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BUSINESS UNIT HIGHLIGHTS w Light Oil Canada Heavy Oil Canada Light Oil USA (Eagle Ford) (Viking/Duvernay) (Peace River/Peavine/ Lloydminster) Production (2025E) 82,000 boe/d 18,000 boe/d 44,000 boe/d % Liquids 81% 83% 96% Land (net acres) 178,000 317,000 745,000 2P Reserves (Gross) (1) 401 MMboe 109 MMboe 137 MMboe Asset Level Free Cash Flow (% of corporate) (2) 55% 5% 40% Drilling Locations (net risked) (3) 800 1,200 900 Individual Well Economics (4) (5) IRRs 45% to 90% 55% to 90% 95% to 250% Payouts 14 to 26 months 14 to 21 months 8 to 13 months CROCI (6) 2.1x to 2.5x 2.0x to 2.7x 2.4x to 4.0x (1) Baytexs year-end 2024 reserves were evaluated by McDaniel & Associates Consultants Ltd, (McDaniel), an independent qualified reserves evaluator in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101). See Advisory Regarding Oil and Gas Information. (2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures Advisory section in this presentation for further information. (3) Net locations includes proved plus probable undeveloped reserves locations at year-end 2024 and unbooked future locations. See Advisory Regarding Oil and Gas Information. (4) Individual well economics based on constant pricing and costs and Baytexs internal assumptions using an average type curve for wells within each asset that are expected to be developed in the five-year outlook (representing 40% of our inventory of booked and un-booked risked locations). (5) Commodity price assumptions: WTI US75/bbl; WCS differential US13/bbl; NYMEX Gas - US3.25/MMbtu; Exchange Rate (CAD/USD) 1.40. (6) Cash Return on Capital Invested (CROCI) is a supplementary financial measure calculated as the undiscounted cash flow stream for an individual well divided by the cost to drill, complete, equip and tie-in a well. BAYT EX ENERGY / NYSE / T SX BT E 14
Baytex Energy Corp.
August 2025

Oil Development Map SilverBow Wells & Offset First 12 Month Cum 120 MBo of Oil First 12 Mo Oil Cum Zavala Frio Atascosa Karnes 120+ (MBo) Central Oil Guy Phillip SilverBow Other Operators Koerth SilverBow Dimmit La Salle McMullen Live Oak Bee Recent Wells Evans James Keith Guy Phillip Western Condensate Koerth Bethune James Keith ARN ARN Bethune SilverBow PDP Evans Commentary Average Daily Production(1) (MBoe/d) Western Evans James Keith Guy Phillip Central Oil Condensate Koerth ARN Bethune Drilling Locations 260 115 Average Lateral Length (ft) 6,600 8,000 Type Curve EUR 315 MBoe 490 MBoe % Liquids 81% 64% Average Gross Well Cost (MM) 6.3 7.8 50% of 2023 capital allocated to accelerating oil Average Type Curve development in Central Oil and Western Condensate Producing Days (1) Normalized to 7,500 ft; 3-day moving average Corporate Presentation 16 10/31/2023
Silverbow Resources
November 2023

EOG Resources Returns EOG Premium Basins Most Stringent Investment Hurdle Rate in Industry: 60% Direct ATROR1,2 at Flat 40 Oil and 2.50 Natural Gas Bakken Capital Discipline Manage Investment at Appropriate Rate to Support Powder River Basin Continuous Improvement Across Multi-Basin Portfolio Wyoming DJ Basin Utica Free Cash Flow Exceptional Balance Sheet with Commitment to Return Minimum 60% of Annual Free Cash Flow2,3 to Shareholders Sustainability Strong ESG Performance Track Record Delaware Basin Eagle Ford Culture Dorado Division Offices Decentralized Company Focused on Organic Exploration and Corporate Headquarters Technology Leadership (1) Direct ATROR calculated using flat commodity prices of 40 WTI oil, 2.50 Henry Hub natural gas and 16 NGLs. (2) See accompanying schedules for reconciliations and definitions of non-GAAP measures and other measures. (3) Cash provided by operating activities before changes in working capital less CAPEX. 3Q 2022 3
EOG Resources, Inc.
November 2022
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