Parex Resources (PXT) investor relations material

Executive summary

• Achieved strong operational and financial results in Q3 2025, with production momentum expected to exceed annual guidance in Q4 and a robust start anticipated for 2026.

• October 2025 average production reached 49,300 boe/d, a 12% month-over-month increase from September, supporting the upper end of annual guidance.

• Core assets Cabresto and Llanos 34 delivered robust reservoir performance through secondary recovery and EOR programs, with waterflood and polymer injection projects advancing and completion expected by year-end.

• Llanos 32, acquired in March, saw production triple since acquisition, now over 12,000 boe/d, demonstrating operational value creation.

• Five near-field exploration successes at Llanos 74 contributed to production growth and de-risked future prospects, with a 75% exploration success rate and October production over 5,000 bbl/d.

Financial highlights

• Funds flow from operations reached $105 million in Q3, or $1.09 per share, with FFO netback at $26.07 per BOE.

• Net income for Q3 2025 was $50 million, or $0.52 per share basic.

• Capital spending totaled $80 million, mainly at Llanos 32, Llanos 74, Llanos 34, and Capachos.

• Free funds flow for the quarter was $25 million.

• Q4 2025 dividend declared at C$0.385 per share.

Outlook and guidance

• Q4 production average is expected to exceed the top end of annual guidance, with FY 2025 average production guidance reaffirmed at 43,000–47,000 boe/d.

• Capital expenditures for 2025 expected toward the high end of $285–$315 million, with potential for additional late Q4 spending.

• Four to six new production wells and the VIM-1 exploration well are planned for Q4, with preliminary results from VIM-1 anticipated by year-end.

• Capital expenditures are expected to remain at similar levels through year-end, with potential for incremental capital deployment based on well results.