Parex Resources Inc. · TSX:PXT
Parex Resources — Q4 2025 Earnings Presentation
28 slides from Parex Resources's earnings presentation, Mar 5, 2026
Slide 1: Parex Resources Investor Presentation March 2026
Parex Resources Investor Presentation March 2026
Slide 2: Leading Colombian Oil & Gas Company
▪ Leading Colombian 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) 96.0 million Market Capitalization(2) C$2.0 billion | US$1.5 bill
Slide 3: Core Focus Areas for 2026
Core Focus Areas for 2026 Focus on portfolio optimization & development while executing multiple, independent exploration projects with substantial upside Applying Technology to Building on Near-Field Maximize Recovery Factor Exploration Success ▪ Lowers decline rate & maintenance capital requiremen
Slide 4: Colombia Parex Advantages
Colombia ~746,000 Independent Free OECD BBL/D Branches of Capital Movement Member Oil Production(1) Government & No Foreign Country Currency Controls Parex Advantages Offshore Top Decile Established Strong Strategic Partner Oil Sales Cash Flow per BOE Social License with Ecopetrol S.A. Paid in USD b
Slide 5: 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 that while actively managing are underexplored shareholder risk & reward Gas Expl
Slide 6: 2026 Guidance
2026 Guidance Full-year production growth while investing for the future Average 45,000-49,000 Funds Capital $280-320(2) $385-420(1) Production ~5% Growth at Midpoint vs. 2025 Flow $60/bbl Brent Expenditures Inclusive of $65 Carry Capital boe/d $ Millions $ Millions VIM-1 CAPITAL DISTRIBUTION(2)(3)
Slide 7: Portfolio Building Blocks
Portfolio Building Blocks Robust base anchors the portfolio, with running room & follow-up inventory, plus transformational exploration upside ▪ High-impact exploration 4 ▪ Llanos Foothills offers transformational potential ▪ Prospects are characterized by high rates and quick payouts 3 ▪ Continuous
Slide 8: 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 Cabrestero LLA-34 LLA-34 ▪ Compl
Slide 9: Successful Polymer Injection Pilot at Cabrestero
ROBUST BASE Successful Polymer Injection Pilot at Cabrestero Promising results leading 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 stabl
Slide 10: Proving Value through Operational Excellence at Cabrestero
ROBUST BASE Proving Value through Operational Excellence at Cabrestero Investment paid out, now positioned for low declines, minimal capital spend & strong free cash flow generation CABRESTERO PERFORMANCE VS. RESERVES PROFILE(1) $575MM 1.5x Payout Low Decline EOR(4) Upside Cumulative On $375MM Flood
Slide 11: Putumayo Blocks are Sizable and Underexploited
DEVELOPMENT INVENTORY Putumayo Blocks are Sizable and Underexploited Proven exploitation & technology strategy can be replicated to increase production, enhance recovery & add reserves ESTIMATED OOIP FOR PUTUMAYO BLOCKS (MMBO)(1) Putumayo Blocks Nororiente (70) LLA-34 (900)(2)>2.4 Billion OOIP Occid
Slide 12: 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 13: 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: 6.8 Million Acres Premium Prospect Funnel Material, Net Acreage Expansion Larg
Slide 14: 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 15: Successful Execution is Adding to the Foundation
NEAR-FIELD EXPLORATION Successful Execution is Adding to the Foundation Ongoing success in the Southern Llanos is strengthening the production base & driving near-term growth NEAR-FIELD EXPLORATION & FOLLOW-UP WELL PERFORMANCE(1) (kbbl/d) 16 14 12 10 8 6 Short-Cycle LLA-32 Delineation ‘25 Near-Field
Slide 16: Llanos Foothills: Strategic Alliance with Ecopetrol
TRANSFORMATIONAL BIG ‘E’ Llanos Foothills: Strategic Alliance with Ecopetrol Public-private collaboration to deliver natural gas volume while generating benefits for Colombia & all stakeholders Energy 50/50 World-Class Security & Strategic Exploration Transition Fuel Partnership Potential As announc
Slide 17: 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 record Cumulative production from area of technical exper
Slide 18: 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 19: 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 20: 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 21: High-Quality, Undervalued Portfolio
High-Quality, Undervalued Portfolio A robust foundation designed for long-term sustainability, with upside potential PDP 1P 2P Proved, Developed & Producing Proved Proved + Probable 2025 Reserves (boe)(1) 73 million 113 million 178 million 2025 Reserves (NPV10)(2)(3) US$1.6 billion US$2.0 billion US
Slide 22: Return of Capital Track Record
Return of Capital Track Record Demonstrated long-term track record of returning capital to shareholders through share repurchases & dividends RETURN OF CAPITAL (C$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 23: 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 on road cons
Slide 24: 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 25: 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 26: Advisory
Advisory This presentation is provided for informational purposes only as of March 23, 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 27: Advisory
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 28: Advisory
Advisory Reserves The recovery and reserve estimates of crude oil reserves provided in this presentation are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual crude oil reserves may eventually prove to be greater than, or less than, the estimates provide