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Parex Resources
  • About Parex

    About Parex

    With over 10 years of experience, Parex is now the largest independent exploration and production company in Colombia. We are focused on delivering sustainable, conventional oil and gas production and growing our business over the long term.

    • Purpose
    • Leadership
    • Directors
    • History
    • Governance
  • Operations

    Operations

    Parex is focused on delivering safe, reliable production and exploration in Colombia. Learn more about our operations in the Llanos and Magdalena basins, and how we are progressing our strategy to grow production and become a multi-field operator.

    • Overview
    • Vendors & Contractors
  • Investors

    Investors

    Parex has a proven track record of success built on delivering total shareholder returns through growth and return of capital measures.

    • Why Invest?
    • Presentations & Events
    • Reports & Filings
    • Analyst Coverage
    • Tax Information
  • Sustainability

    Sustainability

    Delivering safe, responsible operations is foundational at Parex. We are committed to continuously improving our ESG practices, which include minimizing our environmental impacts, building lasting relationships with stakeholders and contributing to local community development.

    • Approach
    • Environment
    • Social
    • Governance
    • Reporting
  • News

    News

    Learn more about our latest business results, announcements and more.

    • Press Releases
    • Photo Library
    • Video Library
  • Careers

    Careers

    At Parex, our employees are the foundation of our success. Our culture embraces inclusion, diversity and innovation. We work collaboratively as a highly engaged and motivated team to solve challenges and deliver business results. Learn why you should join now!

    • Working at Parex
    • People & Culture
    • Current Opportunities
    • Fraud Alert

History

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History
    Purpose Leadership Directors History Governance

History

2009

  • Parex Resources founded following spin-off from Petro Andina Resources

2010

  • Closed C$75 million bought deal financing, issuing 13 million shares and raising C$71 million net proceeds
  • Established 2P reserves of 6 mmbbl

2011

  • Achieved annual production of 5,345 boe/d
  • Listed Parex’s common shares on the Toronto Stock Exchange under the symbol PXT
  • Acquired Remora Energy Ltd. for approximately US$253 million
  • Issued inaugural Sustainability Report
  • Closed bought deal financing as well as issued subscription receipts and convertible debentures for total combined proceeds of C$302 million

2012

  • Achieved annual production of 11,407 boe/d
  • Acquired Ramshorn International Ltd. for approximately US$72 million, which included a working interest in LLA-34
  • Established 2P reserves of 16 mmbbl

2013

  • Achieved annual production of 15,584 boe/d
  • Purchased remaining 50% working interest in Cabrestero
  • Increased total land holdings in Colombia by 469,944 net acres

2014

  • Achieved annual production of 22,526 boe/d
  • Acquired Verano Energy Ltd. for approximately US$186 million, which added an additional 10% working interest in LLA-34
  • Completed Capachos block farm-in agreement with Ecopetrol for 50% working interest and operatorship
  • Redemption of convertible debentures for cash consideration

2015

  • Achieved annual production of 27,434 boe/d
  • Closed a bought deal financing for C$137 million proceeds
  • Established 2P reserves of 68 mmbbl

2016

  • Achieved annual production of 29,715 boe/d
  • Adopted a Board and Management Diversity policy to promote equality within the workforce
  • Increased reserve life index to 10 years

2017

  • Annual production surpassed 30,000 boe/d
  • Repurchased shares totaling C$9 million
  • Established 2P reserves of 162 mmbbl

2018

  • Third quarter 2018 marked the 25th consecutive quarter of growth for the Company
  • Farm-in agreement with Hupecol for 50% working interest in CPO-11
  • Marked first disclosure to CDP’s climate change questionnaire
  • Concluded strategic repositioning process and enacted revised business plan
  • 2.7 million shares repurchased for C$55 million

2019

  • Annual production surpasses 50,000 boe/d
  • 10-year anniversary marked by Parex Resources
  • Community investments made in Canada and Colombia to mark anniversary
  • a. Innovation Scholarship at the University of Calgary b. Investment to upgrade infrastructure and renovate the Simon Bolivar Hospital in Bogota
  • 14.7 million shares repurchased for C$300

2020

  • Parex shut-in higher cost mature fields and reduced rates of major fields to preserve asset value and maximize operating netbacks due to the COVID-19 global pandemic
  • Marked 10 years of sustainability reporting and first disclosure to S&P Global’s CSA questionnaire
  • Parex included in Bloomberg’s Gender-Equality Index (“GEI”), highlighting the commitment to internal policies and practices that promote workplace diversity, inclusiveness and equal opportunity
  • 13.9 million shares repurchased for C$230 million

2021

  • Generated record annual funds flow provided by operations of US$578 million
  • Parex became the largest independent acreage holding in Colombia by:
  • a. Acquiring 18 new blocks in the 2020 Colombia Bid Round b. Expanding its strategic partnership with Ecopetrol S.S. for a 50% interest in the Arauca and LLA-38 blocks.
  • Released Inaugural Task Force on Climate-Related Financial Disclosures (“TCFD”) Report
  • Initiated quarterly regular dividend
  • 12.9 million shares repurchased for C$273 million

2022

  • Generated record annual funds flow provided by operations of US$725 million
  • Grew reserves per share (on a boe basis) across PDP, 1P and 2P reserve categories for the 12th consecutive year
  • Signed a memorandum of understanding with Ecopetrol S.A. along the high-potential Foothills trend in the Llanos Basin
  • Raised the quarterly dividend by 100% to C$0.25 per share
  • Repurchased 11.8 million shares for C$285 million, marking the fourth consecutive year where Parex has purchased the full 10% amount under the Company’s normal course issuer bid

Learn more about Parex:

Governance
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Overview
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Vendors & Contractors
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  • About Parex
    • Purpose
    • Leadership
    • Directors
    • History
    • Governance
  • Operations
    • Overview
    • Vendors & Contractors
  • Investors
    • Why Invest?
    • Presentations & Events
    • Reports & Filings
    • Analyst Coverage
    • Tax Information
  • Sustainability
    • Approach
    • Environment
    • Social
    • Governance
    • Reporting
  • News
    • Press Releases
    • Photo Library
    • Video Library
  • Careers
    • Working at Parex
    • People & Culture
    • Current Opportunities
    • Fraud Alert
Parex Resources

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info@parexresources.com

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