Parex Resources (PXT) Investor presentation summary

Strategic focus and portfolio overview

• 100% Colombia-focused, with a robust onshore oil and gas portfolio and the largest independent land position in the country at 6.8 million acres.

• Emphasizes portfolio optimization, development, and multiple independent exploration projects with significant upside, including the Putumayo Basin and Llanos Foothills.

• Applies advanced technology such as waterflood and polymer injection to maximize recovery and lower decline rates, especially at Cabrestero and LLA-34.

• Strategic partnership with Ecopetrol in the Llanos Foothills targets transformational, gas-weighted growth.

• Maintains a high-quality, undervalued asset base with 178 million boe 2P reserves and a 10-year reserve life.

Financial performance and capital allocation

• Market capitalization of C$2.0 billion, with 96 million shares outstanding and a quarterly dividend of C$0.385 per share (7.2% yield).

• 2026 capital expenditures guided at $280–320 million, targeting 45,000–49,000 boe/d average production (~5% growth).

• Capital distribution prioritizes exploration (Llanos Foothills, Putumayo, Magdalena), development, and infrastructure.

• Returned over C$2 billion to shareholders since 2018, reducing diluted share count by over 40%.

• Top-decile cash flow per BOE among TSX-listed peers, with strong free cash flow generation.

Operational excellence and growth drivers

• Robust base anchored by Cabrestero and LLA-34, where waterflood and polymer injection have flattened production declines and reduced sustaining capital.

• Successful polymer pilot at Cabrestero led to full-field expansion and plans for portfolio-wide replication.

• Putumayo blocks offer >2.4 billion barrels OOIP, with initial waterflooding and horizontal drilling underway to unlock low-recovery legacy fields.

• Near-field exploration in Southern Llanos delivers high rates, quick paybacks, and ongoing inventory replenishment.

• Llanos Foothills partnership with Ecopetrol targets world-class gas and oil prospects, leveraging existing infrastructure for rapid development.