Parex Resources Inc.（“arex”或“公司”）欣然发布其 2025 年指引，宣布其银团信贷额度已增加，并提供其 2024 年第四季度的平均产量。除非另有说明，本文中的所有金额均以美元（“SD”）为单位。

主要亮点
目标是 2025 财年平均产量为 45,000 桶油当量/天，资本支出(1) 为 3 亿美元(2)。
预计 2025 财年运营资金流(5) 为 4.45 亿美元，自由资金流(1) 为 1.45 亿美元（基于 70 美元/桶的布伦特原油价格(2)）；在支付公司每股 1.54 加元(3) 或约 1.05 亿美元的年度定期股息后，估计股息后自由资金流(1) 为 4,000 万美元。
2024 年第四季度平均产量为 45,297 桶油当量/天(4)。

“arex 已调整其 2025 年计划，将重点放在具有高品位机会集的低风险活动上，以巩固股东回报，同时为未来增长积蓄动力，特别是明年在高潜力 Llanos Foothills 趋势中的前景的实施，”总裁兼首席执行官 Imad Mohsen 评论道。2025

年指导重点

预算框架基于以下基本原则：
多元化和低风险的资本配置，如果大宗商品价格下跌，可以灵活减少资本；
专注于股息可持续性并与目标长期资本回报框架保持一致；
以不断增长的 2025 年下半年产量为目标，为 2026 年做好准备；以及
投资未来开发和勘探，实现长期可持续增长。
预计年均产量约为 43,000 至 47,000 桶油当量/天(2)。
相对于 2024 年第四季度(2)，平均产量稳定在 45,000 桶油当量/天的指导中点。
该计划包括多达 30 口总井，资本支出(1) 指导为 2.85 亿至 3.15 亿美元(2)。
预计约 60% 的资本将用于开发和开采活动，主要在 LLA-34、Cabrestero、LLA-32 和新收购的 Putumayo 区块(2)。
预计将钻探六个成功率较高的近场勘探前景，平均每个勘探前景价值不到 1,000 万美元（净值）（2）。
计划在 VIM-1 钻探一口影响深远的大型“戥楨”勘探井 ​​Hidra（50%）（2），预计成本约为 1,000 万美元（净值）（2）。
投资许可、通道、地震活动、土木工程和携带资本以推动未来增长（2）。
运营净回值（6）提供的强劲资金流估计为 26-28 美元/桶，布伦特原油价格为 70 美元/桶（2）。
有利的税收地位有望抵消更高的单位费用。
股息后，自由资金流（1）预计将用于股票回购以及进一步加强资产负债表。
Parex 预计将于 2025 年向多伦多证券交易所提交一份意向通知，以正常方式进行发行人投标。

风险管理
2025 年第一季度，Parex 已进入布伦特原油价格对冲程序，以管理约 25% 的计划净原油产量的价格风险，利用布伦特看跌期权价差 60 美元/桶和 70 美元/桶。Parex 计划定期评估市场状况、运营要求和其他相关因素，以评估在 2025 年期间是否需要采取任何额外的对冲行动。

银团信贷额度增加
公司高级担保信贷额度（“信贷额度”）的总金额已从 2 亿美元增加到 2.4 亿美元。随着信贷额度的增加，公司的银行银团已扩展到三家加拿大银行。信贷安排将于 2026 年 5 月到期。Parex

预计将在不同时间动用信贷安排来管理与供应商付款和石油销售收款时间以及资本返还计划相关的时间差异。2024 年第四季度

产量更新 2024 年第四季度平均产量为 45,297 桶油当量/天 (1)。 主要是在 2024 年 12 月，Capachos 发生了大约 14 天的临时关闭，此后已恢复全面运营状态；估计当月影响约为 1,100 桶油当量/天。2024 年第四季度业绩 - 电话会议和网络直播 Parex 将于 2025 年 3 月 6 日星期四召开电话会议和网络直播，讨论其 2024 年第四季度业绩。更多详细信息将在适当时候在公司网站上公布。

Parex Resources Inc. (“Parex” or the “Company”) is pleased to publish its 2025 guidance, announce that its syndicated credit facility has been increased, as well as provide its Q4 2024 average production. All amounts herein are in United States Dollars (“USD”) unless otherwise stated.

Key Highlights
Targeting FY 2025 average production of 45,000 boe/d and capital expenditures(1) of $300 million(2).
Forecast FY 2025 funds flow provided by operations(5) of $445 million and free funds flow(1) of $145 million based on $70/bbl Brent(2); after paying the Company’s annualized regular dividend of C$1.54 per share(3) or approximately $105 million, estimated post-dividend free funds flow(1) is $40 million.
Recorded Q4 2024 average production of 45,297 boe/d(4).

“Parex has aligned its 2025 program to focus on lower-risk activities with a high-graded opportunity set, in order to underpin shareholder returns while building momentum towards future growth, particularly the execution of prospects in the high-potential Llanos Foothills trend next year,” commented Imad Mohsen, President & Chief Executive Officer.

2025 Guidance Highlights

Budget framework is based on the following fundamentals:
Diversified and lower-risk capital deployment, with flexibility to reduce capital in the event of lower commodity prices;
Focused on dividend sustainability and alignment with targeted long-term return of capital framework;
Targeting a growing H2 2025 production profile to position for 2026; and
Investing in future development and exploration for long-term, sustainable growth.
Average annual production is expected to be approximately 43,000 to 47,000 boe/d(2).
Represents stabilized average production at the 45,000 boe/d guidance midpoint relative to Q4 2024(2).
Program includes up to 30 gross wells, with capital expenditure(1) guidance of $285 to $315 million(2).
Approximately 60% of capital is expected to be directed towards development and exploitation activity, primarily in LLA-34, Cabrestero, LLA-32 and the newly acquired Putumayo Blocks(2).
Expecting to drill six higher chance of success, near-field exploration prospects that are on average less than $10 million each (net)(2).
Planning one high-impact, big ‘E’ exploration well, Hidra, at VIM-1 (50%)(2), with an expected cost of roughly $10 million (net)(2).
Investing in permitting, access, seismic activity, civil works, and carry capital to drive future growth(2).
Strong funds flow provided by operations netback(6) estimated to be $26-28/boe at $70/bbl Brent(2).
Supported by an advantaged tax position that is expected to offset higher per unit expenses.
Post-dividend, free funds flow(1) is expected to be used for share repurchases as well as further strengthening of the balance sheet.
Parex expects to submit a notice of intention to make a normal course issuer bid to the Toronto Stock Exchange for calendar 2025.

Risk Management
For Q1 2025, Parex has entered a Brent crude oil price hedge to manage price risk on approximately 25% of planned net crude oil production, utilizing a bear Brent put spread at $60/bbl and $70/bbl. Parex plans to regularly evaluate market conditions, operational requirements, and other pertinent factors, to assess the need for any additional hedging actions as it progresses through 2025.

Syndicated Credit Facility Increase
The aggregate amount available with the Company’s senior secured credit facility (“Credit Facility”) has increased from $200 million to $240 million. In connection with the increase, the Company’s banking syndicate has expanded to three Canadian banks. The Credit Facility is set to mature in May 2026.

Parex expects to draw on the Credit Facility at various times to manage timing differences associated with timing of vendor payments and oil sales collections, as well as return of capital initiatives.

Production Update

Q4 2024 Production Update

Q4 2024 average production was 45,297 boe/d(1).
Predominantly in December 2024, an approximately 14-day temporary shut in at Capachos occurred and since then full operational status has been regained; the estimated impact was approximately 1,100 boe/d on the month.

Q4 2024 Results - Conference Call & Webcast
Parex will host a conference call and webcast to discuss its Q4 2024 results on Thursday, March 6, 2025. Additional details will be available on the Company’s website in due course.