Parex Resources Inc. · TSX:PXT
Parex Resources — Investor Day (December 2022)
77 slides from Parex Resources's investor day presentation, Dec 6, 2022
Slide 1: Parex Resources Capital Markets Day
Parex Resources Capital Markets Day – December 6, 2022
Slide 2: Today's Objectives
Today’s Objectives Showcase the Demonstrate Reinforce Parex production capital advantage sustainability allocation in Colombia & runway for growth framework
Slide 3: Agenda
Imad Mohsen Vision & Strategy President & CEO Daniel Ferreiro Colombia Advantage President & Country Manager Mike Kruchten ESG Performance & 2023 Budget SVP, Capital Markets & Corporate Planning Driving Safe & Eric Furlan Sustainable Operations Chief Operating Officer Agenda Big ‘E’ Transformational
Slide 4: Parex Poised to Outperform
Parex Poised to Outperform YTD 2022 2023E EV/DACF(2) 5.8x PERFORMANCE(1) 5.2x 4.4x 3.8x 4.0x 3.3x 3.4x 3.5x 3.1x 75% 2.5x 1.8x TSX Energy +52% 50% PXT P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 Brent Recent Performance & Revaluation(3) +14% 25% ▪ Perceived risk & recent performance have weighed on valuation ▪ 2
Slide 5: Parex's Competitive Advantages in Colombia
Colombia Substantial Emerging Stable Resource Industry Environment COLOMBIA ENERGY Undeveloped Basins Minimal Industry Competition Committed OECD Country SPACE HAS A Capture Entire Play With Discovery Lagging Technology Application Focused on Energy Transition DISPROPORTIONATE, Forecast Gas S/D Imba
Slide 6: Vision & Strategy
Vision & Strategy Imad Mohsen President & Chief Executive Officer
Slide 7: Our Achievements in 2022
Our Achievements in 2022 Generating strong Successfully Achieving Setting free funds flow & applying proven sustainable & the stage shareholder returns technology profitable to drive potential solutions oil & gas growth for outsized returns ▪ Forecast $310MM FFF(1), all ▪ Horizontal drilling: ▪ YoY
Slide 8: Transitioning to a Colombia-wide operator
Parex is transitioning from a single asset company to a Colombia-wide operator. • Expanding portfolio across product types • Building a pipeline of projects to ensure sustainable growth • Delivering exceptional shareholder returns
Slide 9: Strategy: Business Fundamentals
Strategy: Business Fundamentals LEVERAGE DRIVE STRATEGIC DELIVER Colombia Safe & Big ‘E’ Advantage Return of Sustainable Transformational & ESG Capital Operations Upside Performance
Slide 10: Strategy: Strategic Levers to Grow
Strategy: Strategic Levers to Grow Outsized Exploitation Onshore Exploration & Technology Gas Potential Potential ▪ Unlocking extensive ▪ Targeting liquid-rich ▪ Focusing on land base using gas fields transformational big proven technology ▪ Pursuing longer-term ‘E’ exploration targets ▪ Step change
Slide 11: Strategy: Replicating our Success
Strategy: Replicating our Success 2023 Plan Waterflood – reduce decline 2022 Project Success Cabrestero LLA-34 Capachos Capachos Efficient drilling and multi-zone Arauca VIM-43 VIM-1 Step change in drilling – gas cycling Llanos Foothills Portfolio has the depth to continue replicating success and sc
Slide 12: Strategically Investing in 2023 and Beyond
Strategically Investing in 2023 and Beyond Northern Llanos Basin Diversified Portfolio (Operated) ▪ SOCA (Southern Casanare): Reduce Magdalena Basins decline rate & future (Operated) capital requirements ▪ Northern Llanos & Mag: Foundation for Southern Llanos Basin high capital efficiency (Operated)
Slide 13: 2023 Budget Operational Highlights
2023 Budget Operational Highlights ▪ 15% production increase(1) ▪ One full time rig per operated block to increase efficiency ▪ Average well payout is only ~8 months including infrastructure(2) ▪ Strategic infrastructure investments to lower future capital requirements and minimize decline rates ▪ T
Slide 14: Deep Portfolio Delivers Quick Paybacks in 2023
Deep Portfolio Delivers Quick Paybacks in 2023 2023 PLAN – PAYBACKS FROM FIRST CAPITAL SPEND(1)(2) Paybacks Improve Over Time ▪ Short-cycle projects provide Illustrative Payback (Months) insultation from commodity price changes ▪ Cabrestero and LLA-34 focused on waterflood ▪ Facilities capital is up
Slide 15: Three-Year Base Development Plan and Exploration Strategy
Three-Year Base Development Plan and Exploration Strategy(6) (boe/d) BASE DEVELOPMENT PLAN(1) (Excludes Exploration Upside) Exploration Strategy 80,000 ▪ Approach: Spend ~$50MM Magdalena per year on high-impact 60,000 prospects for step-change Northern Llanos exposure Southern Llanos 40,000 ▪ Upside
Slide 16: Plan Delivers Value, Even Excluding Exploration Upside
Plan Delivers Value, Even Excluding Exploration Upside SEQUENTIAL DECREASE TO PORTFOLIO EXPECTED TO GENERATING VALUE IN MULTIPLE CAPITAL OUTLAY OVER TIME DELIVER BASE 5% GROWTH PRICE ENVIRONMENTS ($MM)(1) PER YEAR (FFO per share at different Brent assumptions)(2)(3) (kboe/d)(1) $12.00 $550 67 63 60
Slide 17: Transformational Exploration Opportunities
Transformational Exploration Opportunities Strategy Targets Prospects ~15 High-impact exploration >20,000 prospects in portfolio boe/d Asymmetric Diversified across both Oil & Gas Risk & opportunities Reward Expect to deliver roughly one catalyst per quarter
Slide 18: Key Takeaways
Key Takeaways ▪ Transitioning from a single asset company to a Colombia-wide operator ▪ Delivering top-tier ESG performance ▪ Flattening our decline leading to lower maintenance capital requirements ▪ Building a sustainable base for production growth while delivering a step change in capital efficie
Slide 19: Depth & Breadth to Drive our Colombian Advantage
Depth & Breadth to Drive our Colombian Advantage Imad Mohsen Daniel Ferreiro Ken Pinsky Eric Furlan President & President & Chief Chief Chief Executive Officer Country Manager Financial Officer Operating Officer Ryan Fowler Mike Kruchten Josh Share Katie Bernard Senior Vice President, Senior Vice Pr
Slide 20: Colombia Advantage
Colombia Advantage Daniel Ferreiro President & Country Manager
Slide 21: Sector's Value to Colombia
Political Landscape Independent OECD Free Branches of Member Country Movement of Capital Government No Foreign Currency Controls Sector’s Value to Colombia ~750,000 421,000 3.2% $13.5B $4.4B BBL/D BOE/D of GDP(2) Exported(2) Excepted Total E&P Oil Production(1) Refining Capacity(1) Investment(3) Dol
Slide 22: Operating in Colombia: The Parex Advantage
Operating in Colombia: The Parex Advantage What sets us apart in Colombia 10+ years operating in Colombia Track record as a safe, responsible operator Established social license & community relationships Largest independent E&P company in Colombia Strong market access (local & global) Employer of ch
Slide 23: Working Collaboratively with New Administration
Working Collaboratively with New Administration Building for a Partnership ESG Gradual Energy Approach Alignment Transition ▪ O&G revenues are critical to ▪ New Administration is: ▪ Parex ESG approach aligned Colombia’s economy with government agenda: ▪ Honoring existing E&P ▪ Parex has become ECP p
Slide 24: Working Collaboratively with Communities
Working Collaboratively with Communities WE GENERATE SHARED BENEFITS TRUST – GOOD NEIGHBORS – PARTNERS FOR DEVELOPMENT OPERATIONAL CONTINUITY Political Polarization We are Complex Committed We Mitigate & We Create We Generate Environments to Long-term Manage Risk Opportunities Shared Benefits Partne
Slide 25: Becoming a community partner of choice
Becoming a community partner of choice Being a community partner of choice
Slide 26: ESG Performance & 2023 Budget
ESG Performance & 2023 Budget Mike Kruchten Senior Vice President, Capital Markets & Corporate Planning
Slide 27: Driving ESG Leadership
Driving ESG Leadership Strategic ESG Priorities We are committed to ▪ Becoming one of the least carbon intensive oil and gas Community Relations GHG & Social Impact Emissions E&P companies ▪ Delivering shared benefits with the communities where we operate Human Water Capital Stewardship
Slide 28: Adhering to Robust Corporate Governance
Adhering to Robust Corporate Governance ESG & Climate Oversight 100% 100% Independent of employees have Board(1) some compensation linked to share price performance (LTIs) 96% 30% Say on Pay Female Directors approval 30% Track Record Variable comp of transparency & linked to ESG disclosure through m
Slide 29: Progressing our ESG Priorities
Progressing our ESG Priorities Driving progress now and into the future 2022 1st Solar field & grid 2021 connection completed Released Inaugural Included in Jantzi 2020 TCFD Report Social Index 2019 Joined the UN Global Set public GHG Achieved Board emissions reduction diversity target ahead Pre-201
Slide 30: Delivering on our GHG Emissions Reduction Commitments
Delivering on our GHG Emissions Reduction Commitments Performance & TSX Energy Companies(1) 70.0 Commitments(2) 60.0 66.0 ▪ 50% GHG intensity GHG Emissions Intensity (tCO2e/Mboe) 60.0 reduction target vs. 54.0 52.8 50.0 51.0 2019 baseline by 2030 40.0 42.1 39.2 ▪ Reduced GHG 30.0 33.0 Peer Average:
Slide 31: Recognition as a Top Tier Performer
Recognition as a Top Tier Performer Agency Agency Measurement Measurement 2018 2018 Current Position/Score(1)(1) Current Position/Score 0-100 16(2) 60 ESG Score Top quartile 11 9 Position of 154(3) of 173 Top Quartile CCC-AAA BBB AA 2nd Quartile F-A C B Climate Change Score 2nd Quartile (1) As at De
Slide 32: Leverage Top-Tier ESG Performance
TOP-TIER ESG PERFORMANCE DRIVES SOCIAL LICENSE AND LEVERAGE ACCESS THAT Colombia Advantage ENABLES & ESG Performance OPERATIONAL DELIVERY.
Slide 33: 2023 Guidance
2023 Guidance Total Funds Capital 57,000-63,000 $645-715(1) $425-475(2) Production ~15% growth vs. 2022 Flow $80/bbl Brent Expenditures ~18% lower than 2022 boe/d $ millions $ millions Lower Magdalena 2023F CAPITAL DISTRIBUTION VIM-43 Arauca & Capachos ~5 wells 1 Big ‘E’ well 1 Big ‘E’ well Seismic
Slide 34: 2023 Capital Guidance: Lower Spend Compared to 2022
2023 Capital Guidance: Lower Spend Compared to 2022 2023F CAPITAL EXPENDITURE GUIDANCE(1) $425-475MM 10% Development Activities: ▪ Facilities spend focused on $270MM Northern Llanos (Arauca & Capachos), Cabrestero and LLA-34 10% Facilities: $90MM ▪ Includes ~$45MM of carry capital $450MM 60% related
Slide 35: 2023 Production Guidance: Building on 2022 Growth
2023 Production Guidance: Building on 2022 Growth 2023F PRODUCTION GUIDANCE (KBOE/D) High End Guidance 2023 High Guidance 63 High case shows where contingency 2023 Low Guidance 57 52.7 52.5 was overestimated 46.5 47.0 Midpoint includes increased 44.5 downtime contingency 15% YoY Growth Low accounts
Slide 36: Colombia Tax Reform – 2023 Impact
Colombia Tax Reform – 2023 Impact New Government Surtax & Change to Royalty Deductions ▪ Government has established an income surtax of up to 15% linked to Brent crude oil price ▪ Indexed to 120-month (10 years) historical Brent crude oil price ▪ Government will prevent the deduction of base royalti
Slide 37: Competitive Netbacks and FFF Generation Increased
Competitive Netbacks and FFF Generation Increased PEER CASH NETBACK COMPARISON (C$/boe)(1) PXT 2022F vs. 2023F FFO & FFF at Proforma $100/bbl Brent(2) $60 ~$860MM FFO(3) $790MM FFO(3) $310MM 36% FFF(4) $340MM $40 43% FFF(4) $45MM Carry $20 $550MM Capex(4) $405MM Capex(4) Excluding Carry $0 P1 P2 P3
Slide 38: Driving Safe & Sustainable Operations
Driving Safe & Sustainable Operations Eric Furlan Chief Operating Officer
Slide 39: Sustainable Portfolio
Sustainable Portfolio Northern Llanos Basin Portfolio Approach (Operated) ▪ Geographically diversified portfolio Magdalena Basins (Operated) ▪ Operated component of portfolio is growing Southern Llanos Basin ▪ Application of proven (Operated) technology is increasing capital efficiency LLA-34 (Non-O
Slide 40: How We Produce Every Barrel
How We Produce Every Barrel Minimize Decline ▪ Enhanced oil recovery (EOR) focus including waterflood, chemicals, gas reinjection Rate & Maximize ▪ Implementation of horizontal drilling to exploit original oil in place in under exploited zones Reserves ▪ Expand facilities capacity to process the res
Slide 41: Cabrestero: Waterflood & Exploitation
Cabrestero: Waterflood & Exploitation Basin: Southern Llanos Operator: PXT W.I.: 100% Focused on pressure management, minimizing decline & near-field exploration ▪ Current development plan includes down spacing and waterflood injection ▪ Flattens decline rate and accelerates oil recovery ▪ Facility
Slide 42: Cabrestero: Waterflood & Exploitation Delivering Success
Cabrestero: Waterflood & Exploitation Delivering Success Basin: Southern Llanos Operator: PXT W.I.: 100% Waterflood Performance & Forecast Water Injection (bbl/d) Production (bbl/d) 50,000 Production 15,000 Bests 2P YE2021 40,000 12,000 Injection Begins Ramp Up 30,000 9,000 Started 20,000 Original 6
Slide 43: LLA-34: Replicating Success from Cabrestero
LLA-34: Replicating Success from Cabrestero Basin: LLA-34 (Llanos) Non-Operator W.I.: 55% Focused on accelerating production, minimizing decline and delineation ▪ Current development plan includes down spacing and waterflood injection ▪ Down spacing to ~40 acres and waterflood injection pattern ▪ Ma
Slide 44: Capachos & Arauca: Northern Llanos Future Growth Engine
Capachos & Arauca: Northern Llanos Future Growth Engine Basin: Northern Llanos Operator: PXT W.I.: 50% Accelerating development with high growth potential in the future ▪ Historically difficult to access and challenging to drill ▪ Successfully operating in Capachos since 2018 ▪ Plan to move first ri
Slide 45: Capachos: Leveraging Multi-Zone Potential
Capachos: Leveraging Multi-Zone Potential Basin: Northern Llanos Operator: PXT W.I.: 50% Andina-1 Depth Sur-3 Sur-4 2ST Andina -2 Andina-3 Andina Norte-1 Well: Andina-1 Recent ~6,800 bopd (gross) Testing 30% Drawdown Success(1) First test of the Mirador in the Andina field Zone 1 Key Takeaways Mirad
Slide 46: Arauca: Building Off of Capachos to Drive Future Growth
Arauca: Building Off of Capachos to Drive Future Growth Basin: Northern Llanos Operator: PXT W.I.: 50% Arauca-8 Depth Arauca-15 Arauca-81 (Big ‘E’) Historical Capability Historical >5,000 bbl/d Zone 1 Wells Utilizing PXT production practices Barco Tested(1) ~10MM bbl produced from three wells Zone 2
Slide 47: Using Proven Technology to Increase Efficiency
Using Proven Technology to Increase Efficiency Advanced Drilling 0 Techniques 2,000 VIM-1 Vaduz-1 well delivered Well Depth (feet) in ~22 days ▪ Synthetic mud has created step 4,000 change in ability to drilling 6,000 challenging formations 8,000 ▪ E.g., VIM-1 and Capachos 10,000 12,000 ▪ Only Colom
Slide 48: Southern Llanos: Delivering Short-Cycle Opportunistic Adds
Southern Llanos: Delivering Short-Cycle Opportunistic Adds Basin: Southern Llanos Operator: PXT W.I.: 100% LLA-32 AND LLA-40 PRODUCTION Key Takeaways Oil Rate (bbl/d) 8,000 7,000 ▪ Target areas where the probability of success is 6,000 very high 5,000 ▪ Existing infrastructure so 4,000 production br
Slide 49: VIM-1: Steppingstone that Diversifies the Portfolio
VIM-1: Steppingstone that Diversifies the Portfolio Basin: Magdalena Operator: PXT W.I.: 50% Growing long-term liquids recovery through reinjecting gas ▪ Liquids-rich gas condensate reservoir ▪ Original discovery (La Belleza-1) has been on steady production at a facility restricted rate of ~1,600 bb
Slide 50: VIM-1: Exceptional Well Results Driving Facility Expansion
VIM-1: Exceptional Well Results Driving Facility Expansion Basin: Magdalena Operator: PXT W.I.: 50% Depth La Belleza-1 La Belleza-2 Vaduz-1 La Belleza-2 Vaduz-1 Testing ~38.5 mmcf/d gas (gross) Testing Q4 2022 Update(1) ~7,500 bbl/d oil (gross) Porquero Zone 10% Drawdown 2,500 feet Key Takeaways ▪ G
Slide 51: Replicating our Success
Replicating our Success Success Success 1 Block 2 Driver(s) 3 Achieved 4 Next Phase Waterflood Injection Grew field 4,600 to >12,000 Cabrestero Boe/d; Q3 2020 to Current(1) LLA-34 Near-field Exploration Two crude oil discoveries Capachos Multi-zone Area Comingled production Capachos (Phase Two) (Pha
Slide 52: Portfolio Has the Depth to Drive Profitable & Sustainable Growth
PORTFOLIO HAS THE DEPTH TO DRIVE PROFITABLE DRIVE & SUSTAINABLE Safe & Sustainable GROWTH Operations
Slide 53: Strategic Big 'E' Transformational Upside
Strategic Big ‘E’ Transformational Upside Ian Zapfe-Smith Vice President, Exploration Katie Bernard Vice President, New Ventures
Slide 54: Deep Exploration Portfolio
Deep Exploration Portfolio Northern Llanos Basin Current portfolio (Operated) has ~50 identified prospects & leads, of which ~15 are Magdalena Basins high impact (Operated) Southern Llanos Basin (Operated)
Slide 55: How We Explore for Small and Big Wins
How We Explore for Small and Big Wins ▪ Different basins provide different types of prospects along with ranges of cost and risk Portfolio ▪ Adding gas prospects diversifies the opportunity set further and expands growth potential Approach ▪ Long-term runway built such that it can deliver one high i
Slide 56: Arauca (Arauca-8): Multi-Zone, High-Impact Exploration Target
Arauca (Arauca-8): Multi-Zone, High-Impact Exploration Target Basin: Northern Llanos Operator: PXT W.I.: 50% Arauca 3D Seismic Proven light-oil reservoir with high chance of success ▪ Previous development was on 2D seismic and halted due to social issues Arauca-8 Target ▪ What success looks like: de
Slide 57: VSM-25/36/37: Multiple Oil-Weighted Targets
VSM-25/36/37: Multiple Oil-Weighted Targets Basin: Magdalena Operator: PXT W.I.: 100% VSM Basins Campaign drilling in underexplored, proven reservoirs VSM-25 ▪ Last significant exploration in this basin was in the mid 1990’s ▪ Acquiring 3D seismic in 2023 to finalize drill locations VSM-36 ▪ Some bl
Slide 58: Gas Supply Shortfall Provides Opportunities for Parex
Gas Supply Shortfall Provides Opportunities for Parex COLOMBIA GAS PRODUCTION(1) Why Gas? (Including flaring & reinjection; mmcf/d) 3,500 ▪ Projected supply and demand imbalance 3,000 ▪ PXT is well positioned to 2,500 ~45% provide a solution for new sources of domestic gas 2,000 to Colombian market
Slide 59: Gas Strategy: Liquids-Rich Focus
Gas Strategy: Liquids-Rich Focus Build or Permit Explore and Appraise Develop Liquid-Rich Infrastructure for Large Targets with High Proven Resources Higher Netbacks Productivity ▪ Proven resources: VIM-1, ▪ Pipeline access would ▪ PXT: VIM-1, VIM-43 Capachos and Arauca increase netbacks and ▪ MOU w
Slide 60: VIM-1: Multiple Exploration Opportunities
VIM-1: Multiple Exploration Opportunities Basin: Magdalena Operator: PXT W.I.: 50% VIM-1 3D Seismic Potential plays surround La Belleza Development ▪ Identified four potential reservoirs Kraken ▪ Testing Porquero zone at Vaduz-1 well in Q4 2022 ▪ What success looks like: a gas and liquids core area
Slide 61: VIM-43 (Chirimoya): Transformational Exploration Prospect
VIM-43 (Chirimoya): Transformational Exploration Prospect Basin: Magdalena Operator: PXT W.I.: 100% VIM-43 Seismic Stacked reservoir highly increases chance of success ▪ Identified three potential Chirimoya reservoirs Chirimoya Target ▪ Others tried to drill for the target in the 1940’s & 70’s; did
Slide 62: High-Potential Foothills Trend
High-Potential Foothills Trend Memorandum of Understanding (MOU) MOU Coverage Area with Ecopetrol S.A. Gibraltar Arauca ▪ MOU signed with Ecopetrol, Colombia’s national oil company ▪ Building on existing, successful relationship with Ecopetrol Capachos ▪ Area of coverage spans 13 blocks in the high-
Slide 63: Strategic Big 'E' Transformational Upside
EXPANDED LAND BASE AND THE USE OF PROVEN TECHNOLOGY PROVIDES SIGNIFICANT GAME-CHANGING OPPORTUNITIES. STRATEGIC TARGETING WORLD- Big ‘E’ CLASS OPPORTUNITIES Transformational TYPICALLY ONLY Upside ACCESSIBLE TO MAJORS.
Slide 64: Returning Capital & Building on Track Record
Returning Capital & Building on Track Record Ken Pinsky Chief Financial Officer
Slide 65: Delivering Financial Results
Delivering Financial Results Fourth Consecutive Year Purchased maximum shares +70%(1) +294%(2) +437%(3) C$1.00(7) Production Growth/share FFO/share FFF/share Dividend/share via NCIB 2018A vs. 2022F 2018A vs. 2022F 2018A vs. 2022F Initiated dividend in 2021 2019A-2022A $US 2021A 2022F(4) Production (
Slide 66: Long-Term Capital Allocation Framework
Long-Term Capital Allocation Framework(1) 1. Invest ~2/3 of FFO(2) back into the business 2. Return ≥1/3 to shareholders Dividends + Near-Field Investments Big ‘E’ Share Buybacks ▪ Drive sustainable business model ▪ Quarterly base dividend ▪ Invest in long-term growth ▪ Target dividend growth ▪ Repl
Slide 67: Reinforcing the Capital Allocation Framework in 2023
Reinforcing the Capital Allocation Framework in 2023 2023F CAPITAL ALLOCATION(1) Focused on ($ millions) efficient capital allocation $800 $100 ▪ Treatment of Excess FFF(6) ▪ 100% to shareholder $600 $80 returns ▪ Dividends and share repurchases $400 ▪ Capital Flexibility $60/bbl ▪ Below sustained $
Slide 68: Track Record of Returning Capital
Track Record of Returning Capital RETURN OF CAPITAL TRACK RECORD (CAD MM)(1) SIGNIFICANTLY REDUCED OUTSTANDING FLOAT SINCE ‘17 ~$310 >$1,600 164 162 ~$385 148 134 122 $334 ~110 $230 $300 $55 2018A 2019A 2020A 2021A 2022F 2023F(2) Total 2017A 2018A 2019A 2020A 2021A 2022F(4) Share Repurchases Dividen
Slide 69: Growth Metrics
Growth Metrics PRODUCTION PER SHARE(1) PDP RESERVES PER SHARE(2)(3) 0.17 0.67 16% (2017-2022F) CAGR 19% (2017-2021) CAGR 0.14 0.55 0.13 0.12 0.50 0.10 0.08 0.40 0.33 2017A 2017A 2018A 2018A 2019A 2019A 2020A 2020A 2021A 2021A 2022F 2022F 2017A 2018A 2019A 2020A 2021A 36 53 51 81 Absolute Production
Slide 70: Long-Term Company Track Record of Creating Value
Long-Term Company Track Record of Creating Value PRODUCTION AND FFO PER SHARE TRACK RECORD(1) Production (bbl/d) FFO per share(2) 60,000 Production FFO per share(2) $9.00 40,000 $6.00 20,000 $3.00 0 $0.00 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022F 2023F (3)(4) Bren
Slide 71: Deliver Return of Capital
PAREX IS FOCUSED ON TOTAL SHAREHOLDER RETURNS AND DELIVER BUILDING ON ITS Return of BEST-IN-CLASS Capital RETURN OF CAPITAL TRACK RECORD.
Slide 72: Closing Remarks
Closing Remarks Imad Mohsen President & Chief Executive Officer
Slide 73: Key Takeaways
Key Takeaways • Transitioning from a single asset company to a Colombia-wide operator. • Delivering top-tier ESG performance • Flattening our decline leading to lower maintenance capital requirements. • Building a sustainable base for production growth while delivering a step change in capital effic
Slide 74: Contact Information
Contact Information Mike Kruchten Senior Vice President, Capital Markets & Corporate Planning 403-517-1733 investor.relations@parexresources.com Steven Eirich Investor Relations & Communications Advisor Parex Resources Inc. 587-293-3286 2700 Eighth Avenue Place, West Tower investor.relations@parexre
Slide 75: Advisory
Advisory This presentation is provided for informational purposes only as of December 6, 2022, is not complete and may not contain certain material information about Parex Resources Inc. ("Parex" or the "Company"), including important disclosures and risk factors associated with an investment in Par
Slide 76: Advisory: Forward-Looking Statements and Financial Outlook
Advisory Forward-Looking Statements and Financial Outlook Management has included the above summary of assumptions and risks related to forward-looking information provided in this presentation in order to provide shareholders with a more complete perspective on Parex's current and future operations
Slide 77: Advisory: Distribution Advisory
Advisory Distribution Advisory The proposed aggregate dividend payment of US$80 million in 2023 remains subject to the approval of the Board of Directors of Parex and the declaration of such dividend is subject to a number of other assumptions and contingencies, including commodity prices. The Compa