Parex Resources (PXT) EnerCom Denver – The Energy Investment Conference summary

Strategic transformation and portfolio growth

• Doubled production to over 90,000 bopd by year-end through portfolio rebuild and acquisition of Frontera, with production guidance for H2 2026 at 82,000–91,000 boe/d.

• Expanded land position to over 8 million acres, holding the largest independent oil and gas land base in Colombia and targeting both conventional and world-class onshore gas plays.

• Strategic partnership with Ecopetrol enhances access to significant oil in place and leverages proven technology for recovery optimization.

• Ongoing integration of Frontera assets and expansion in the Magdalena basin, with first wells expected in H2 2026.

• Focused exclusively on Colombia, with a 15-year operating track record and a portfolio rebuilt through acquisitions.

Financial discipline and shareholder returns

• Returned over CAD 2 billion to shareholders since 2018 through buybacks and dividends, reducing share count by over 40%.

• Quarterly dividend of C$0.385 per share, yielding 5.9%–6% based on recent share price, with plans to pay CAD 100 million in dividends this year.

• Market capitalization stands at C$2.5 billion (US$1.8 billion) with 96.2 million shares outstanding as of July 2026.

• Recent bond issuance funded the Frontera acquisition, resulting in CAD 900 million debt, with a target to halve leverage in two years.

• Targeting over 15% annual shareholder return, with excess free cash flow prioritized for debt repayment, dividends, and growth projects.

Operational highlights and exploration strategy

• Production grew from 45,000 to over 90,000 bopd, with significant contributions from new and mature fields.

• Accelerated development in the Eastern Llanos, with LLA-111 exploration success and plans for ~20 wells in the next year.

• Holds top-ranked exploration prospects in the Llanos Foothills, leveraging underutilized infrastructure for rapid development.

• Magdalena partnership with Ecopetrol to drill first wells in Q3/Q4, expected to add 7,000–8,000 bopd.

• Use of advanced seismic, machine learning, and AI to enhance exploration success and de-risk new prospects.