Parex Resources Inc. · TSX:PXT
Parex Resources — Investor Presentation (December 2025)
32 slides from Parex Resources's investor presentation, December 2025
Slide 1: Parex Resources Investor Presentation
Parex Resources Investor Presentation December 2025
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) 96.1 million Market Capitalization(2) C$1.8 billion | US$1.3 bill
Slide 3: Colombia and Parex Advantages
Colombia ~760,000 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 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 that while actively managing are underexplored shareholder risk & reward Gas Expl
Slide 5: 2025 Activity Plan
2025 Activity Plan Diversified, lower-risk capital program, with growing H2 2025 production profile Near-Field Exploration ~6 wells Higher chance of success exploration prospects VIM-1 Southern Llanos focus; building off previous basin success 1 Big ‘E’ exploration well Less than $10MM per drill on
Slide 6: 2025 Capital Allocation
2025 Capital Allocation Plan built for sustainability, with investments in both current production and future inventory 2025F CAPITAL ALLOCATION(1) Fundamentals ($ millions) ▪ Strong FFO netbacks(1) $500 ▪ Oil prices linked to Brent with $75 $70 narrow quality differentials $400 $65/bbl $285-315 ▪ P
Slide 7: Portfolio Building Blocks
Portfolio Building Blocks Robust base anchors the portfolio, with running room and follow-up inventory, plus transformational exploration upside ▪ High-impact exploration 4 ▪ Llanos Foothills offers transformational potential ▪ Accessing world-class, onshore opportunities ▪ Prospects are characteriz
Slide 8: Portfolio Building Blocks
Portfolio Building Blocks Robust base anchors the portfolio, with running room and follow-up inventory, plus transformational exploration upside ▪ High-impact exploration ▪ Llanos Foothills offers transformational potential ▪ Accessing world-class, onshore opportunities ▪ Prospects are characterized
Slide 9: Cornerstones of Robust Base: Cabrestero & LLA-34
Cornerstones of Robust Base: Cabrestero & LLA-34 Maximizing recovery factor to generate strong free cash flow Cabrestero & LLA-34 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(1) ▪ Completed waterflood
Slide 10: Successful Polymer Injection Pilot at Cabrestero
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 Pilot 500 ▪ Patterns have shown stable performanc
Slide 11: Realizing Value & Demonstrating Operational Excellence at Cabrestero
Realizing Value & Demonstrating Operational Excellence at Cabrestero Investment paid out, now positioned for low declines, minimal capital spend, and strong free cash flow generation CABRESTERO PERFORMANCE VS. RESERVES PROFILE(1) $575MM 1.5x Payout Low Decline EOR(4) Upside Cumulative On $375MM Floo
Slide 12: Portfolio Building Blocks
Portfolio Building Blocks Robust base anchors the portfolio, with running room and follow-up inventory, plus transformational exploration upside ▪ High-impact exploration ▪ Llanos Foothills offers transformational potential ▪ Accessing world-class, onshore opportunities ▪ Prospects are characterized
Slide 13: Putumayo Blocks are Sizable and Underexploited
Putumayo Blocks are Sizable and Underexploited Proven exploitation & technology strategy can be replicated to increase production, enhance recovery, and add reserves OOIP FOR KEY PAREX AREAS (MMBO)(1) Putumayo Blocks Reserve Information(3) Cabrestero LLA-34 GLJ recognized Company interest: (120) (89
Slide 14: Portfolio Building Blocks
Portfolio Building Blocks Robust base anchors the portfolio, with running room and follow-up inventory, plus transformational exploration upside ▪ High-impact exploration ▪ Llanos Foothills offers transformational potential ▪ Accessing world-class, onshore opportunities ▪ Prospects are characterized
Slide 15: Portfolio Delivers Premium Prospect Funnel
Portfolio Delivers Premium Prospect Funnel Strategically increased acreage to enable the building of a high-quality prospect funnel, with high rates & quick payouts Increased Land Position by ~4x Today: 6.9 Million Acres Premium Prospect Funnel Material, Net Acreage Expansion Largest Independent Lan
Slide 16: Strong Execution Capability
Strong Execution Capability Successful wells drilled in the Southern Llanos (outside of Cabrestero & LLA-34 development) 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 Average IP30
Slide 17: Driving Strong Performance Through Execution at LLA-32
Driving Strong Performance Through Execution at LLA-32 Expanding within core area, building off Cabrestero & LLA-34 success LLA-32 DAILY AVERAGE PRODUCTION(1) Key Takeaways (kboe/d) Infill Drilling & Waterflood Investments + Small ‘e’ ▪ Tuck-In Acquisition Benefits 14 Added Four Successful Wells in
Slide 18: Successful Execution is Adding to the Foundation
Successful Execution is Adding to the Foundation Ongoing success in the Southern Llanos is strengthening the production base and driving near-term growth NEAR-FIELD EXPLORATION & FOLLOW-UP WELL PERFORMANCE(1) (kbbl/d) 16 14 12 10 8 6 Short-Cycle Opportunistic Adds LLA-32 Delineation 4 ‘25 Near-Field
Slide 19: Portfolio Building Blocks
Portfolio Building Blocks Robust base anchors the portfolio, with running room and follow-up inventory, plus transformational exploration upside ▪ High-impact exploration 4 ▪ Llanos Foothills offers transformational potential ▪ Accessing world-class, onshore opportunities ▪ Prospects are characteriz
Slide 20: VIM-1 Exploration Prospect
VIM-1 Exploration Prospect Directly offset Company’s producing VIM-1 La Belleza Discovery VIM-1 Block – 3D Seismic Key Highlights ▪ Successful gas cycling project at La Belleza Kraken ▪ La Belleza currently produces ~4,500 boe/d(1) ▪ Gas currently being injected, but favorable gas market supports bu
Slide 21: Llanos Foothills: Strategic Alliance with Ecopetrol
Llanos Foothills: Strategic Alliance with Ecopetrol Public-private collaboration to deliver new natural gas volume while generating benefits for Colombia and all stakeholders Energy 50/50 World-Class Security & Strategic Exploration Transition Fuel Partnership Potential As announced December 5, 2025
Slide 22: Llanos Foothills: World-Class Resource Trend
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 expertise & >1.4B bbls oil and
Slide 23: Llanos Foothills: Proven Resource
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 ~450 kbbl/d ~3.0 bcf/d 3.0 for Success 375 2.5 Best-in-Class Prospects HIGHLY PROSPECTIVE EXPLORATION T
Slide 24: Llanos Foothills: Success Case Well Example
Llanos Foothills: Success Case Well Example Successful outcomes are expected to yield industry-leading production, reserves and 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 best estimate type cur
Slide 25: 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 2024 Reserves (boe)(1) 72 million 112 million 170 million 2024 Reserves (NPV10)(2) US$1.5 billion US$1.8 billion US$2.
Slide 26: Return of Capital Track Record
Return of Capital Track Record Demonstrated long-term track record of returning capital to shareholders through share repurchases and dividends RETURN OF CAPITAL (C$MM) OUTSTANDING SHARES (MM) ~$190 ~$2,000 162 $254 148 ~40% Reduction $300 (2018A-2024A) 134 $384 122 $334 110 104 98 $230 $300 2019A 2
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 Morningstar Sustainalytics ▪ Reduced GHG intensity by ▪ Work for Taxes investments ▪ 9 out of 10 independent 27.3 Rating(1) 29% (scope
Slide 28: 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 29: 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 30: Advisory
Advisory This presentation is provided for informational purposes only as of December 5, 2025, 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 31: 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 32: Advisory
Advisory Oil and Gas Information 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 mea
Parex Resources — Investor Presentation (December 2025) on 6ix