Parex signs landmark definitive agreements with Ecopetrol, enabling 50/50 access to explore the high potential Llanos Foothills
The UPME (Mining Energy Planning Unit) recognizes Parex’s Gas Turbine Energy Efficiency project in the Capachos for its impact against the national goal of reducing energy consumption in the hydrocarbon sector
2024 marks 15 years of operations in Colombia
2024
2023
Parex grows its footprint as an operator, commencing operations at the Arauca block spudding its first two wells and delivering a discovery at Arauca-8
Granted ~US$33 million as part of the Colombian Government’s Work for Taxes program to deliver five community projects by 2026
Achieved 12% production per share growth
Increased regular quarterly dividend by 50% to C$0.375 per share, demonstrating Management and the Board’s long-term confidence in the sustainability of the business
Progressed application of technology to reduce decline rates at Cabrestero, delivering strong well performance from horizontal program and initiating polymer pilot program
2023
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
2022
2021
Generated record annual funds flow provided by operations of US$578 million
Parex became the largest independent acreage holding in Colombia by:
Acquiring 18 new blocks in the 2020 Colombia Bid Round
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
2021
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
2020
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:
Innovation Scholarship at the University of Calgary
Investment to upgrade infrastructure and renovate the Simon Bolivar Hospital in Bogota
14.7 million shares repurchased for C$300
2019
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
2018
2017
Annual production surpassed 30,000 boe/d
Repurchased shares totaling C$9 million
Established 2P reserves of 162 mmbbl
2017
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
2016
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
2015
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
2014
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
2013
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
2012
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
2011
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
2010
2009
Parex Resources founded following spin-off from Petro Andina Resources
