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Investor Presentaiton

Capital Allocation Framework and Delivery FFO Capital Allocation Long Term >33% Return of Capital (1) ~$900MM $265MM Share Buyback(4)(5) $80MM Dividend(2)(5) ~66% Investment $550MM Capex(3) Increased quarterly regular dividend by 79% to C$0.25 per share marking the third increase in the past year Committed to full 10% share buyback for the fourth year in a row Return of capital supported by strong operating results and debt-free balance sheet with surplus working capital Increasing capex to add productive capacity for 2022 and build foundation for 2023 and the long term Framework 2022F • Being responsive to oil prices through the deployment of capital to take advantage of attractive pricing and develop quick payback projects Target the return of at least 1/3 of total FFO and 100% of free funds flow to shareholders PAREX RESOURCES INC. (1) FFO based on netback sensitivity estimate from most recent guidance (see May 11, 2022 news release); capital management measure; see advisory. (2) Based on paid Q1 2021 dividend and annualized C$0.25 per share quarterly dividend for the remainder of the year. (3) Non-GAAP measure financial measure; see advisory. (4) PXT share price assumption of C$28 per share. (5) USD/CAD assumption: 0.80. 12
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