The Parex Advantage

Deep Portfolio Can Deliver Quick Paybacks 10 Illustrative Payback (Months) 00 6 2023 PLAN - PAYBACKS FROM FIRST CAPITAL SPEND(1)(2) k ■ Paybacks Improve Over Time A Short-cycle projects provide insultation from commodity price changes ■ Cabrestero and LLA-34 focused on waterflood ■ Facilities capital is upfront and leads to enhanced FFF(3) in the future Capachos Boranda ■ Focused on minimizing decline and improving Northern Llanos Option capital efficiency Cabrestero Arauca 5 LLA-26/81 LLA-34 Short- Cycle SOCA With Facilities Excluding Facilities Approximately 8-month average payback including infrastructure spending, which is expected to reduce further once facilities are in place (1) See "Forward-Looking Statements and Financial Outlook." (2) Before tax; $80/bbl Brent; single well economics; with facilities spend in 2023 allocated on a per well basis. (3) Non-GAAP financial measure; free funds flow defined as funds flow less capital expenditures; see advisory. 15

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