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June 2019 Corporate Presentation – Parex Resources, Inc.

Parex Resources, Inc. · Jun 13, 2019 · 23 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 1
    DISCIPLINED GROWTH + SHAREHOLDER RETURNS OUR 10 YEAR JOURNEY CORPORATE PRESENTATION JUNE 2019 CORPORATE PRESENTATION JUNE 2019 1
  2. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 2
    CORPORATE SNAPSHOT Capital Structure Operating results 2017 2018 2019E(1) Net Working Capital - US million(4) Production (boe/d) FY Average 35,541 44,408 53,000 207 Capital Expenditures(2) - US million 212 302 215 US200 MM Undrawn…
  3. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 3
    WHY INVEST IN PAREX 1. No Debt & Positive Q119 Working Capital of US207 MM 2. High Margins o Q119 FFO netback US28/boe at Brent 64/bbl 27% 3. Ability to Grow Within Cash Flow: o 2017 Production growth: 20% self-funded o 2018 Production…
  4. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 4
    DELIVERING CONSISTENT SHAREHOLDER VALUE PRODUCTION PER SHARE (DEBT ADJUSTED) 2P RESERVE PER SHARE (DEBT ADJUSTED) 350 1,600 BOE/MILLION WA BASIC SHARES 1,400 MBOE/MM BASIC SHARES 300 250 1,200 1,000 200 800 150 600…
  5. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 5
    BUSINESS IS STRONG PRODUCTION GROWTH AND FREE CASH FLOW Brent: 55,000 67/Bbl 5.50 Brent: DEBT-ADJUSTED CASH FLOW PER SHARE 50,000 5.00 72/Bbl ANNUAL PRODUCTION (BOE/D) 45,000 Brent: 4.50 40,000 55/Bbl 4.00 Brent: 35,000…
  6. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 6
    GUIDANCE: CASH FLOW FUNDED GROWTH CAPEX BY TYPE CAPEX BY BLOCK Assumptions 2019FY(1) Bus. Dev Other Oil (Brent)(US/bbl) 60 Bus. Dev DeMares/Playon Exploration Production (Boe/d) 53,000 Fortuna YOY Production growth/share 25%…
  7. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 7
    PAREX CASH NETBACK(1) 2019 Target Cash Netbacks(2)(3) 80 75 75 71.59 70 68.32 70 63.83 65 65 60 60 55 (15.56) 50 45 (6.39) USD/BOE 40 (5.71) 35 (3.18) 30 (5.34) 25 20 15 Cash Netback 10 5 23.56 31.39 27.65 25-27…
  8. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 8
    2019 PLAN: HIGH NETBACKS ENABLE SHAREHOLDER RETURNS 900 2018YE 800 Working Capital 700 Optionality CFO at 75/bbl MILLIONS (USD) 600 CFO at 70/bbl CFO at 65/bbl 500 226(1)(2) CFO at 60/bbl 400 Capex: 215 CFO at 300…
  9. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 9
    2019 DRILLING PROGRAM: 46 GROSS WELLS PLANNED VIM-1: Lower Magdalena Expl. Wells Dev. Wells o La Belleza well 1 - Lower Magdalena Middle Magdalena VIM-1 o Aguas Blancas 3 12 o DeMares/Playon 3 - Fortuna Playon o Fortuna 2 1…
  10. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 10
    YEAR-END 2018 RESERVES(1) 2P at Dec. 31, 2017 (MMboe) 162.2 3P Reserves 262.1 MMboe - Production 16.2 + 2P Reserves additions(2) 38.7 + Acquisitions - 2P at Dec. 31, 2018 (MMboe) 184.7 2P Reserves replacement ratio(3) 238% 2P Reserves…
  11. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 11
    CONVENTIONAL OIL RESERVES GENERATE VALUE Proved+ 9 Proved + Probable+ 8 2018YE Proved Probable Possible 7 2P FD&A (USD/BOE)(1) FD&A USD/boe(1) 7.03 7.29 7.59 Recycle Ratio (FD&A)(1) 4.5x 4.3x 4.1x 6 5 After Tax NPV10% - C/sh(2)…
  12. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 12
    FOUNDATION FOR GROWTH: APPRAISE & DEVELOP ODL Offloading Faults NET WORKING INTEREST PRODUCTION GLJ 3P (2018YE) (LLA-32, LLA-34 & Cabrestero) Exploration Wells LLA-32 50 Pipeline Carmentea 40 MBOE/D 30 Calona 20 AZOGUE…
  13. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 13
    CAPACHOS DEVELOPMENT AND EXPLORATION POTENTIAL Guadalupe depth structure Capachos (50% WI, Operator) Producing at restricted rate of 5,100 gross bopd ANDINA NORTE-1 o Capachos-2: Guadalupe on production ANDINA-3 o Andina-1: Guadalupe…
  14. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 14
    CAPACHOS: ANDINA WELLS Drill Andina-3 appraisal well Andina Andina Norte Prospective Andina-1 Andina-2 Andina 1 1 2 3 Zones Norte-1 Mirador Mirador Untested Untested Untested Guadalupe Producing - To be placed on Mirador 1,000…
  15. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 15
    BEYOND 2019: ASSET REPLENISHMENT FOR FUTURE GROWTH Trucking (1) Parex Blocks 1. Fortuna Cartagena Pipeline o Acquired Q4/18 o 3 wells planned in 2019 River Terminal Covenas (1) 2. CPO-11 o Acquired Q4/18 3. Merecure FORTUNA…
  16. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 16
    FORTUNA & PLAYON Fortuna Fortuna (100%WI, operator) Acquired in Q4 2018 No drilling since 2012 2019 Plan o Drill 2 exploration wells & 1 development well Midas o Acquire 3D seismic (Acordianero) Target conventional oil prospects…
  17. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 17
    CPO-11: EXPANDING LLANOS INVENTORY LLA-32 Farm-in: drill remaining 1 well & LLA-34 acquire 2D seismic to earn 50% WI Cabrestero Apply key learnings from Cabrestero and LLA-34 CPO-11 Numerous additional leads and Rubiales…
  18. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 18
    WHERE DO WE GO FROM HERE 2019 2020 - 2022 Our focus Is on Profitable Production growth Deliver top quartile Future Growth & Delivering & free cash flow per share growth Shareholder Returns New growth: Replenish & exploration…
  19. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 19
    2019 SUMMARY Self-funded industry leading production growth Grow & develop Southern Casanare Blocks Prove play concepts in Middle & Lower Magdalena Basins Expand portfolio through business development CORPORATE PRESENTATION JUNE 2019…
  20. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 20
    COLOMBIA - CURRENT LAND BASE Block Working Interest Gross Acres(1) 1 VIM-1 100% 223,651 2 Fortuna(2) 100% 26,206 3 Playon(2) 50% 43,200 Cartagena 4 Sogamoso 100% 3,695 5 De Mares(2) 50% 174,387 Coveas 6 Aguas Blancas(2) 50%…
  21. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 21
    APPENDIX - INDUSTRY LEADING PERFORMANCE METRICS 2017 2018 2019E Production growth % 20 25 20 2P Reserves growth % 45 14 - 3-Year TSR % 140 61 - ROACE(1) % 23 45 - CROIC(2) % 18 32 - EBITDA(3) US MM 314 649 - Net income (loss) per…
  22. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 22
    APPENDIX SUMMARY OF QUARTERLY RESULTS(1) (Unaudited Results) 2019 2018 2017 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 Operating Production (thousands of boe/d) 51.2 44.4 49.3 45.0 42.6 40.6 35.5 39.0 36.2 34.3 32.6 Brent Price (/bbl) 64 72…
  23. June 2019 Corporate Presentation – Parex Resources, Inc. – slide 23
    CORPORATE PRESENTATION JUNE 2019 28

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