Parex Resources : Capital Markets Day - December 2022

Parex Resources

Capital Markets Day - December 6, 2022

Today's Objectives

	Showcase the	Demonstrate	Reinforce
	Parex	production	capital
	advantage	sustainability	allocation
	in Colombia	& runway for growth	framework

Agenda

Vision & Strategy	Imad Mohsen
President & CEO
Colombia Advantage	Daniel Ferreiro
President & Country Manager

ESG Performance & 2023 Budget	Mike Kruchten
SVP, Capital Markets & Corporate Planning
Driving Safe &	Eric Furlan
Sustainable Operations	Chief Operating Officer
Big 'E' Transformational	Ian Zapfe-Smith, Vice President, Exploration
Growth	Katie Bernard, Vice President, New Ventures
Returning Capital &	Ken Pinsky
Building on Track Record	Chief Financial Officer
Q&A
	Alberto Consuegra Granger
Guest Speaker	Executive Vice President, Operations,
	Ecopetrol S.A.

Parex Poised to Outperform

75%

50%

25%

0%

-25%

YTD 2022

PERFORMANCE(1)

TSX Energy

+52%

Brent

+14%

PXT

-14%

				2023E EV/DACF(2)				5.8x
									5.2x
								4.4x
						3.8x	4.0x
		3.1x	3.3x	3.4x	3.5x
	2.5x
1.8x
PXT	P1	P2	P3	P4	P5	P6	P7	P8	P9	P10

Recent Performance & Revaluation(3)

• Perceived risk & recent performance have weighed on valuation
• 2022 characterized by adverse election result, localized blockades and production misses, as well as government tax reform
• As Colombia's risk profile is better understood, country risk discount is expected to improve

With a strategic base plan and high-impact catalysts, Parex is well-positioned to outperform

1. As at November, 28, 2022. (2) Source: Peters & Co. (November 28, 2022); enterprise value divided by estimated debt-adjusted cash flow; 2023E assumptions: Brent: US$86.06/bbl WTI: US$81.21/bbl, NYMEX: US$6.40/mmbtu, AECO: C$5.96/mcf, USD/CAD: 0.76; peer list: BTE, CJ, CPG, ERF, GTE, HWX, IPCO, TVE, VET, WCP.

1. See "Forward-Looking Statements and Financial Outlook."

Colombia

Substantial	Emerging	Stable
Resource	Industry	Environment
Undeveloped	Minimal Industry	Committed OECD
Basins	Competition	Country
Capture Entire Play	Lagging Technology	Focused on
With Discovery	Application	Energy Transition
Forecast Gas S/D	Underutilized, Existing	O&G Revenues
Imbalance	Infrastructure	Critical to Economy

Parex

Proven	Strong	Strategic
Player	Reputation	Value
Largest Independent	Strong Social	Applying Proven
Operator	License to Operate	Technology
10+ Year Track Record	Superior ESG	Long-Term
In Colombia	Performance	Gas Strategy
Safety First, Responsible	Established Relationship	Investing & Utilizing
Operator	with Ecopetrol	Infrastructure

COLOMBIA ENERGY

SPACE HAS A

DISPROPORTIONATE,

FAVOURABLE

RISK/REWARD

PROFILE, WHICH IS

BOLSTERED BY

PAREX'S COMPETITIVE

ADVANTAGES