The window remains open for the Tampa Bay Lightning, so paying a high price to shore up the right side on defence makes all the sense in the world.
The window remains open for the Tampa Bay Lightning, so paying a high price to shore up the right side on defence makes all the sense in the world.
National Australia Bank Ltd on Thursday beat estimates for first-half cash profit and doubled its dividend, as a rapid economic recovery encouraged the country's third biggest lender to release funds set aside to cover potential COVID-19 losses. Australia's success in controlling the outbreak, along with unprecedented monetary and fiscal stimulus, has helped jobs and the housing market rebound, allowing major banks to ease loan loss provisions set aside at the start of the health crisis. The lender announced an interim dividend of 60 cents per share, higher than the 30 cents per share it declared last year.
F-Series and Super Duty production among new cuts at 7 Ford factory sites squeezed by parts shortage.
Democrats are revising key sections of their sweeping legislation to overhaul U.S. elections, hoping to address concerns raised by state and local election officials even as they face daunting odds of passing the bill through Congress. The changes would give states more time and flexibility to put new federal requirements in place after some election officials complained that the proposed timelines were burdensome. The tweaks are a small step forward for Democrats, who have said the legislation is a top priority while they hold Congress and the presidency.
TORONTO — Manulife Financial Corp. says its core net profits surged in the first quarter but overall net income attributed to shareholders was lower due to a steepening yield curve in North America. The insurer and financial services company says its core earnings were $1.63 billion or 82 cents per diluted share for the three months ended March 31, compared with $1.03 billion or 51 cents per share a year earlier. It benefited from seed money investments in new segregated and mutual funds, higher new business in Asia and the U.S. and core investment gains. Including one-time adjustments, Manulife earned $783 million or 38 cents per share, down from $1.3 billion or 64 cents per share in the first quarter of 2020. The impact of the yield curve on net income was partially offset by higher core earnings and improved investment-related experience. Total new business increased 27.7 per cent to $599 million with Asia increasing 34 per cent to $477 million, Canada flat at $78 million, and U.S. up 22 per cent to $44 million. Manulife was expected to report 77 cents per share in core earnings, according to financial data firm Refinitiv. "We delivered very strong operating results in the first quarter of 2021, driven by double-digit growth in core earnings across all of our operating segments," stated CEO Roy Gori. "While the overall impact of higher interest rates is positive over the long term for our Company, higher risk-free rates and a steepening yield curve within North America impacted net income in the quarter." The Toronto-based company, which has more than 37,000 employees across the world, says it has been working on cutting expenses and expanding its footprint in Asia through partnerships with banks in Indonesia and Vietnam. This report by The Canadian Press was first published May 5, 2021. Companies in this story: (TSX:MFC) The Canadian Press
joan, made up of band members Alan Benjamin Thomas and Steven Rutherford, released their newest track "so good" on Wednesday
Alberta will become the first Canadian province to offer COVID-19 vaccines to everyone aged 12 and over from May 10, Premier Jason Kenney said on Wednesday, a day after he introduced tighter public health measures to combat a raging third wave of the pandemic. United Conservative Party premier Kenney has come under fire for mixed public health messaging as the crest of Canada's third wave of the pandemic shifts from Ontario to Alberta. Oil-rich Alberta has the highest rate per capita of COVID-19 in the country, with nearly 24,000 active cases and 146 people in intensive care.
Beyond Meat's earnings partly reflect rising consumer interest in alternative foods and a pandemic-stricken foodservice channel that's pressured sales and profits.
New York, New York--(Newsfile Corp. - May 5, 2021) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of FibroGen, Inc. (NASDAQ: FGEN) between November 8, 2019 and April 6, 2021, inclusive (the "Class Period"), of the important June 11, 2021 lead plaintiff deadline.SO WHAT: If you purchased FibroGen securities during the Class Period you may be entitled to compensation without payment of any out of pocket ...
The Blues boss guided his team to the Champions League final with semi-final success over Real Madrid.
The Vietnamese-born American actress opens up about "healing" her body and mind during the pandemic.
John Means threw the major leagues’ third no-hitter this season and came within a wild pitch on a third strike of a perfect game, pitching the Baltimore Orioles over the Seattle Mariners 6-0 Wednesday. Means (4-0) struck out 12 and walked none. Seattle’s runner was Sam Haggerty after he struck out swinging on a curveball in the dirt on a 1-2 count with one outs in the third inning that bounced away from catcher Pedro Severino.
RADNOR, Pa., May 05, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Northern District of California against ChemoCentryx, Inc. (NASDAQ: CCXI) (“ChemoCentryx”) on behalf of those who purchased or acquired ChemoCentryx common stock between November 26, 2019 and May 3, 2021, inclusive (the “Class Period”). Deadline Reminder: Investors who purchased or acquired ChemoCentryx common stock during the Class Period may, no later than July 6, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at email@example.com; or click https://www.ktmc.com/chemocentryx-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=chemocentryx ChemoCentryx is a biopharmaceutical company focused on the development and commercialization of new medications targeting inflammatory disorders, autoimmune diseases, and cancer. ChemoCentryx’s lead drug candidate is avacopan, which ChemoCentryx describes as a “potential first-in-class, orally-administered molecule that employs a novel, highly targeted mode of action in the treatment of ANCA vasculitis and other complement-driven autoimmune and inflammatory diseases.” The Class Period commences on November 26, 2019. After the market closed on November 25, 2019, ChemoCentryx issued a press release announcing “Positive Topline Data from Pivotal Phase III ADVOCATE Trial Demonstrating Avacopan’s Superiority Over Standard of Care in ANCA-Associated Vasculitis.” Throughout the Class Period, the defendants lauded the results of the ADVOCATE Phase III trial, as well as the safety profile of avacopan for the treatment of ANCA-associated vasculitis (“AAV”). However, the truth was revealed on May 3, 2021 when, the United States Food and Drug Administration (“FDA”) published a Briefing Document concerning ChemoCentryx’s New Drug Application (“NDA”) #214487 for avacopan. In this Briefing Document, the FDA wrote that “[c]omplexities of the study design, as detailed in the briefing document, raise questions about the interpretability of the data to define a clinically meaningful benefit of avacopan and its role in the management of AAV.” The Briefing Document continued that “[a]lthough primary efficacy comparisons were statistically significant, the review team has identified several areas of concern, raising uncertainties about the interpretability of these data and the clinical meaningfulness of these results.” The FDA also raised serious safety concerns with avacopan for the treatment of ANCA-associated vasculitis. Following this news, the price of ChemoCentryx’s common stock fell over 45% in one day, down from its May 3, 2021 closing price of $48.82 per share to a May 4, 2021 close of $26.63 per share. The complaint alleges that throughout the Class Period, the defendants misrepresented and/or failed to disclose to investors that: (1) the study design of the Phase III ADVOCATE trial presented issues about the interpretability of the trial data to define a clinically meaningful benefit of avacopan and its role in the management of ANCA-associated vasculitis; (2) the data from the Phase III ADVOCATE trial raised serious safety concerns for avacopan; (3) these issues presented a substantial concern regarding the viability of ChemoCentryx’s NDA for avacopan for the treatment of ANCA-associated vasculitis; and (4) as a result of the foregoing, the defendants’ public statements were materially false and misleading at all relevant times. ChemoCentryx investors may, no later than July 6, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com. CONTACT: Kessler Topaz Meltzer & Check, LLPJames Maro, Jr., Esq.Adrienne Bell, Esq.280 King of Prussia RoadRadnor, PA 19087(844) 887-9500 (toll free)firstname.lastname@example.org
UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended March 31, 2021.
It follows a warning from a French minister of ‘retaliatory measures’.
Stock futures traded flat Wednesday evening following a mixed session on Wall Street, with performance between the Dow and Nasdaq diverging as investors weighed concerns over inflation and higher rates that might drag on growth stocks.
Joe Cole said Mason Mount showed “romance is still in football” after his sent Chelsea to the Champions League Final at the end of a few weeks of “the ugly side” of the game. Mount scored late on to seal a 2-0 win for Chelsea against Real Madrid in the second leg of their semi-final at Stamford Bridge as the Blues went through 3-1 on aggregate. Chelsea will play Manchester City in the Final on May 2 and Cole was full of praise for Mount after the midfielder booked his boyhood club a place in Istanbul.
South Africa's Zulu nation awaits a decision on who will succeed the queen, who died last month.
OTTAWA — G7 countries have agreed that resuming international travel once the pandemic recedes will require a co-ordinated approach to COVID-19 testing and recognizing whether passengers have been vaccinated, Transport Minister Omar Alghabra said Wednesday. "We have committed to working on a common set of principles to guide the resumption of international travel when it's safe to do so," Alghabra said in a statement following his virtual participation in the G7 transport ministers' meeting. "At the centre of this effort must be a co-ordinated approach for testing and a common platform for recognizing the vaccinated status of travellers," Alghabra said. "As we work to build back better, the establishment of a system that will protect our privacy and personal information, and that will be accessible, fair, and equitable is imperative," he continued in the statement. "We must apply lessons learned from innovative technologies to identify long-term, sustainable solutions and expand upon them globally." Alghabra said the transport ministers of G7 countries have a leading role to play in advancing a new global framework for international travel that will be key to safely resuming the free movement of both people and goods around the world. The G7 includes the United Kingdom, the United States, Canada, France, Germany, Italy, Japan, along with the European Union. Immigration Minister Marco Mendicino said his department is involved in discussions with the World Health Organization and the International Civil Aviation Organization around setting a universal standard to promote the safe travel of those who have been vaccinated. Speaking to a virtual news conference Wednesday, Mendicino said the government is working to put in place a system to recognize people who have been vaccinated. "We're continuing to work towards a world in which there will be a system in place to recognize passports," he said. "We are certainly advancing that work both domestically as well as abroad." Prime Minister Justin Trudeau confirmed Tuesday that Canada may require international travellers to prove they were vaccinated against COVID-19 before they can enter the country. Trudeau said the federal government hopes to align its policy on the issue with its international allies, but he also said Canada might require American visitors to prove they were vaccinated against COVID-19 before entering the country regardless of whether the United States will require Canadians to do so or not. "Our responsibility is to do everything necessary to protect Canadians, and we are going to do that, even if there isn't automatically symmetry with other countries,'' Trudeau told a news conference. Meanwhile, Foreign Affairs Minister Marc Garneau said he and his G7 counterparts discussed global issues that threaten to undermine democracy, freedoms and human rights. Garneau said the G7 foreign ministers' meeting was an opportunity to breathe new life into some of Canada's priorities, including ending arbitrary detention in state-to-state relations. Canada and a coalition of 57 other countries offered support in February for a new international declaration denouncing state-sponsored arbitrary detention of foreign nationals for political purposes. "We're very, very pleased with the very strong support that we received from the G7," Garneau told a virtual news conference, saying that "global momentum continues to build" on the declaration. China detained two Canadian citizens, Michael Kovrig and Michael Spavor, in December 2018, a few days after Meng Wanzhou, an executive of the Chinese tech company Huawei, was detained in Vancouver at the request of the United States. Garneau said the G7 foreign ministers called on China to respect human rights and fundamental freedoms and expressed their deep concerns about the human rights violations and abuses in Xinjiang, Tibet and Hong Kong. Garneau said the ministers also discussed the need to fight the growing problem of misinformation around the world. The G7 foreign ministers' meeting, which took place in London is the first major in-person diplomatic gathering since the pandemic began. It is also the first gathering of G7 foreign ministers since 2019. Garneau said the delegation from India didn't participate in face-to-face meetings after two of its members tested positive for COVID-19. "I have been tested five times in the last two and a half days, so testing is extremely rigorous," Garneau said. "We are essentially living within a bubble, very restricted in terms of movement, going from the hotel to the meetings and then returning." He said he will go through the normal protocol for all returning Canadians when he returns home later Wednesday, including doing PCR COVID-19 tests before and after boarding his flight and staying in a quarantine hotel for three days. This report by The Canadian Press was first published May 5, 2021. —— This story was produced with the financial assistance of the Facebook and Canadian Press News Fellowship. Maan Alhmidi, The Canadian Press
CALGARY, Alberta, May 05, 2021 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX:PXT), a company headquartered in Calgary, Alberta that focuses on sustainable, conventional oil and gas production, is pleased to announce its unaudited financial and operating results for the three months ended March 31, 2021 (“First Quarter” or “Q1”). All amounts herein are in United States Dollars (“USD”) unless otherwise stated. 2021 First Quarter Highlights: Best-in-Class Balance Sheet Quarterly average production was 46,779 barrels of oil equivalent per day ("boe/d") (consisting of 8,131 barrels per day ("bbls/d") of light crude oil and medium crude oil, 36,948 bbls/d of heavy crude oil and 10,200 thousand cubic feet per day ("mcf/d') of conventional natural gas), an increase of approximately 3% on a per basic share basis over the previous quarter ended December 31, 2020. Production decreased 6% on a per basic share basis over the prior year comparative period ("Q1 2020") as a result of the Company reducing capital investment in the low oil price environment of 2020;Recognized net income of $47.5 million ($0.37 (or CAD $0.47)(1) per share basic) compared to net income of $56.2 million ($0.42 (or CAD $0.55)(1) per share basic) in the previous quarter ended December 31, 2020 and net loss of $3.8 million ($0.03 (or CAD $0.04)(1) per share basic) in Q1 2020;Generated an operating netback(3) of $37.38 per barrel of oil equivalent ("boe") and funds flow provided by operations ("FFO")(3) of $29.98 per boe from an average Brent price of $61.32 per barrel ("bbl");FFO of $125.0 million ($0.96 (or CAD $1.22)(1) per share basic) as compared to $97.3 million ($0.69 (or CAD $0.93)(1) per share basic) for Q1 2020. FFO increased in the current quarter due to higher global oil prices;Capital expenditures were $39.6 million in the period resulting in free funds flow(3) of $85.4 million;Utilized a portion of free funds flow(3) to purchase 3,501,685 of the Company's common shares for a total cost of $60.1 million (average price of CAD$21.11/share) pursuant to the Company's normal course issuer bid program ("NCIB");Working capital was $341.7 million at March 31, 2021 compared to $320.2 million at December 31, 2020 and $330.4 million at March 31, 2020. The Company has an undrawn syndicated bank credit facility of $200.0 million; andParticipated in drilling 9 gross (5.05 net) wells(2) in Colombia resulting in 6 oil wells, 1 disposal well, 1 well under test and 1 abandoned prior to total depth well, for a success rate of 86% compared to drilling 20 gross (13.05 net) wells in Q1 2020. (1) Using USD-CAD Bank of Canada 2021 Q1 average rate of 1.2660, 2020 Q4 average rate of 1.3030 and 2020 Q1 average rate of 1.3449. (2) Oil wells: Block LLA-34: Tigana-8, Tigana Norte-17, Jacana 38, Jacana 46 and Jacana 58; Boranda: Boranda Sur-2. Disposal well: Block LLA-34: Tigana Norte-35. Under test: Block LLA-32: Azogue-2. Abandoned prior to total depth: Boranda: Boranda Sur-1.(3) See "Non-GAAP Terms" for further discussion. Three Months Ended March 31,Dec. 31, 202120202020Operational Average daily production Light Crude Oil and Medium Crude Oil (bbl/d)8,131 8,380 6,637 Heavy Crude Oil (bbl/d)36,948 44,657 38,332 Crude oil (bbl/d)45,079 53,037 44,969 Conventional Natural Gas (mcf/d)10,200 7,548 10,038 Oil & Gas (boe/d)(1)46,779 54,295 46,642 Average daily sales of produced oil & natural gas Oil (bbl/d)44,618 50,589 44,845 Gas (Mcf/d)10,200 7,548 10,038 Oil & Gas (boe/d)46,318 51,847 46,518 Oil inventory - end of period (bbls)140,916 250,405 99,426 Operating netback ($/boe)(2) Reference price - Brent ($/bbl)61.32 51.05 45.26 Oil & natural gas revenue52.80 38.47 36.95 Royalties(6.13)(4.71)(3.19)Net revenue46.67 33.76 33.76 Production expense(5.86)(5.31)(5.26)Transportation expense(3.43)(4.04)(3.74)Operating netback ($/boe)(2)37.38 24.41 24.76 Funds flow provided by operations ($/boe)(2)29.98 20.63 19.06 Financial (USD$000s except per share amounts) Oil and natural gas revenue 222,058 193,618 167,264 Net income (loss)47,460 (3,779)56,192 Per share - basic0.37 (0.03)0.42 Funds flow provided by operations(2)124,969 97,313 81,567 Per share - basic0.96 0.69 0.61 Capital expenditures39,592 71,266 46,932 Free funds flow(2)85,377 26,047 34,635 Total assets1,550,441 1,610,341 1,541,081 Working capital surplus341,686 330,356 320,155 Bank debt(3)— — — Cash369,756 397,424 330,564 Outstanding shares (000s) Basic (end of period)128,589 139,801 130,873 Weighted average basic129,715 141,805 133,812 Diluted (end of period)(4)131,084 144,211 134,351 (1) Reference to crude oil or natural gas production in the above table and elsewhere in this press release refer to the light and medium crude oil and heavy crude oil and conventional natural gas, respectively, product types as defined in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.(2) The table above contains Non-GAAP measures. See “Non-GAAP Terms” for further discussion. (3) Borrowing limit of $200.0 million as of March 31, 2021. (4) Diluted shares as stated include the effects of common shares and in-the-money stock options outstanding at the period-end. The March 31, 2021 closing stock price was Cdn$22.41 per share. 2021 Corporate Guidance As per the Company's normal annual disclosure practices, provided below is Parex' corporate guidance for 2021: 2020 Results2021 GuidanceProduction (average for period)46,518 boe/d(2)47,000-49,000 boe/dTotal capital expenditures(1)$141 million$250-$270 millionCurrent tax effective rate on FFO at $65/bbl Brent—16-18%Share buy-back program (shares repurchased)13.9 million12.9 millionOutstanding shares (end of period)131 million119-120 million (1) 2021 work program is dependent on ensuring the health and safety of staff and the communities where the Company operates, therefore, planned capital expenditures may only be partially completed. (2) Consisting of 6,021 bbls/d of light crude oil and medium crude oil, 39,197 bbls/d of heavy crude oil and 7,800 mcf/d of conventional natural gas. Higher Brent oil prices to date in 2021 and Parex' unhedged oil price exposure are expected to contribute to a significant increase to Parex' 2021 FFO. With higher FFO, an increasing cash position and a debt-free balance sheet, Parex is strategically accelerating assessment of its portfolio of operated assets, through increasing exploration and appraisal activity to provide for a strengthened future development inventory. The planned 2021 capital expenditures are split between maintenance, development/appraisal and exploration/new growth programs. The mid-point of the 2021 production guidance reflects year-over-year production growth of approximately 3% as compared to 2020 average production. The increased 2021 capital expenditure program, as announced by Parex on April 15, 2021, along with the share buy-back program discussed below, is expected to be fully funded from FFO. The Company's 2021 priority remains the health and safety of its employees, partners and the communities where we operate. Parex will continue to be responsive to changes in commodity prices by managing its production volumes, capital budget and cash costs, further protecting its balance sheet and shareholder value. Share Buy-Back As of April 30, 2021, the Company has repurchased for cancellation 4,578,250 common shares, under its NCIB, which commenced on December 23, 2020, at an average cost of CAD$21.44 per share. As of April 30, 2021, Parex has 127,986,773 basic shares outstanding. Parex expects to purchase the maximum allowable 12.9 million shares under the NCIB, prior to its expiry on December 22, 2021. Annual General Meeting ("AGM" or "Meeting") - May 6, 2021 at 9:30am (Calgary Time) In response to COVID-19 and to mitigate against its risks, Parex will hold its AGM on Thursday, May 6, 2021 at 9:30am MST online through the link found below. The AGM will be held virtually and there will be no in-person attendance to adhere to the restrictions of large gatherings. There will be a corporate presentation by the President and CEO. We invite all interested parties to access the Meeting related materials and corporate presentation on the corporate website at https://parexresources.com/investors/annual-general-meeting/. Annual General Meeting Link: https://web.lumiagm.com/286028367 This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. For more information, please contact: Mike KruchtenSenior Vice President, Capital Markets & Corporate PlanningParex Resources Inc.Phone: (403) 517-1733Investor.email@example.com NOT FOR DISTRIBUTION OF FOR DISSEMINATION IN THE UNITED STATES Non-GAAP TermsThe Company discloses several financial measures ("non-GAAP Measures") herein that do not have any standardized meaning prescribed under International Financial Reporting Standards ("IFRS"). These financial measures include operating netback per boe, FFO per boe, FFO per share and free funds flow. Management uses these non-GAAP measures for its own performance measurement and to provide shareholders and investors with additional measurements of the Company’s efficiency and its ability to fund a portion of its future capital expenditures. The Company considers operating netback per boe to be a key measure as it demonstrates Parex' profitability relative to current commodity prices. The following is a description of each component of the Company's operating netback per boe and how it is determined: Oil and natural gas sales per boe is determined by sales revenue excluding risk management contracts divided by total equivalent sales volume including purchased oil volume;Royalties per boe is determined by dividing royalty expense by the total equivalent sales volume and excludes purchased oil volumes;Production expense per boe is determined by dividing production expense by total equivalent sales volume and excludes purchased oil volumes; andTransportation expense per boe is determined by dividing transportation expense by the total equivalent sales volumes including purchased oil volumes. Funds flow provided by operations is a non-GAAP measure that includes all cash generated (used in) from operating activities and is calculated before changes in non-cash working capital. In Q2 2019, the Company changed how it presents FFO to present a more comparable basis to industry presentation. FFO per boe, is a non-GAAP measure that includes all cash generated (used in) from operating activities and is calculated before changes in non-cash working capital, divided by produced oil and natural gas sales volumes. FFO per share is determined by FFO divided by basic shares outstanding. Free funds flow is determined by FFO mid-point less capital expenditures mid-point. Shareholders and investors should be cautioned that these measures should not be construed as an alternative to net income or other measures of financial performance as determined in accordance with IFRS. Parex' method of calculating these measures may differ from other companies, and accordingly, they may not be comparable to similar measures used by other companies. Please see the Company's most recent Management’s Discussion and Analysis, which is available at www.sedar.com for additional information about these financial measures. Oil & Gas Matters AdvisoryThe term "Boe" means a barrel of oil equivalent on the basis of 6 thousand cubic feet ("Mcf") of natural gas to 1 bbl. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1Bbl, utilizing a conversion ratio at 6 Mcf: 1 Bbl may be misleading as an indication of value. This press release contains a number of oil and gas metrics, including operating netbacks. These oil and gas metrics have been prepared by management and do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare the Company's operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment or other purposes. Advisory on Forward Looking StatementsCertain information regarding Parex set forth in this document contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words "plan", "expect", “prospective”, "project", "intend", "believe", "should", "anticipate", "estimate", “forecast”, "guidance", “budget” or other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements. Such statements represent Parex' internal projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Parex' actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex. In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to the Company’s focus, plans, priorities and strategies; expectation that Parex will purchase the maximum allowable shares under its NCIB; 2021 average production and total capital expenditures and the allocation of such capital expenditures; 2021 tax effective rate of FFO and the 2021 estimated for Brent crude price; number of shares repurchased under the NCIB and outstanding shares at end of 2021; significant increase to Parex 2021 FFO and the reasons therefor; year-over-year production growth of approximately 3% in 2021; Parex' 2021 share buy-back program in 2021 and the sources of funding; expectation that FFO will fully fund the increased 2021 capital expenditure program and the NCIB; and anticipated timing for quarterly conference call and webcast. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; prolonged volatility in commodity prices; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced in Canada and Colombia; impact of the COVID-19 pandemic and the ability of the Company to carry on its operations as currently contemplated in light of the COVID-19 pandemic; determinations by OPEC and other countries as to production levels; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities in Canada and Colombia; risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; failure of counterparties to perform under contracts; risk that Brent oil prices are lower than anticipated; risk that Parex' evaluation of its existing portfolio of development and exploration opportunities is not consistent with its expectations; risk that initial test results are not indicative of future performance; risk that other formations do not contain the expected oil bearing sands; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Parex' operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Parex has made assumptions regarding, among other things: current and anticipated commodity prices and royalty regimes; the impact (and the duration thereof) that COVID-19 pandemic will have on the demand for crude oil and natural gas, Parex’ supply chain and Parex’ ability to produce, transport and sell Parex’ crude oil and natural; gas; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil, including the anticipated Brent oil price; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; royalty rates; future operating costs; uninterrupted access to areas of Parex' operations and infrastructure; recoverability of reserves and future production rates; the status of litigation; timing of drilling and completion of wells; on-stream timing of production from successful exploration wells; operational performance of non-operated producing fields; pipeline capacity; that Parex will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that Parex' conduct and results of operations will be consistent with its expectations; that Parex will have the ability to develop its oil and gas properties in the manner currently contemplated; that Parex' evaluation of its existing portfolio of development and exploration opportunities is consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of Parex' production and reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that Parex will be able to obtain contract extensions or fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; and other matters. Management has included the above summary of assumptions and risks related to forward-looking information provided in this document in order to provide shareholders with a more complete perspective on Parex' current and future operations and such information may not be appropriate for other purposes. Parex' actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Parex will derive. These forward-looking statements are made as of the date of this document and Parex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. This press release contains future-oriented financial information and financial outlook information (collectively ("FOFI") about the Corporation's prospective capital expenditures. The FOFI has been prepared by management to provide an outlook of the Company's financial results and activities and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions including the assumptions discussed in this press release. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. FOFI contained in this press release was made as of the date of this press release and Parex disclaims any intent or obligation to update publicly the press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. PDF available: http://ml.globenewswire.com/Resource/Download/94169e5f-a206-42cb-a644-4d3c33eaff2b
Will Smith celebrated his twin siblings' birthday on Wednesday with a sweet Instagram post