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1Q 2020 Earnings Presentation – Parex Resources, Inc.

Parex Resources, Inc. · May 20, 2020 · 20 slides

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Slides

  1. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 1
    Optimizing Shareholder Value CORPORATE PRESENTATION MAY 2020 CORPORATE PRESENTATION MAY 2020 1
  2. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 2
    CORPORATE SNAPSHOT Capital Structure Operating results 2018 2019 Production (boe/d) FY Average 44,408 52,687 Net Working Capital - US million(3) DAPS Growth(1) 26% 34% 330 Drilling Program ( wells) 54 43 US200 MM Undrawn Credit…
  3. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 3
    ESG PERFORMANCE HIGHLIGHTS GHG emissions disclosure Committed to improve safety records: 0 Taxes & Royalties: Environment Social Governance o 3rd party verified emissions data LTI and TRIF for employees since 2017; US378…
  4. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 4
    WHY INVEST IN PAREX DEBT-ADJUSTED PRODUCTION PER SHARE (DAPS) 1. No Debt & Positive Q120 Working Capital of US330 MM PPS DAPS Share Price (QE) 0.50 25 2. High Margins o Q120 FFO netback US20.63/boe at Brent 51/bbl 0.40 20…
  5. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 5
    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…
  6. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 6
    BALANCE SHEET STRENGTH PROVIDES OPTIONALITY ANNUAL PRODUCTION CAPITAL RETURNED TO SHAREHOLDERS 60,000 6 250 16 Brent: ANNUAL AVERAGE PRODUCTION (BOE/D) 55,000 DEBT-ADJUSTED CASH FLOW PER SHARE (US) 64/Bbl 14 CAPITAL…
  7. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 7
    PAREX CASH NETBACK(1) 80 75 71.59 70 64.21 65 60 53.57 54.75 55 51.05 50 45.12 45 (16.62) USD/BOE 40 35 30 (4.71) 25 (5.31) (1.64) (2.14) 20 15 10 Cash 5 0 13.20(2) 13.70(2) 22.29(2) 24.65(2) 29.61(2) 20.63(2)…
  8. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 8
    CONVENTIONAL OIL RESERVES GENERATE VALUE Proved Proved+ 8 Developed Proved + Probable+ 7 2019YE Producing Proved Probable Possible 2P FD&A (USD/BOE)(1) FD&A USD/boe(1) 7.63 7.50 7.57 12.44 6 Recycle Ratio (FD&A)(1) 3.9x 3.9x 3.9x…
  9. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 9
    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…
  10. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 10
    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…
  11. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 11
    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) River o 9% Royalty, no Cash Payments Terminal…
  12. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 12
    VIM-1: LA BELLEZA DISCOVERY Gas fields Oil fields VIM-1 (50% WI, Operator) Gas pipeline Oil Pipeline Main target is a Cienaga De Oro River formation draped over a basement high Analogue fields at Cicuco, Boquete and El Dificil…
  13. 1Q 2020 Earnings 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 CPO-11 Rubiales LLA-94 (100% WI, Operator)…
  14. 1Q 2020 Earnings 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 Midas Acquired 3D seismic in 2019 (Acordianero) Boranda…
  15. 1Q 2020 Earnings 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. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 16
    SUMMARY Self-funded industry leading production growth Grow & develop Llanos Blocks Prove play concepts in Middle & Lower Magdalena Basins Expand portfolio through business development CORPORATE PRESENTATION MAY 2020 16
  17. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 17
    COLOMBIA - CURRENT LAND BASE Block Working Interest Gross Acres(1) 1 VIM-1 50% 223,651 2 Fortuna(2) 100% 26,206 Cartagena 3 Boranda2) 50% 43,200 4 De Mares(2) 50% 174,387 5 Aguas Blancas(2) 50% 13,386 Coveas 6 VMM-9 100% 152,412…
  18. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 18
    APPENDIX - INDUSTRY LEADING PERFORMANCE METRICS 2017 2018 2019 Production growth % 20 25 19 2P Reserves growth % 45 14 7 3-Year TSR % 140 61 43 ROACE(1) % 23 45 31 CROIC(2) % 18 32 29 EBITDA(3) US MM 314 640 663 Net income (loss)…
  19. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 19
    APPENDIX SUMMARY OF QUARTERLY RESULTS(1) (Unaudited Results) 2020 2019 2018 FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 Operating Production (thousands of boe/d) 54.3 52.7 54.2 53.1 52.3 51.2 44.4 49.3 45.0 42.6 40.6 Brent Price…
  20. 1Q 2020 Earnings Presentation – Parex Resources, Inc. – slide 20
    CORPORATE PRESENTATION MAY 2020 25

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