The Parex Advantage

Reinforcing the Capital Allocation Framework in 2023 ($ millions) $750 $500 ~$710 $250 $80/bbl Brent 2023F CAPITAL ALLOCATION(1) $120 $450-475 Focused on Efficient Capital Allocation A ■ Treatment of Excess FFF(6) ◉ Target 100% to shareholder returns Capital Flexibility ■ Below sustained $60/bbl ■ Brent, option to reduce capital by up to $100MM Capital reduction would be reduced to retain FFF(7) profile $0 FFO(2 (2)(3) Current Dividend (4) Capital Expenditures(5) Excess FFF (6) Based on capital allocation framework, reduced capital to increase free funds flow (FFF) and plan to return 100% of FFF to shareholders through dividends and share buybacks (1) See "Forward-Looking Statements and Financial Outlook" advisory. (2) Capital management measure; see advisory. (3) $80/bbl Brent based on a $35/bbl FFO netback (see August 2, 2023, news release); see slide #29 for additional FFO netback sensitivity information; FFO netback is a non-GAAP ratio, see advisory. (4) Based on C$0.375 per share quarterly dividend as first approved on February 2, 2023. (5) Non-GAAP financial measure; see advisory. (6) Excess FFF is defined as FFO less capital expenditures, less the current dividend. (7) Non-GAAP financial measure; free funds flow defined as funds flow less capital expenditures; see advisory. 19

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