Parex Resources : Investor Presentation - September 2023

Parex Resources

Investor Presentation - September 2023

TSX:PXT

• Largest Independent Oil & Gas Company in Colombia
• Deep Portfolio with Transformational Exploration Opportunities
• Debt-FreeBalance Sheet
• Target the Return of 100% of Free Funds Flow to Shareholders
• Top-TierESG Performance

Stock Symbol	TSX:PXT
Shares Outstanding(1)	105.4 million
Market Capitalization(1)	C$2.7 billion
Quarterly Dividend(2)	C$0.375 per share
Dividend Yield(1)(2)(3)	5.9%
Average Production(4)	54,120 boe/d
Land Position	5.5 million net acres

(1) As at August 31, 2023.

(2) Based on C$0.375 per share quarterly dividend as first approved on February 2, 2023.

(3) Supplementary financial measure; annualized dividends per share dividend by PXT share price; see advisory.

(4) For three months ended June 30, 2023 (light & medium crude oil: 7,982 bbl/d, heavy crude oil: 45,644 bbl/d,

conventional natural gas: 2,964 mcf/d).

Colombia

~750,000	Independent	Free	OECD	US$4.4B
BBL/D	Branches of	Capital Movement	Member	Excepted Total
Oil Production(1)	Government	& No Foreign	Country	E&P Investment(2)
		Currency Controls

The Parex Advantage

Offshore

Oil Sales

Paid in USD based on Brent reference pricing

Top Quartile	Established Strong	Strategic Partner
Cash Flow per BOE(3)	Social License	with Ecopetrol S.A.
When compared against	US$5MM+ of community	Existing relationship & MOU
TSX-listed oil & gas peers	investment in 2022	signed in Foothills area

(1) 2021; source: National Hydrocarbons Agency of the Republic of Colombia (ANH). (2) 2022E; source: Colombian Petroleum Association (ACP). (3) Source: Peters & Co. (March 13, 2023); 2023E assumptions: Brent: US$78.93/bbl WTI: US$75.61/bbl, NYMEX: US$3.00/mmbtu, AECO: C$2.92/mcf, USD/CAD: 0.729; all USD cash flow	3
netbacks converted to CAD; peer list based on Peters & Co. Canadian Producers coverage list (38 total companies (excludes royalty companies)).

• Track Record
• Strategy
• Capital Allocation
• Sustainability & ESG

• Big 'E' Exploration

Track Record of Growth

PRODUCTION PER SHARE(1)(2)

16% CAGR

(2017-2022)

0.13	0.14
0.12

0.10

0.08

0.17

PDP RESERVES PER SHARE(3)(4)

18%	CAGR
(2017-2022)	0.67
		0.55
		0.50
	0.40

0.33

0.76

2017A

2018A

2019A

2020A

2021A

2022A

2017A

2018A

2019A

2020A

2021A

36

52

51

Absolute PDP Reserves Growth CAGR: 10%

Absolute Production Growth CAGR: 8%

kboe/d

kboe/d

mmboe

Since 2017, grown production and PDP reserves on an absolute basis, further enhanced on a per share basis by consistent share repurchases

(1) Calculated as total annual average production divided by weighted-average basic shares. (2) See "Historical Production" table within advisory for production by product type. (3) Calculated as PDP gross volume divided by year-end basic shares; see advisory. (4) See "Oil and Gas Information" advisory.

2022A

83

mmboe

5