Parex Resources Inc. · TSX:PXT
Parex Resources — Investor Presentation (May 2026)
36 slides from Parex Resources's investor presentation, May 2026
Slide 1: Parex Resources Investor Presentation May 2026
Parex Resources Investor Presentation May 2026
Slide 2: Positioned to be the Largest, Independent, Colombian-Focused Oil & Gas Company
Positioned to be the Largest, Independent, Colombian-Focused Oil & Gas Company Value Creation in Colombia since 2009 Sustainable Portfolio with Growth Runway Strong Return of Capital Track Record Top-Quartile ESG Performance Stock Symbol TSX:PXT Shares Outstanding(1) 96.2 million Market Capi
Slide 3: Total Return Proposition
TOTAL RETURN PROPOSITION 1 Base Delivery: Targeting >15% annual shareholder return Foundation delivering 3-5% growth through proven technology application Stable dividend with excess free cash flow allocated primarily to debt repayment 2 Transformational Upside: Foothills exploration catalysts
Slide 4: Colombia-Focused Strategy
Colombia-Focused Strategy Parex Resources is 100% focused on Colombia Unlocking extensive Exploitation land base using & Technology proven technology Pursuing onshore, Capturing exploration upside world-class gas plays . while actively managing that are underexplored . Gas Exploration shareholder ri
Slide 5: Step-Change H2 2026 Guidance
Step-Change H2 2026 Guidance Refined 2026 program, reflecting constructive commodity price environment and anticipated activity surrounding acquisitions Average Funds Capital $475-525(1) $275-295(2) Production 82,000-91,000 Flow $90/bbl Brent Expenditures boe/d $ Millions $ Millions A Continuing gas
Slide 6: Recent Transformational M&A
Recent Transformational M&A
Slide 7: Frontera Acquisition: Creates the Largest Independent Colombian E&P
Frontera Acquisition: Creates the Largest Independent Colombian E&P Transaction builds a stronger growth platform by combining two of Colombia’s leading energy portfolios Leverages Technology Track Record Across Larger Portfolio Enhances Size, Scale & Running Room Optimization of Capital Allocation
Slide 8: Frontera's Upstream Portfolio Overview
Frontera’s Upstream Portfolio Overview Low-decline production with strong geographic and operational overlap to generate operational efficiencies & synergies KEY ACQUISTION ASSETS AVERAGE PRODUCTION BY AREA(1) VIM-1 50% W.I. Currently operating facility with gas reinjection Parex existing operat
Slide 9: Addition of Producing Assets in the Magdalena
Addition of Producing Assets in the Magdalena 50% share in the Casabe & Llanito blocks for a commitment to invest a $250 million (gross) capital program over five years ~15,000 bbl/d(1) Average Production Stable, Cash-Generating Production No upfront acquisition cost with infrastructure already in p
Slide 10: Strategic Partnership with Ecopetrol S.A.
Strategic Partnership with Ecopetrol S.A. Longstanding partnership and alignment with state-owned, integrated energy company Magdalena Casabe & Llanito Northern Llanos • Low upfront capital for Capachos near-term production • Onstream since 2018 • Enhance recovery • Base & development asset using op
Slide 11: Building Scale and Unlocking Value
Building Scale and Unlocking Value Adding accretive barrels for scale and realizing value through optimized capital allocation to the best opportunities Disciplined Acquisition Increased Size & Scale Optimized Capital Allocation Beyond Base Assets $33,150 82,000-91,000 boe/d(4) Magdalena World-class
Slide 12: Building on the Long-Term Track record
Building on the Long-Term Track record New step-change guidance shows a production increase nearly double from prior levels CORPORATE AVERAGE PRODUCTION(1) (kbbl/d) 90 3 80 82,000-91,000 boe/d Step-Change 70 H2 2026 Guidance(3) 60 50 40 2 30 Post-COVID, built operational capability & compensated for
Slide 13: Scalable Platform
Scalable Platform Recent strategic transactions have transformed Parex and enhanced its market position CORPORATE AVERAGE PRODUCTION(1) (kboe/d) 125 100 Largest independent E&P in Colombia One of the largest oil-weighted, mid-cap producers on the TSX 75 50 25 0 PXT(2) GTE SierraCol Hocol GPRK SCR PX
Slide 14: Core Areas & Growth Drivers
Core Areas & Growth Drivers
Slide 15: Portfolio Building Blocks
Portfolio Building Blocks Frontera and the addition of producing assets in the Magdalena add to the base & development building blocks 4 Robust base business anchors the portfolio, 3 supported by significant running room, follow-on inventory, and 2 transformational exploration upside 1 See “Forward-
Slide 16: Proving Value through Operational Excellence at Cabrestero
ROBUST BASE Proving Value through Operational Excellence at Cabrestero Successfully applied technology through horizontal drilling, near-field exploration, waterflooding & polymer injection CABRESTERO PERFORMANCE VS. RESERVES PROFILE(1) 20 Infills, Waterflooding + Exploration Initial Polymer Injecti
Slide 17: Successful Polymer Injection Pilot at Cabrestero
ROBUST BASE Successful Polymer Injection Pilot at Cabrestero Promising results led to full-field polymer expansion, with opportunities for technology replication across portfolio CABRESTERO POLYMER PILOT PERFORMANCE(1) Key Highlights (bbl/d) Proven Polymer Injection Patterns have shown stable pe
Slide 18: Cornerstones of Robust Base: Cabrestero & LLA-34
ROBUST BASE Cornerstones of Robust Base: Cabrestero & LLA-34 Maximizing recovery factor to generate strong free cash flow Cabrestero(1) & LLA-34(2) Blocks FLATTENING PRODUCTION DECLINE(3) (kbbl/d) 50 40 Flattening 30 LLA-34 20 10 Cabrestero 0 2021 2022 2023 2024 2025 2026 Cabrestero LLA-34 LLA-34
Slide 19: Putumayo: Unlocking the Orito Block
DEVELOPMENT INVENTORY Putumayo: Unlocking the Orito Block Beginning initial waterflooding alongside the drilling of horizontal wells and a multilateral pilot Orito – Pepino Map Block Strategy A Initial Waterflood in Legacy Development Area Drilling injection wells and re-activating existing produc
Slide 20: Portfolio Delivers Premium Prospect Funnel
NEAR-FIELD EXPLORATION Portfolio Delivers Premium Prospect Funnel Strategically increased acreage to enable building of a high-quality prospect funnel, with high rates & quick payouts Increased Land Position by ~4x Today: 7.9 Million Acres Premium Prospect Funnel Material, Net Acreage Expansion Larg
Slide 21: Strong Execution Capability
NEAR-FIELD EXPLORATION Strong Execution Capability Successful wells drilled in the Southern Llanos (outside of Cabrestero & LLA-34) exhibit robust performance NEAR-FIELD EXPLORATION & FOLLOW-UP WELL PERFORMANCE(1) ~$6-8 million ~1,600 bbl/d ~800 bbl/d Premium Funnel Continuously Average Well Cost Av
Slide 22: Llanos Foothills: World-Class Resource Trend
TRANSFORMATIONAL BIG ‘E’ Llanos Foothills: World-Class Resource Trend Provides game-changing potential at an enhanced risk & reward profile PXT/ECP Aligned Area(1) Sirirí PXT Proven Operatorship Resource Capachos Operatorship highlights track Cumulative production from area record of technical exper
Slide 23: Llanos Foothills: Proven Resource
TRANSFORMATIONAL BIG ‘E’ Llanos Foothills: Proven Resource One of the most prolific areas within Colombia LLANOS FOOTHILLS HISTORICAL AVERAGE PRODUCTION(1) Oil (kbbl/d) Natural Gas (bcf/d) Why Parex is Well-Positioned ~450 kbbl/d ~3.0 bcf/d 450 3.0 for Success 375 2.5 Best-in-Class Prospects HIGHLY
Slide 24: Llanos Foothills: Best-in-Class Prospects
TRANSFORMATIONAL BIG ‘E’ Llanos Foothills: Best-in-Class Prospects Positioned by Cusiana, Cupiagua & Floreña fields that have produced >1.4B bbls of oil and ~4 TCF of gas(1) Piedemonte Extension Piedemonte Prospect 1 2 Floreña Field Piedemonte Prospect Existing Pipelines with Oil Araguaney Farallone
Slide 25: Llanos Foothills: Success Case Well Example
TRANSFORMATIONAL BIG ‘E’ Llanos Foothills: Success Case Well Example Successful outcomes are expected to yield industry-leading production, reserves & cash flow Type Curve (Gross)(1) View of Upcoming Prospects (Gross)(1) Natural Gas (mmcf/d) Oil (bbl/d) 50 10 40 8 ~15,000 boe/d Initial rate based on
Slide 26: Positioned to Deliver Sustainable Returns
Positioned to Deliver Sustainable Returns
Slide 27: ESG Performance
ESG Performance Established strong social license and earned external recognition as a top-quartile ESG performer ENVIRONMENT SOCIAL GOVERNANCE EXTERNAL RECOGNITION AA Rating(1) Reduced GHG intensity by Work for Taxes investments 9 out of 10 independent 29% (scope 1 & 2) from 2019 of >$55 mill
Slide 28: Capital Allocation Principles
Capital Allocation Principles Underpinning a compelling total return proposition Stable Core to the total return framework Regular Dividend Balance Sheet Strength Maintain a strong credit profile with a high level of liquidity & Flexibility Medium-term target of ≤0.5x net debt to EBITDA(1) Cap
Slide 29: Return of Capital Track Record
Return of Capital Track Record Demonstrated long-term track record of returning capital to shareholders through share repurchases & dividends RETURN OF CAPITAL (C$MM) OUTSTANDING SHARES (MM) $186 $2,043 164 162 $254 148 $300 134 $384 122 $334 110 105 $230 99 97 $300 $55 2018 2019 2020 2021 2022 2023
Slide 30: Executing the Next Chapter
Executing the Next Chapter Transformed Parex positioned to deliver an unparalleled portfolio of development & exploration opportunities Optimize the Base Business Leverage proven technologies to increase recovery factor on large oil in place base Deliver Integration Value Capture synergies and stren
Slide 31: Why PXT?
Why PXT? Key takeaways Conventional Oil Colombia is underexploited with substantial resource potential & Gas in Proven 15-year operating track record in Colombia Strong assets with superior development economics Colombia Applying secondary recovery & EOR to improve recovery factors Transformat
Slide 32: Contact Information
Contact Information Mike Kruchten Senior Vice President, Capital Markets & Corporate Planning 403-517-1733 investor.relations@parexresources.com Steven Eirich Senior Investor Relations & Communications Advisor 587-293-3286 investor.relations@parexresources.com Parex Resources Inc. 2700 Eighth Avenue
Slide 33: Advisory
Advisory This presentation is provided for informational purposes only as of May 12, 2026, 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 Parex.
Slide 34: Advisory: Non-GAAP and Other Financial Measures
Advisory Non-GAAP and Other Financial Measures Advisory This presentation uses various "non-GAAP financial measures", "non-GAAP ratios", "supplementary financial measures" and "capital management measures" (as such terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measur
Slide 35: Advisory: Oil & Gas Matters
Advisory Oil & Gas Matters This presentation contains a number of oil and gas metrics, including funds flow provided by operations netback. 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
Slide 36: Advisory: Historical Production
Advisory Historical Production(1) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Light & Medium Crude Oil (bbl/d) - - - - - - - - 4,668 7,214 6,021 6,831 7,471 8,417 8,850 11,635 Heavy Crude Oil (bbl/d) - - - - - - - - 39,120 44,494 39,197 38,449 43,008 45,163 40,336