Parex Resources Inc. · TSX:PXT
Parex Resources — Investor Presentation (September 2026)
42 slides from Parex Resources's investor presentation, September 2026
Slide 1: Parex Resources Investor Presentation
Parex Resources Investor Presentation September 2026
Slide 2: The Largest Independent, Colombian-Focused Oil & Gas Company
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 Capitalization(2) US$2
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: Parex is the Largest Independent Producer in a Stable Jurisdiction
Parex is the Largest Independent Producer in a Stable Jurisdiction Focused on Colombia, supported by an established upstream industry, attractive fiscal regime & built-out infrastructure network Average Production(1) Largest Independent Oil & Gas Landholder in Colombia 86.5 (kboe/d) Hold 61 blocks a
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: Recent Transactions Strengthen Reserves Profile
Recent Transactions Strengthen Reserves Profile Independent validation of higher reserve volumes PDP Reserves(1) 1P Reserves(2) 2P Reserves(3) (mmboe) (mmboe) (mmboe) 12 132 21 207 27 305 48 72 100 73 113 178 +82% +83% +71% PXT FEC Mag Total PXT FEC Mag Total PXT FEC Mag Total 2025 2025 2025 Recent
Slide 12: Materially Increased Original Oil in Place
Materially Increased Original Oil in Place Substantially expanded resource base underpins a long-term pathway to higher recovery and reserve growth Original Oil in Place (OOIP)(1) Technology Methods to Increase Recovery Factor Current Proven Field Optimization & Enhanced Recovery Advanced 3D Seismic
Slide 13: 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 in Colombia Increased Size & Scale Optimized Capital Allocation Improved Political Climate 82,000-91,000 boe/d(1) Magdalena World-class trend Impro
Slide 14: 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 Rebuilt the portfolio, compensated for declines, and retur
Slide 15: Step-Change H2 2026 Guidance
Step-Change H2 2026 Guidance Refined 2026 program, reflecting constructive commodity prices and anticipated activity surrounding recent transactions 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 dev
Slide 16: Core Areas & Growth Drivers
Core Areas & Growth Drivers
Slide 17: Portfolio Building Blocks
Portfolio Building Blocks Frontera and addition of producing assets in the Magdalena have added 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 “Forwa
Slide 18: 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 19: 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 20: 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 21: Putumayo: Unlocking the Orito Block
DEVELOPMENT INVENTORY Putumayo: Unlocking the Orito Block Beginning initial waterflooding alongside the drilling of horizontal wells Orito – Pepino Map Block Strategy A Initial Waterflood in Legacy Development Area Drilling injection wells and re-activating existing producers to bring on series of
Slide 22: 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 Large
Slide 23: LLA-111 Program Established Low-Cost Exploration Mindset
NEAR-FIELD EXPLORATION LLA-111 Program Established Low-Cost Exploration Mindset Innovative seismic, access, civil works & drilling approach unlocked compelling exploration economics EXPLORATION PARADIGM SHIFT TRADITIONAL EXPLORATION WELL ~$6-8 million Advanced Optimized Truck-Mounted ~65% FIRST SIX
Slide 24: LLA-111 Exploration Success Driving Accelerated Development
NEAR-FIELD EXPLORATION LLA-111 Exploration Success Driving Accelerated Development Unlocking a material new oil fairway in the Eastern Llanos Eastern Llanos Proven Exploration(1) Repeatable Exploration-to-Development PXT Land LLA-111 Existing Prospect 350 km2 Multi-Field Expansion Underway 2026 Disc
Slide 25: 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 26: 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 27: 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 Araguaney Piedemonte Prospect Existing Pipelines with Oil Farallone
Slide 28: 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 (kbbl/d) 50 10 40 8 ~15,000 boe/d Initial rate based o
Slide 29: Positioned to Deliver Sustainable Returns
Positioned to Deliver Sustainable Returns
Slide 30: Capital Allocation Principles
Capital Allocation Principles Underpin 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) Capital
Slide 31: Balance Sheet Highlights
Balance Sheet Highlights Self-funded operator across commodity cycles, with significant liquidity and conservative financial policies Conservative Leverage 5+ years of zero net leverage prior to recent Frontera E&P acquisition Conservative leverage ensures resiliency across commodity cycles Me
Slide 32: Low Breakeven and Strategic Capital Allocation
Low Breakeven and Strategic Capital Allocation A low-cost base creates flexibility to balance shareholder returns, reinvestment and deleveraging Illustrative Capital Allocation Anchored to Annualized H2 2026 Guidance at 86,500 boe/d(2) US$ Millions $1,000 $900 $90 $290 $800 $80 Estimated Brent $700
Slide 33: Return of Capital Track Record
Return of Capital Track Record Demonstrated long-term track record of returning capital to shareholders through share repurchases & dividends Return of Capital (C$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 34: 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 8 out of 9 independent 41% (scope 1 & 2) from of >$55 million on
Slide 35: 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 36: 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 37: 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 38: Appendix: Debt Capital Structure & Key Terms
Appendix: Debt Capital Structure & Key Terms Overview of outstanding notes and revolving credit facility 2028 Notes 2031 Notes Revolving Credit Facility Principal / Facility Size US$400 million US$500 million US$240 million Outstanding / Draw US$310 million US$500 million US$0 million (undrawn)(1) R
Slide 39: Advisory
Advisory This presentation is provided for informational purposes only as of September 10, 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 P
Slide 40: 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 41: Advisory
Advisory Oil & Gas Matters Reserve information is based on the reserves reports (collectively, the “GLJ Reports”) prepared by GLJ Ltd. (“GLJ”), an independent qualified reserves evaluator: Parex assets (“PXT 2025”)(dated March 3, 2026, with an effective date of December 31, 2025; as previously annou
Slide 42: Advisory
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
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