with a total of four helicopters, each with the capability of picking up and dumping 600 gallons of water at a time. "It's what most of us signed up for is to be able to help, and especially help out in our community is really important," Boe said. As of Thursday morning, the three fires in St. Louis County have burned a combined 37,000 acres, and there is zero containment. "It's taken off and it's hard to see, hard to watch," said Nate Skelton, division commander of the St. Louis County Sheriff's Office. "But the fact of the matter is yeah, the conditions are right. And I haven't seen one take off and move as quickly as this one." Rain is in the forecast on Thursday, hopefully providing some relief for firefighting efforts. Interactive maps show how far the fires have spread since the weekend. How you can help Donations to support relief for Lake County community members can be made online through the Head of the Lakes United Way. Donations can also be mailed to Head of the Lakes United Way (please note it's for wildfire relief): 314 W. Superior St. #750, Duluth, MN 55802. Donations to support relief for St. Louis County community members can be made online through the United Way Northeastern Minnesota.
Cision Canada
13-05-2025
- Business
- Cision Canada
Paramount Resources Ltd. Announces First Quarter 2025 Results and Sinclair Update
CALGARY, AB, May 13, 2025 /CNW/ - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX: POU) is pleased to announce its first quarter 2025 financial and operating results and provide an update respecting its Sinclair Montney property. HIGHLIGHTS First quarter sales volumes averaged 54,409 Boe/d (45% liquids). (1) Sales volumes from the Central Alberta Region, which includes Willesden Green, averaged 7,929 Boe/d (56% liquids). Kaybob Region sales volumes averaged 21,371 Boe/d (36% liquids). Sales volumes from the Karr and Wapiti properties that were sold in the quarter averaged 24,704 Boe/d (48% liquids). (2) Cash from operating activities was $150 million ($1.03 per basic share) in the first quarter. Adjusted funds flow was $149 million ($1.03 per basic share). Free cash flow was ($91) million (($0.63) per basic share). (3) First quarter capital expenditures totaled $216 million. Significant activities included: Willesden Green Duvernay – one (1.0 net) well drilled, three (3.0 net) wells completed and brought on production and the continuing construction of the Alhambra Plant; Kaybob North Duvernay – two (2.0 net) wells drilled and four (4.0 net) wells completed and brought on production; and Sinclair Montney – completion and flow testing of the Company's first two (2.0 net) appraisal wells. __________________________________________ (1) In this press release, "natural gas" refers to shale gas and conventional natural gas combined, "condensate and oil" refers to condensate, light and medium crude oil, tight oil and heavy crude oil combined, "Other NGLs" refers to ethane, propane and butane and "liquids" refers to condensate and oil and Other NGLs combined. See the "Product Type Information" section for a complete breakdown of sales volumes for applicable periods by the specific product types of shale gas, conventional natural gas, NGLs, light and medium crude oil, tight oil and heavy crude oil. See also "Oil and Gas Measures and Definitions" in the Advisories section. (2) Boe/d sales volumes for the Karr and Wapiti properties calculated by dividing aggregate sales volumes from January 1, 2025 to January 30, 2025 by 90 days. (3) Adjusted funds flow and free cash flow are capital management measures used by Paramount. Cash from operating activities per basic share, adjusted funds flow per basic share and free cash flow per basic share are supplementary financial measures. Refer to the "Specified Financial Measures" section for more information on these measures. Paramount closed the sale of its Karr, Wapiti and Zama properties (the "Sold Assets") on January 31, 2025 for cash proceeds of approximately $3.3 billion, plus certain Horn River Basin properties of the acquiror (the "Grande Prairie Disposition"). Concurrently with closing, the Company entered into an amended $500 million four-year financial covenant-based revolving credit facility (the "Paramount Facility"). Following the Grande Prairie Disposition and the assignment of transportation capacity for the Sold Assets to the acquiror, approximately 70 percent of Paramount's expected natural gas sales volumes for the remainder of 2025 are priced at diversified markets outside of AECO. The Company paid a special cash distribution of $15.00 per class A common share ("Common Share") to shareholders in February 2025, comprised of a return of capital of $12.00 per Common Share and a special dividend of $3.00 per Common Share. Paramount repurchased a total of 4.9 million Common Shares in the first quarter under its normal course issuer bid. The Company received a second interim payment of $11 million from insurers related to 2023 Alberta wildfire losses. Paramount has received an aggregate of $21 million in interim payments to date and continues to advance its claims process. Paramount continues to have 10,000 Bbl/d of liquids hedged at a WTI price of C$105.00/Bbl for the remainder of 2025. The Company realized $7 million on the assignment of a portion of its first quarter 2025 ex-Alberta natural gas transportation capacity. Asset retirement obligations settled in the first quarter totaled $22 million. The carrying value of the Company's investments in securities at March 31, 2025 was $523 million. At March 31, 2025, Paramount had net cash of $638 million and the $500 million Paramount Facility remained undrawn. (1) SINCLAIR UPDATE Activities at Sinclair in the first quarter included the completion and flow testing of the Company's first two appraisal wells, testing two distinct benches within the Montney formation. The wells achieved average raw production rates of 24 MMcf/d and 16 MMcf/d of dry gas, respectively, over the final three days of testing. Gas composition monitoring demonstrated lower than expected H 2 S content. (2) With these results in hand, Paramount has initiated work for a potential new dry gas processing facility at Sinclair capable of handling up to 400 MMcf/d of raw gas production, including detailed engineering and design, regulatory and other activities. This work is expected to be completed in 2025 at a cost of between $20 million and $50 million and will preserve optionality for the Company to sanction the development of Sinclair in the coming quarters and allow for the possibility of ordering long-lead equipment before year ________________________________________ (1) Net (cash) debt is a capital management measure used by Paramount. This capital management measure has been expressed as net cash in this instance for simplicity. Refer to the "Specified Financial Measures" section for more information on this measure. (2) The well tests were conducted by production testing over periods of approximately 15 days and 9 days, respectively. Stated production rates were measured at the wellhead for a period of three days once the wells were considered stabilized after the flow-back of completion fluids. To date, no pressure transient or well-test interpretation has been finalized on the wells and, as such, the data should be considered preliminary. The production rates stated: (i) are test rates only over a short period of time and are not necessarily indicative of long-term performance or of ultimate recovery from the wells tested or from any other future wells that may be drilled by the Company at Sinclair and (ii) are raw gas volumes and do not represent potential sales volumes after processing and related shrinkage. end. As previously disclosed, Paramount has secured downstream transportation capacity that would enable the first phase of Sinclair production to commence as early as the fourth quarter of 2027. Over the remaining three quarters of 2025, the Company plans to drill an additional two Montney appraisal wells. These wells are planned to be completed and flow tested in 2026. GUIDANCE Paramount is now expecting 2025 capital expenditures of between $780 million and $840 million (previously $760 million and $790 million), reflecting the additional expenditures associated with the detailed engineering and design, regulatory and other activities related to the potential new dry gas processing facility at Sinclair. The Company continues to expect annual sales volumes of between 37,500 Boe/d and 42,500 Boe/d (48% liquids). Paramount anticipates: (i) sales volumes of between 28,000 Boe/d and 32,000 Boe/d (46% liquids) until the start-up of the Alhambra Plant at Willesden Green, (ii) fourth quarter 2025 sales volumes of between 40,000 Boe/d and 45,000 Boe/d (52% liquids) and (iii) a 2025 year-end exit rate in excess of 45,000 Boe/d (52% liquids). Paramount expects to incur abandonment and reclamation expenditures of approximately $20 million over the final three quarters of 2025. Central Alberta Region sales volumes averaged 7,929 Boe/d (56% liquids) in the first quarter of 2025 compared to 8,488 Boe/d (55% liquids) in the fourth quarter of 2024. First quarter development activities were focused on Willesden Green, where the Company brought onstream three (3.0 net) new Duvernay wells halfway through the quarter. Initial production from these wells is in line with expectations, averaging gross 30-day peak production per well of 1,073 Boe/d (1.9 MMcf/d of shale gas and 753 Bbl/d of NGLs) with an average CGR of 393 Bbl/MMcf. (1) The wells are being produced at restricted rates to optimize both condensate recovery and facility capacity. Construction of the first phase of Paramount's wholly-owned and operated Alhambra Plant at Willesden Green is progressing as planned and on budget, with start-up expected by the fourth quarter of 2025. This first phase will provide estimated raw handling capacity of 10,000 Bbl/d of liquids and 50 MMcf/d of natural gas. Significant milestones achieved in the first quarter include the delivery of final equipment packages and the construction of gathering pipelines and egress infrastructure. Paramount has commenced operational readiness activities for the new plant, including the hiring and training of personnel to support testing and commissioning activities. The Company continues to advance the second phase of the Alhambra Plant, which will double raw handling capacity to 20,000 Bbl/d of liquids and 100 MMcf/d of natural gas. All major equipment for the __________________________________________ (1) 30-day peak production is the highest daily average production rate for each well, measured at the wellhead, over a rolling 30-day period, excluding days when the well did not produce. The production rates and volumes stated are over a short period of time and, therefore, are not necessarily indicative of average daily production, long-term performance or of ultimate recovery from the wells. CGR means condensate to gas ratio and is calculated by dividing raw wellhead liquids volumes by raw wellhead natural gas volumes. See "Oil and Gas Measures and Definitions" in the Advisories section. Natural gas sales volumes were lower by approximately 13% and liquids sales volumes were lower by approximately 12% due to shrinkage. In addition, certain liquids entrained in the natural gas stream are only recovered once processed and therefore final sales volumes cannot be imputed from wellhead volumes and shrinkage estimates alone. second phase has now been ordered and the Company has commenced the construction of additional tankage that will support future phases. Start-up of the second phase of the Alhambra Plant continues to be expected in the fourth quarter of 2026. Paramount anticipates drilling a total of 25 (25.0 net) wells and bringing onstream a total of 22 (22.0 net) wells at Willesden Green in 2025. Six of these wells will flow to the Leafland Plant and 16 of the wells will flow to the new Alhambra Plant upon start-up. KAYBOB REGION Kaybob Region sales volumes averaged 21,371 Boe/d (36% liquids) in the first quarter of 2025 compared to 22,441 Boe/d (41% liquids) in the fourth quarter of 2024. Sales volumes were lower in the first quarter primarily due to natural declines. Development activities in the first quarter included the drilling of two (2.0 net) Duvernay wells at Kaybob North as well as the completion and tie-in of four (4.0 net) Duvernay wells at Kaybob North that were brought onstream at the end of the quarter. Initial production from these four new wells, which have been significantly choked due to facility gas constraints, averaged gross 30-day peak production per well of 861 Boe/d (0.5 MMcf/d of shale gas and 772 Bbl/d of NGLs) with an average CGR of 1,446 Bbl/MMcf. (1) Initial condensate production is in line with expectations given the restricted rates. Gas production is anticipated to reach peak rates after approximately 90 producing days. Over the remainder of 2025, Paramount plans to drill and bring onstream five (5.0 net) Duvernay wells at Kaybob North. (1) Average price is calculated using a weighted average of notional volumes and prices. (2) "Citygate" refers to Pacific Gas & Electric Citygate and "Malin" refers to Pacific Gas & Electric Malin. Pursuant to the swap transaction, Paramount sells at Citygate less US$1.03/MMBtu and buys at Malin. The transaction is financially settled with no physical delivery. The remaining term of this contract is April 2025 to October 2027. __________________________________________ (1) 30-day peak production is the highest daily average production rate for each well, measured at the wellhead, over a rolling 30-day period, excluding days when the well did not produce. The production rates and volumes stated are over a short period of time and, therefore, are not necessarily indicative of average daily production, long-term performance or of ultimate recovery from the wells. CGR means condensate to gas ratio and is calculated by dividing raw wellhead liquids volumes by raw wellhead natural gas volumes. See "Oil and Gas Measures and Definitions" in the Advisories section. Natural gas sales volumes were lower by approximately 14% and liquids sales volumes were lower by approximately 6% due to shrinkage. In addition, certain liquids entrained in the natural gas stream are only recovered once processed and therefore final sales volumes cannot be imputed from wellhead volumes and shrinkage estimates alone. ANNUAL GENERAL MEETING Paramount will hold its annual general meeting of shareholders on Tuesday May 13, 2025 at 10:00 am (Mountain time) in the Doulton Room at Bankers Hall Conference Centre, 400, 315 – 8 th Avenue S.W., Calgary Alberta. A webcast will be available at ABOUT PARAMOUNT Paramount is an independent, publicly traded, liquids-rich natural gas focused Canadian energy company that explores for and develops both conventional and unconventional petroleum and natural gas, including longer-term strategic exploration and pre-development plays, and holds a portfolio of investments in other entities. The Company's principal properties are located in Alberta and British Columbia. Paramount's Common Shares are listed on the Toronto Stock Exchange under the symbol "POU". Paramount's first quarter 2025 results, including Management's Discussion and Analysis and the Company's Interim Consolidated Financial Statements, can be obtained on SEDAR+ at or on Paramount's website at A summary of historical financial and operating results is also available on Paramount's website at FINANCIAL AND OPERATING RESULTS (1) ($ millions, except as noted) Q1 2025 Q4 2024 Q1 2024 Net income 1,288.8 87.4 68.1 per share – basic ($/share) 8.90 0.60 0.47 per share – diluted ($/share) 8.74 0.59 0.46 Cash from operating activities 149.9 187.7 201.3 per share – basic ($/share) 1.03 1.28 1.39 per share – diluted ($/share) 1.02 1.26 1.35 Adjusted funds flow 149.1 237.8 225.6 per share – basic ($/share) 1.03 1.62 1.56 per share – diluted ($/share) 1.01 1.59 1.52 Free cash flow (90.6) 52.8 (9.5) per share – basic ($/share) (0.63) 0.36 (0.07) per share – diluted ($/share) (0.63) 0.35 (0.07) Total assets 3,616.4 4,757.5 4,458.9 Investments in securities 522.8 563.9 568.6 Long-term debt – 173.0 – Net (cash) debt (637.9) 188.4 68.4 Common shares outstanding (millions) (2) 143.2 146.9 145.2 Sales volumes (3) Natural gas (MMcf/d) 179.6 317.3 318.7 Condensate and oil (Bbl/d) 20,542 42,835 40,908 Other NGLs (Bbl/d) 3,934 6,753 6,954 Total (Boe/d) 54,409 102,477 100,977 % liquids 45 % 48 % 47 % Central Alberta Region and Other (Boe/d) 8,334 8,972 11,485 Kaybob Region (Boe/d) 21,371 22,441 22,353 Sold Assets (Boe/d) 24,704 71,064 67,139 Total (Boe/d) 54,409 102,477 100,977 Netback ($/Boe) (4) ($/Boe) (4) ($/Boe) (4) Natural gas revenue 52.6 3.25 58.0 1.99 82.4 2.84 Condensate and oil revenue 180.6 97.70 379.4 96.26 344.8 92.64 Other NGLs revenue 14.3 40.47 21.3 34.32 23.9 37.81 Natural gas transportation assignment income (5) 7.4 0.46 0.9 0.03 – – Royalty income and other revenue (5) 11.7 – (0.3) – 1.2 – Petroleum and natural gas sales 266.6 54.43 459.3 48.72 452.3 49.24 Royalties (26.7) (5.44) (48.5) (5.14) (61.8) (6.73) Operating expense (67.8) (13.85) (123.0) (13.05) (118.9) (12.94) Transportation and NGLs processing (20.4) (4.17) (38.1) (4.04) (31.9) (3.47) Sales of commodities purchased (6) 109.7 22.40 98.7 10.46 54.7 5.95 Commodities purchased (6) (107.2) (21.88) (97.7) (10.36) (53.4) (5.81) Netback 154.2 31.49 250.7 26.59 241.0 26.24 Risk management contract settlements 1.6 0.32 (1.5) (0.16) (0.5) (0.05) Netback including risk management contract settlements 155.8 31.81 249.2 26.43 240.5 26.19 Capital expenditures Central Alberta Region and Other 138.3 95.3 39.9 Kaybob Region 51.0 18.8 56.3 Fox Drilling 3.1 0.9 4.0 Corporate (7) 2.9 – (6.5) Sold Assets 20.4 55.8 120.2 Total 215.7 170.8 213.9 Asset retirement obligations settled 22.2 11.9 16.5 (1) Adjusted funds flow, free cash flow and net (cash) debt are capital management measures used by Paramount. Netback and netback including risk management contract settlements are non-GAAP financial measures. Netback and Netback including risk management contract settlements presented on a $/Boe or $/Mcf basis are non-GAAP ratios. Each measure, other than net income, that is presented on a per share, $/Mcf or $/Boe basis is a supplementary financial measure. Refer to "Specified Financial Measures". (2) Common shares are presented net of shares held in trust under the Company's restricted share unit plan (millions): Q1 2025: 0.3, Q4 2024: 0.4, Q1 2024: 0.4. (3) Refer to the Product Type Information section of this document for a complete breakdown of sales volumes for applicable periods by specific product type. (4) Natural gas revenue and natural gas transportation assignment income presented as $/Mcf. (5) Natural gas transportation assignment income for the three months ended March 31, 2025 relates to proceeds realized by the Company on the assignment of a portion of its first quarter 2025 ex-Alberta natural gas transportation capacity to third parties. Royalty income and other revenue for the three months ended March 31, 2025 includes $11.1 million related to a second interim payment from insurers for 2023 Alberta wildfire losses. The Company has realized $21.1 million in aggregate interim payments in respect of its 2023 Alberta wildfire losses to date and continues to advance its insurance claims process. These amounts were not allocated to individual regions or properties. (6) Sales of commodities purchased and commodities purchased are treated as corporate items and not allocated to individual regions or properties. (7) Includes transfers of amounts held in Corporate to and from regions. PRODUCT TYPE INFORMATION This press release includes references to sales volumes of "natural gas", "condensate and oil", "NGLs", "Other NGLs" and "liquids". "Natural gas" refers to shale gas and conventional natural gas combined. "Condensate and oil" refers to condensate, light and medium crude oil, tight oil and heavy crude oil combined. "NGLs" refers to condensate and Other NGLs combined. "Other NGLs" refers to ethane, propane and butane. "Liquids" refers to condensate and oil and Other NGLs combined. Below is a complete breakdown of sales volumes for applicable periods by the specific product types of shale gas, conventional natural gas, NGLs, light and medium crude oil, tight oil and heavy crude oil. Numbers may not add due to rounding. 2025 average sales volumes are expected to be between 37,500 Boe/d and 42,500 Boe/d (52% shale gas and conventional natural gas combined, 40% condensate, light and medium crude oil, tight oil and heavy crude oil combined and 8% other NGLs). Prior to the start-up of the Alhambra Plant at Willesden Green, sales volumes are expected to average between 28,000 Boe/d and 32,000 Boe/d (54% shale gas and conventional natural gas combined, 37% condensate, light and medium crude oil, tight oil and heavy crude oil combined and 9% Other NGLs). Fourth quarter 2025 average sales volumes are expected to be between 40,000 Boe/d and 45,000 Boe/d (48% shale gas and conventional natural gas combined, 43% condensate, light and medium crude oil, tight oil and heavy crude oil combined and 9% Other NGLs). 2025 year-end sales volumes exit rate is expected to be in excess of 45,000 Boe/d (48% shale gas and conventional natural gas combined, 43% condensate, light and medium crude oil, tight oil and heavy crude oil combined and 9% Other NGLs). SPECIFIED FINANCIAL MEASURES Non-GAAP Financial Measures Netback and netback including risk management contract settlements are non-GAAP financial measures. These measures are not standardized measures under IFRS and might not be comparable to similar financial measures presented by other issuers. These measures should not be considered in isolation or construed as alternatives to their most directly comparable measure disclosed in the Company's primary financial statements or other measures of financial performance calculated in accordance with IFRS. Netback equals petroleum and natural gas sales (the most directly comparable measure disclosed in the Company's primary financial statements) plus sales of commodities purchased less royalties, operating expense, transportation and NGLs processing expense and commodities purchased. Sales of commodities purchased and commodities purchased are treated as corporate items and are not allocated to individual regions or properties. Netback is used by investors and management to compare the performance of the Company's producing assets between periods. Netback including risk management contract settlements equals netback after including (or deducting) risk management contract settlements received (paid). Netback including risk management contract settlements is used by investors and management to assess the performance of the producing assets after incorporating management's risk management strategies. Refer to the table under the heading "Financial and Operating Results" in this press release for the calculation of netback and netback including risk management contract settlements for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024. Non-GAAP Ratios Netback and netback including risk management contract settlements presented on a $/Boe basis are non-GAAP ratios as they each have a non-GAAP financial measure as a component. These measures are not standardized measures under IFRS and might not be comparable to similar financial measures presented by other issuers. These measures should not be considered in isolation or construed as alternatives to their most directly comparable measure disclosed in the Company's primary financial statements or other measures of financial performance calculated in accordance with IFRS. Netback on a $/Boe basis is calculated by dividing netback (a non-GAAP financial measure) for the applicable period by the total sales volumes during the period in Boe. Netback including risk management contract settlements on a $/Boe basis is calculated by dividing netback including risk management contract settlements (a non-GAAP financial measure) for the applicable period by the total sales volumes during the period in Boe. These measures are used by investors and management to assess netback and netback including risk management contract settlements on a unit of sales volumes basis. Capital Management Measures Adjusted funds flow, free cash flow and net (cash) debt are capital management measures that Paramount utilizes in managing its capital structure. These measures are not standardized measures and therefore may not be comparable with the calculation of similar measures by other entities. Refer to Note 15 in the Interim Consolidated Financial Statements of Paramount as at and for the three months ended March 31, 2025 for: (i) a description of the composition and use of these measures, (ii) reconciliations of adjusted funds flow and free cash flow to cash from operating activities, the most directly comparable measure disclosed in the Company's primary financial statements, for the three months ended March 31, 2025 and 2024 and (iii) a calculation of net (cash) debt as at March 31, 2025 and December 31, 2024. Supplementary Financial Measures This press release contains supplementary financial measures expressed as: (i) cash from operating activities, adjusted funds flow and free cash flow on a per share – basic and per share – diluted basis and (ii) petroleum and natural gas sales, revenue, royalties, operating expenses, transportation and NGLs processing expenses, sales of commodities purchased and commodities purchased on a $/Boe or $/Mcf basis. Cash from operating activities, adjusted funds flow and free cash flow on a per share – basic basis are calculated by dividing cash from operating activities, adjusted funds flow or free cash flow, as applicable, over the referenced period by the weighted average basic shares outstanding during the period determined under IFRS. Cash from operating activities, adjusted funds flow and free cash flow on a per share – diluted basis are calculated by dividing cash from operating activities, adjusted funds flow or free cash flow, as applicable, over the referenced period by the weighted average diluted shares outstanding during the period determined under IFRS. Petroleum and natural gas sales, revenue, royalties, operating expenses, transportation and NGLs processing expenses, sales of commodities purchased and commodities purchased on a $/Boe or $/Mcf basis are calculated by dividing petroleum and natural gas sales, revenue, royalties, operating expenses, transportation and NGLs processing expenses, sales of commodities purchased and commodities purchased, as applicable, over the referenced period by the aggregate units (Boe or Mcf) of sales volumes during such period. Forward-looking Information Certain statements in this press release constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "expect", "plan", "schedule", "intend", "propose", or similar words suggesting future outcomes or an outlook. Forward-looking information in this press release includes, but is not limited to: planned capital expenditures in 2025 and the allocation thereof; expected average sales volumes for 2025 and certain periods therein; the expected 2025 exit rate of production; planned abandonment and reclamation expenditures in 2025; planned and potential exploration, development and production activities, including: (i) the expected timing of completion of the detailed engineering and design, regulatory and other activities related to the potential new dry gas processing facility at Sinclair and the expected cost thereof and (ii) the expected timing of completion of phase one and phase two of the Alhambra Plant and the expected capacity thereof on completion; and the expected timing of the four Kaybob North Duvernay wells brought on at the end of the first quarter reaching peak rates of gas production. Such forward-looking information is based on a number of assumptions which may prove to be incorrect. Assumptions have been made with respect to the following matters, in addition to any other assumptions identified in this press release: future commodity prices; the potential scope and duration of tariffs, export taxes, export restrictions or other trade actions; the impact of international conflicts, including in Ukraine and the Middle East; royalty rates, taxes and capital, operating, general & administrative and other costs; foreign currency exchange rates, interest rates and the rate and impacts of inflation; general business, economic and market conditions; the performance of wells and facilities; the availability to Paramount of the funds required for exploration, development and other operations and the meeting of commitments and financial obligations; the ability of Paramount to obtain equipment, materials, services and personnel in a timely manner and at expected and acceptable costs to carry out its activities; the ability of Paramount to secure adequate processing, transportation, fractionation, disposal and storage capacity on acceptable terms and the capacity and reliability of facilities; the ability of Paramount to obtain the volumes of water required for completion activities; the ability of Paramount to market its production successfully; the ability of Paramount and its industry partners to obtain drilling success (including in respect of anticipated sales volumes, reserves additions, product yields and product recoveries) and operational improvements, efficiencies and results consistent with expectations; the timely receipt of required governmental and regulatory approvals; the application of regulatory requirements respecting abandonment and reclamation; and anticipated timelines and budgets being met in respect of: (i) drilling programs and other operations, including well completions and tie-ins, (ii) the design, construction, commissioning and start-up of new and expanded third-party and Company facilities, pipelines and other infrastructure, including the first and second phases of the Alhambra Plant, and (iii) facility turnarounds and maintenance. Although Paramount believes that the expectations reflected in such forward-looking information are reasonable based on the information available at the time of this press release, undue reliance should not be placed on the forward-looking information as Paramount can give no assurance that such expectations will prove to be correct. Forward-looking information is based on expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Paramount and described in the forward-looking information. The material risks and uncertainties include, but are not limited to: fluctuations in commodity prices; changes in capital spending plans and planned exploration and development activities; changes in political and economic conditions, including risks associated with tariffs, export taxes, export restrictions or other trade actions; changes in foreign currency exchange rates, interest rates and the rate of inflation; the uncertainty of estimates and projections relating to future production, product yields (including condensate to natural gas ratios), revenue, free cash flow, reserves additions, product recoveries, royalty rates, taxes and costs and expenses; the ability to secure adequate processing, transportation, fractionation, disposal and storage capacity on acceptable terms; operational risks in exploring for, developing, producing and transporting natural gas and liquids, including the risk of spills, leaks or blowouts; risks associated with wildfires, including the risk of physical loss or damage to wells, facilities, pipelines and other infrastructure, prolonged disruptions in production, restrictions on the ability to access properties, interruption of electrical and other services and significant delays or changes to planned development activities and facilities maintenance; the ability to obtain equipment, materials, services and personnel in a timely manner and at expected and acceptable costs, including the potential effects of inflation and supply chain disruptions; potential disruptions, delays or unexpected technical or other difficulties in designing, developing, expanding or operating new, expanded or existing facilities, including third-party facilities and the Alhambra Plant at Willesden Green; processing, transportation, fractionation, disposal and storage outages, disruptions and constraints; potential limitations on access to the volumes of water required for completion activities due to drought, conditions of low river flow, government restrictions or other factors; risks and uncertainties involving the geology of oil and gas deposits; the uncertainty of reserves estimates; general business, economic and market conditions; the ability to generate sufficient cash from operating activities to fund, or to otherwise finance, planned exploration, development and operational activities and meet current and future commitments and obligations (including asset retirement obligations, processing, transportation, fractionation and similar commitments and obligations); changes in, or in the interpretation of, laws, regulations or policies (including environmental laws); the ability to obtain required governmental or regulatory approvals in a timely manner, and to obtain and maintain leases and licenses, including those required for the Alhambra Plant at Willesden Green; the effects of weather and other factors including wildlife and environmental restrictions which affect field operations and access; uncertainties as to the timing and cost of future abandonment and reclamation obligations and potential liabilities for environmental damage and contamination; uncertainties regarding Indigenous claims and in maintaining relationships with local populations and other stakeholders; the outcome of existing and potential lawsuits, regulatory actions, audits and assessments; and other risks and uncertainties described elsewhere in this document and in Paramount's other filings with Canadian securities authorities. The foregoing list of risks is not exhaustive. For more information relating to risks, see the section titled " Risk Factors" in Paramount's annual information form for the year ended December 31, 2024, which is available on SEDAR+ at or on the Company's website at The forward-looking information contained in this press release is made as of the date hereof and, except as required by applicable securities law, Paramount undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. Oil and Gas Measures and Definitions This press release contains disclosures expressed as "Boe", "$/Boe" and "Boe/d". Natural gas equivalency volumes have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of oil when converting natural gas to Boe. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. For the three months ended March 31, 2025, the value ratio between crude oil and natural gas was approximately 49:1. This value ratio is significantly different from the energy equivalency ratio of 6:1. Using a 6:1 ratio would be misleading as an indication of value. This press release refers to "CGR", a metric commonly used in the oil and natural gas industry. "CGR" means condensate to gas ratio and is calculated by dividing wellhead raw liquids volumes by wellhead raw natural gas volumes. This metric does not have a standardized meaning and may not be comparable to similar measures presented by other companies. As such, it should not be used to make comparisons. Management uses oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare the Company's performance over time; however, such measures are not reliable indicators of the Company's future performance and future performance may not compare to the performance in previous periods and therefore should not be unduly relied upon. Additional information respecting the Company's oil and gas properties and operations is provided in the Company's annual information form for the year ended December 31, 2024 which is available on SEDAR+ at or on Paramount's website at SOURCE Paramount Resources Ltd.
