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  Economics : Rates of Return/ IRR

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2021 Game Plan Details Increase Returns with Shift to Double Premium Develop Wells that Earn Minimum 60% Direct ATROR1,2 at 40 WTI Target 7% Well Costs3 Reduction (Update) Lower Base Decline Rate Less Than 49 WTI Oil Price Required for 10% ROCE2 in 2021 (Update) Divested China Assets in 2Q 2021 Maintain Production in Unbalanced Oil Market Maintain Oil Production at 440 Mbopd4 Leasing and Testing Across Numerous HighImpact Oil Plays Capital Budget of 3.9 Bn4,2 Fully Funded within Cash Flow at 30 WTI Oil (Update) Complete 500 Net Wells Focused on the Delaware Basin, Eagle Ford and Powder River Basin Focused Investments in Exploration, Infrastructure and Environmental Projects Generate Strong Free Cash Flow Generate 4.4 Bn Free Cash Flow5,2 at 65 WTI (Update) Increased Regular Dividend 10%6 Repaid 750 MM Bond in February 2021 Paid 600 MM Special Dividend in July 2021 (Update) (1) Direct ATROR calculated using flat commodity prices of 40 WTI oil, 2.50 Henry Hub natural gas and 16 (4) Based on midpoint of fullyear guidance as of August 4, 2021. NGLs. (5) Discretionary Cash Flow less CAPEX. Based on (i) yearto date 2021 results and (ii) fullyear 2021 guidance, as (2) See accompanying schedules for reconciliations and definitions of nonGAAP measures and other measures. of August 4, 2021. Assumes 3.25 Henry Hub natural gas price for the third and fourth quarters of 2021. See also the discussion regarding forwardlooking, nonGAAP financial measures included on slides 2 and 56. (6) Based on indicated annual rate, as of February 25, 2021. (3) Well Costs = Drilling, Completion, WellSite Facilities and Flowback. 2Q 2021 20
EOG Resources, Inc.
August 2021

Eagle Ford: Strong Free Cash Flow and Deep Drilling Inventory 10 year drilling inventory (2) Asset Level Free Cash Flow (1) (C millions) 300 250 net locations 842 million cumulative asset level 250 free cash flow since 2016 200 150 43 20 100 net wells 96 50 on- stream 0 2021 Program Remaining Undrilled 238 Inventory Well Economics (3) 285 WTI Oil Price 50/bbl 60/bbl Payout: 0.9 years 0.6 years IRR: 101% 203% 138 Recycle Ratio: 3.2x 4.0x 42 Breakeven: US30/bbl 2016 2017 2018 2019 2020 Q1 2021 (10% IRR) (1) Asset level free cash flow represents field level operating netback less exploration and development capital. For illustrative purposes only and should not be relied upon as indicative of future results. Baytexs actual results may vary. (2) Net locations includes 210 proved plus probable undeveloped reserves locations at year-end 2020 and 38 unbooked future locations. See Advisories (3) Individual well economics based on constant pricing and costs, and Baytexs assumptions regarding an expected type curve that uses the following assumptions: well cost US5 million (6,000 foot lateral); IP365 - 700 boe/d; EUR 800 mboe). 19
Baytex Energy Corp.
July 2021

SOUTH TEXAS FOCUSED ON EXECUTION AND RETURNS ENHANCEMENT 2 0 2 1 O P E R AT I N G P L A N 2021 PLAN DETAILS 2Q21: 5 net wells completed and 11 net wells drilled YTD 2Q21: 8 net wells completed and 16 net wells drilled 12,000 expected average lateral feet per well DIMMIT COUNTY 20% Boe PDP decline expected (YE20 - YE21) WEBB COUNTY E N H A N C I N G I N V E N T O R Y VA L U E MARKETING UPDATE North Area Transportation costs expected to decrease 0.25/Mcf starting July 2021 and decrease an additional 0.35/Mcf in mid 2023 East Area AUSTIN CHALK SUCCESS 2020 Austin Chalk wells have an expected breakeven flat oil price range of 12 - 28/Bbl NYMEX(1) at go forward development capital South Area Delineation program of 17 wells producing as of the end of the 2Q has indicated Austin Chalk inventory over a broad area O P E R A T I N G D E T A I L S (2) Rigs Running: Completion Crews: 155,000 NET ACRES (1) Breakeven 10% IRR assumes natural gas at 2.50/Mcf and 43% NGL to WTI pricing. (2) As of July 29, 2021. 13
SM Energy Company
July 2021

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