The Parex Advantage

Three-Year Plan: Efficiently Grow Production & Free Funds Flow A (boe/d) 80,000 60,000 40,000 20,000 0 BASE DEVELOPMENT PLAN(1)(6)(7) (Excludes Exploration Upside) Magdalena Northern Llanos Southern Llanos Cabrestero LLA-34 Exploration Strategy (6) Approach: ~$50MM per year on high-impact prospects for step-change exposure Upside: 15 identified high-impact opportunities in portfolio Forecast: production not in base development plan 2020A $80 Brent Case(1)(6) 2023E 2024E 2025E 2021A 2022A 2023F 2024F 2025F Average Production Base Plan FFO(2) ($ millions) Capital (3) Exploration Capital(3) Carry (A&D) Capital(3)(4) Total Capital(3) FFF(5) Cumulative FFF(5) ($ millions) (kboe/d) ($ millions) ($ millions) ($ millions) ($ millions) ($ millions) 55.5 $710 $373 $60 $30 $463 $247 $247 63 $780 $285 $50 $40 $375 $405 $652 67 $830 $275 $50 $0 $325 $505 $1,157 Successful exploration follow-up, including associated capital and production, is not reflected in the base development plan (1) Long-term plan derived by utilizing, among other assumptions, historical Parex production performance and current cost assumptions, adjusted annually after 2023; budgets and forecast have not been finalized and are subject to a variety of factors, including prior year's results. (2) Funds flow provided by operations; capital management measure; see advisory; price assumptions for 2023: based on $80/bbl Brent and a $35/bbl FFO netback (see August 2, 2023, news release); for 2024 and 2025 assumed $80/bbl Brent and a $34/bbl FFO netback; all years have no hedging; FFO netback is a non-GAAP ratio, see advisory. (3) Non-GAAP financial measure; see advisory. (4) Carry capital relates to the Arauca and LLA-38 farm-in agreement, as originally announced on July 7, 2021; as a result of shut-ins experienced YTD 2023, carry capital for 2024 and 2025 is currently under review. (5) Non-GAAP financial measure; free funds flow defined as FFO less capital expenditures; see advisory. (6) See "Forward-Looking Statements and Financial Outlook." (7) See "Historical Production" table within advisory for production by product type. 16

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