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February 2020 Investor Presentation – Parex Resources, Inc.

Parex Resources, Inc. · Feb 6, 2020 · 21 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. February 2020 Investor Presentation – Parex Resources, Inc. – slide 1
    DISCIPLINED GROWTH + SHAREHOLDER RETURNS OUR 10 YEAR JOURNEY CORPORATE PRESENTATION FEBRUARY 2020 CORPORATE PRESENTATION FEBRUARY 2020 1
  2. February 2020 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 52,687 55,375 Net Working Capital - US million(6) DAPS Growth(2) 26% 34% 20% 280 Drilling Program ( wells) 54 43 59…
  3. February 2020 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. February 2020 Investor Presentation – Parex Resources, Inc. – slide 4
    DELIVERING CONSISTENT SHAREHOLDER VALUE PRODUCTION PER SHARE (DEBT ADJUSTED) 2P RESERVE PER SHARE (DEBT ADJUSTED) 500 1,800 BOE/MILLION WA BASIC SHARES MBOE/MILLION WA BASIC SHARES 450 1,600 400 1,400 350 1,200 300 1,000…
  5. February 2020 Investor Presentation – Parex Resources, Inc. – slide 5
    BUSINESS IS STRONG PRODUCTION GROWTH AND FREE CASH FLOW ANNUAL PRODUCTION CAPITAL RETURNED TO SHAREHOLDERS 60,000 6 300 16 Brent: Brent: ANNUAL PRODUCTION (BOE/D) 60/Bbl 55,000 DEBT-ADJUSTED CASH FLOW PER SHARE (US)…
  6. February 2020 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. February 2020 Investor Presentation – Parex Resources, Inc. – slide 7
    2020 DRILLING PROGRAM: 59 GROSS WELLS PLANNED Llanos Basin Expl. Wells Dev. Wells o SoCa 3 33 o CPO-11 2 - Fortuna o LLA-94 2 - Boranda o Merecure 1 - Aguas Blancas Middle Magdalena Basin o Aguas Blancas - 12 Merecure o Boranda 3 -…
  8. February 2020 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. February 2020 Investor Presentation – Parex Resources, Inc. – slide 9
    CONVENTIONAL OIL RESERVES GENERATE VALUE Proved+ 8 Proved + Probable+ 7 2019YE Proved Probable Possible 2P FD&A (USD/BOE)(1) FD&A USD/boe(1) 7.50 7.57 12.44 6 Recycle Ratio (FD&A)(1) 3.9x 3.9x 2.4x 5 4 After Tax NPV10% - C/sh(2)…
  10. February 2020 Investor Presentation – Parex Resources, Inc. – slide 10
    FOUNDATION FOR GROWTH: APPRAISE & DEVELOP NET WORKING INTEREST PRODUCTION (LLA-32, LLA-34 & Cabrestero) LLA-32 50,000 Kananaskis Azogue 40,000 LLA-34 Max 30,000 Tilo BOE/D Chachalaca Chiricoca 20,000 10,000 Guaco Tigana…
  11. February 2020 Investor Presentation – Parex Resources, Inc. – slide 11
    CAPACHOS DEVELOPMENT AND EXPLORATION POTENTIAL Guadalupe depth structure Capachos (50% WI, Operator) Producing at restricted rate of 5,000 - 6,000 gross bopd ANDINA NORTE-1 Flowline expected to be in service by mid-2020 ANDINA-3 o…
  12. February 2020 Investor Presentation – Parex Resources, Inc. – slide 12
    BEYOND 2019: ASSET REPLENISHMENT FOR FUTURE GROWTH Trucking Parex Blocks 1. ANH Bid Round (July & December 2019) Cartagena Pipeline o Acquired 5 blocks (VSM-25, VSM-36, LLA-94, LLA-122 & VMM-46) in 2019 River o 9% Royalty, no Cash…
  13. February 2020 Investor Presentation – Parex Resources, Inc. – slide 13
    EXPANDING LLANOS INVENTORY LLA-32 CPO-11 (50% WI, Operator) LLA-34 Additional leads and prospects being evaluated Cabrestero Shallow drilling targets testing stratigraphic prospects LLA-94 2020 Plan: 2 exploration wells CPO-11…
  14. February 2020 Investor Presentation – Parex Resources, Inc. – slide 14
    FORTUNA, BORANDA & VMM-46 Fortuna Fortuna (100%WI, operator) Acquired in Q4 2018 No drilling since 2012 Target conventional oil prospects in Lisama and La Luna Formations Acquired 3D seismic in 2019 Midas 2020 Plan: 2 wells to test…
  15. February 2020 Investor Presentation – Parex Resources, Inc. – slide 15
    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…
  16. February 2020 Investor Presentation – Parex Resources, Inc. – slide 16
    ESG PERFORMANCE HIGHLIGHTS GHG emissions reduction initiatives: Promote innovation & research through Taxes & Royalties: Social Environment Governance o Pipeline (ODL) tie-in to reduce oil trucking 6 Parex Innovation…
  17. February 2020 Investor Presentation – Parex Resources, Inc. – slide 17
    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 FEBRUARY…
  18. February 2020 Investor Presentation – Parex Resources, Inc. – slide 18
    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…
  19. February 2020 Investor Presentation – Parex Resources, Inc. – slide 19
    APPENDIX - INDUSTRY LEADING PERFORMANCE METRICS 2017 2018 2019E Production growth % 20 25 19 2P Reserves growth % 45 14 7 3-Year TSR % 140 61 43 ROACE(1) % 23 45 - CROIC(2) % 18 32 - EBITDA(3) US MM 314 649 - Net income (loss)…
  20. February 2020 Investor Presentation – Parex Resources, Inc. – slide 20
    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…
  21. February 2020 Investor Presentation – Parex Resources, Inc. – slide 21
    CORPORATE PRESENTATION FEBRUARY 2020 26

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