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December 2019 Investor Presentation – Parex Resources, Inc.

Parex Resources, Inc. · Jan 7, 2020 · 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. December 2019 Investor Presentation – Parex Resources, Inc. – slide 1
    DISCIPLINED GROWTH + SHAREHOLDER RETURNS OUR 10 YEAR JOURNEY CORPORATE PRESENTATION DECEMBER 2019 CORPORATE PRESENTATION DECEMBER 2019 1
  2. December 2019 Investor Presentation – Parex Resources, Inc. – slide 2
    CORPORATE SNAPSHOT Capital Structure Operating results 2018 2019E(1) 2020E(1) Production (boe/d) FY Average 44,408 52,750 55,375 Net Working Capital - US million(6) DAPS Growth(2) 26% 31% 23% 280 Drilling Program ( wells) 54 43 59…
  3. December 2019 Investor Presentation – Parex Resources, Inc. – slide 3
    WHY INVEST IN PAREX DEBT-ADJUSTED PRODUCTION PER SHARE (DAPS) 1. No Debt & Positive Q319 Working Capital of US280 MM 0.50 25 2. High Margins o Q319 FFO netback US30/boe at Brent 62/bbl 0.40 20 BOE/D PER 1,000 SAHRES SHARE…
  4. December 2019 Investor 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. December 2019 Investor Presentation – Parex Resources, Inc. – slide 5
    BUSINESS IS STRONG PRODUCTION GROWTH AND FREE CASH FLOW Brent: DEBT-ADJUSTED CASH FLOW PER SHARE 60,000 Brent: 6.00 60/Bbl 63/Bbl ANNUAL PRODUCTION (BOE/D) 55,000 Brent: 50,000 5.00 72/Bbl 45,000 Brent: 40,000 55/Bbl…
  6. December 2019 Investor Presentation – Parex Resources, Inc. – slide 6
    PAREX CASH NETBACK(1) 2020 Target Cash Netbacks(2)(3) 80 75 71.59 68.52 68.32 70 63.83 65 65 62.03 60 60 (12.95) 55 55 50 45 (6.72) USD/BOE 40 (6.15) 35 (0.16) (6.44) 30 25 20 15 10 5 (4) 23.56 31.39 29.16 31.92(4)…
  7. December 2019 Investor Presentation – Parex Resources, Inc. – slide 7
    2020 DRILLING PROGRAM: 59 GROSS WELLS PLANNED Middle Magdalena Expl. Wells Dev. Wells o Aguas Blancas - 12 o Boranda 3 - o Fortuna 3 - Fortuna Boranda Llanos Basin Aguas Blancas Middle Magdalena o CPO-11 2 - Merecure o LLA-94 2 -…
  8. December 2019 Investor Presentation – Parex Resources, Inc. – slide 8
    2020 PLAN: HIGH NETBACKS ENABLE SHAREHOLDER RETURNS 950 900 850 Optionality 800 2019E Working 750 Capital 700 US320 650 MILLIONS (USD) 600 CFO at 65/bbl 550 500 CFO at 60/bbl 450 CFO at 55/bbl 400 Capex: 210-240…
  9. December 2019 Investor Presentation – Parex Resources, Inc. – slide 9
    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 NAV at Brent 60 flat…
  10. December 2019 Investor Presentation – Parex Resources, Inc. – slide 10
    FOUNDATION FOR GROWTH: APPRAISE & DEVELOP Faults GLJ 3P (2018YE) NET WORKING INTEREST PRODUCTION Exploration Wells (LLA-32, LLA-34 & Cabrestero) Pipeline 50 LLA-32 Kananaskis 40 Azogue LLA-34 MBOE/D 30 Max Chachalaca Tilo…
  11. December 2019 Investor Presentation – Parex Resources, Inc. – slide 11
    CAPACHOS DEVELOPMENT AND EXPLORATION POTENTIAL Guadalupe depth structure Capachos (50% WI, Operator) Producing at restricted rate of 6,000 gross bopd ANDINA NORTE-1 o Capachos-2: Guadalupe on production ANDINA-3 o Andina-1: Guadalupe…
  12. December 2019 Investor Presentation – Parex Resources, Inc. – slide 12
    BEYOND 2019: ASSET REPLENISHMENT FOR FUTURE GROWTH Trucking (1) Parex Blocks 1. Fortuna Cartagena o Pipeline Acquired Q4/18 River o 2 wells planned in 2019 Terminal Covenas o 2020 Plan: 3 exploration wells 2. CPO-11(1) o…
  13. December 2019 Investor Presentation – Parex Resources, Inc. – slide 13
    FORTUNA & BORANDA Fortuna (100%WI, operator) Fortuna Acquired in Q4 2018 No drilling since 2012 Acquired 3D seismic in 2019 Target conventional oil prospects in Lisama and La Luna Formations Midas (Acordianero) Boranda (50% WI,…
  14. December 2019 Investor Presentation – Parex Resources, Inc. – slide 14
    FORTUNA BLOCK ACTIVITY Fortuna (100%WI, operator) 3D seismic acquisition completed o Complete processing by 2019YE o Initial data quality looks very good Habanero 1 2020 Drilling Plan: o 2 wells to test the Lisama, and o 1…
  15. December 2019 Investor Presentation – Parex Resources, Inc. – slide 15
    BORANDA FIELD & VMM-46 Boranda Boranda (50%WI, operator) ECP Legacy Production Area 2019 Drilling Well IP(30) Current Rate Boranda 1 Boranda-2ST La Paz B 400 205 (Open Hole) Boranda-3 285 250 Boranda 3 o Both wells are…
  16. December 2019 Investor Presentation – Parex Resources, Inc. – slide 16
    EXPANDING LLANOS INVENTORY LLA-32 LLA-94 (100% WI, Operator) LLA-34 Apply key learnings from adjacent areas Cabrestero (Cabrestero and LLA-34) LLA-94 Multiple play types identified on 3D seismic data Daisy-1 CPO-11 Short turnaround…
  17. December 2019 Investor Presentation – Parex Resources, Inc. – slide 17
    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…
  18. December 2019 Investor Presentation – Parex Resources, Inc. – slide 18
    ESG PERFORMANCE HIGHLIGHTS GHG emissions reduction initiatives: Promote safety culture Taxes & Royalties: Social Environment Governance o ODL Pipeline tie-in to reduce oil trucking Significant improvement to TRIF since 2016…
  19. December 2019 Investor 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 DECEMBER…
  20. December 2019 Investor 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 Boranda2) 50% 43,200 4 Sogamoso 100% 3,695 Cartagena 5 De Mares(2) 50% 174,387 6 Aguas Blancas(2) 50% 13,386…
  21. December 2019 Investor 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. December 2019 Investor Presentation – Parex Resources, Inc. – slide 22
    APPENDIX SUMMARY OF QUARTERLY RESULTS(1) (Unaudited Results) 2019 2018 2017 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 Operating Production (thousands of boe/d) 53.1 52.3 51.2 44.4 49.3 45.0 42.6 40.6 35.5 39.0 36.2 34.3 32.6 Brent…
  23. December 2019 Investor Presentation – Parex Resources, Inc. – slide 23
    CORPORATE PRESENTATION DECEMBER 2019 28

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