Corporate Profile Market Summary Ticker Symbol TSX, NYSE BTE (1) Average Daily Volume Canada: 7 million US: 2 million (2) Shares Outstanding 546 million Market Capitalization / Enterprise Value (2) 2.8 billion / 3.8 billion…
Q1 2023 Highlights Continued Delivery on Operating and Financial Targets Entered into an agreement to acquire Ranger Oil for US2.5 billion Building a quality, scaled North American oil-weighted E&P company with a diversified…
ESG Highlights GHG Emission Reduction Safety 59% reduction in GHG 17% reduction in total emissions intensity through recordable injury frequency in 2022, relative to 2018 5 years baseline; 65% target in place Abandonment &…
Maintaining Capital Discipline and Driving Meaningful Free Cash Flow Production guidance (at mid-point) of 2023 Guidance 87,500 boe/d represents: E&D Expenditures 575 - 650 million 4% annual production growth Production 86,000 -…
Committed to Maintaining Strong Financial Flexibility Strong liquidity Net Debt(1) (March 31, 2023) millions Credit facilities (2) 410 Credit facilities extended to Long-term notes 554 2026 and increased to US850 Total debt 964…
Crude Oil Hedge Portfolio 9 Months Q2/2023 H2/2023 2023 (1) WTI 3-Way Volumes (bbl/d) 3,167 --- 1,050 Average Sold Put / Put / Sold Call (US/bbl) 62/78/96 --- 62/78/96 WTI Collar Volumes (bbl/d) 9,667 14,500 12,900 Average…
2023E Adjusted Funds Flow Sensitivities Estimated Effect on Annual Adjusted Funds Flow(1) (MM) Sensitivities Excluding Hedges Including Hedges Change of US1.00/bbl WTI crude oil 28 26 Change of US1.00/bbl WCS heavy oil…
Asset Overview
Asset Highlights Geographic diversification with 10 or more years drilling inventory in each core area Eagle Ford Viking Heavy Oil Pembina Duvernay Production 26,100 boe/d 16,800 boe/d 36,300 boe/d 2,400 boe/d (Q1 2023) Oil and…
Eagle Ford: Core of Karnes County 25% working interest in 80,000 acres in the core of the Eagle Ford shale in south Texas Wilson Four AMIs (Longhorn, Sugarloaf, Ipanema and Excelsior) Karnes Produced 26,100 boe/d LONGHORN…
Eagle Ford: Strong Free Cash Flow and Deep Drilling Inventory 10 year drilling inventory (2) Free Cash Flow (1) (C millions) 250 1.6 billion cumulative asset level 200 net locations 200 free cash flow since 2016 150 50 100 18…
Viking: Light Oil Resource Play 512 net sections Shallow (700 m), light oil (36 API) resource play Produced 16,800 boe/d (88% oil) in Q1/2023 Strong operating netback(1) 66/boe at US80 WTI Kerrobert Plenty Esther/Hoosier…
Viking: High Netback Light Oil High Operating Netback (1) Light Oil (/boe) 10 year drilling inventory (2) Strong price realizations, low cost structure and high free cash flow (1) 1,600 net 1,600 locations 1,400 1,200 1,000…
Peace River: Innovative Multi-Lateral Development Bluesky 514 net sections Produced 12,700 boe/d in Q1/2023 (85% oil) 7 net multi-lateral wells planned for 2023 Long life polymer flood at Seal Seal Clearwater Strategic…
Peavine Clearwater: 80 Sections of Top Tier Acreage Peavine The Clearwater has emerged as one of the most economic plays in North America Baytex holds 500 net sections in the NW Clearwater fairway with 125 prospective for…
Peavine Clearwater: Superior Well Performance and Economics Top 20 Clearwater Wells (1) Operations Update Peak Calendar Rate No. UWI Operator (bbl/day) Production increased from zero at the 1 100/01-30-078-15W5 BAYTEX 1,201…
Lloydminster: Significant Land Position and Drilling Inventory 516 net sections Produced 11,900 boe/d in Q1/2023 (98% oil) Ardmore/Cold Lake Strong capital efficiencies Applying multi-lateral Lindbergh horizontal drilling and…
Pembina Area Duvernay Light Oil: Emerging Resource Play Pembina Duvernay Continue to advance the delineation of the Pembina Duvernay Shale 176 net sections of 100% WI lands 14 wells drilled to date have delineated a minimum of…
High Quality Oil Development Eagle Ford Viking Peace River Lloydminster Pembina Duvernay Formation Low er Eagle Ford Viking Bluesky Mannville Group Duvernay Upper Eagle Ford Clearw ater Austin Chalk 550-800 (Bluesky) Depth…
Environment, Social and Governance (ESG)
ESG at Baytex As a responsible energy company, we take a sustainable approach to managing and developing our business into the future. We aspire to create an organization that future generations will be proud to be a part of. 24
How Focusing on ESG Creates Value By incorporating environmental, social and governance factors into our business and reporting on our performance, we create value for shareholders and remain focused on advancing a responsible energy…
Our ESG Scorecard Continual improvement is an important element of our culture. We set short and long- term targets to address our impact on air, water, land and people. Each year, we report on our progress towards those targets. 26
Supplementary Information
2023 Guidance and Cost Assumptions Exploration and development expenditures ( millions) 575 - 650 Production (boe/d) 86,000 - 89,000 Expenses: Average royalty rate (%) (1) 20.0% - 22.0% Operating (/boe) (2) 14.00 - 14.75…
Specified Financial Measures Advisory In this presentation, we ref er to certain specified f inancial measures (such as f ree cash flow, operating netback, total sales, net of blending and other expense, heav y oil sales, net of blending…
Capital Management Measures Advisory This presentation contains the terms adjusted funds flow, net debt, net debt to adjusted f unds f low ratio and net debt to EBITDA which are capital management measures. We believ e that inclusion of…
Advisory Regarding Oil and Gas Information The reserv es inf ormation contained in this presentation has been prepared in accordance with National Instrument 51-101 -Standards of Disclosure f or Oil and Gas Activities of the Canadian…
Notes 35
Contact Information Baytex Energy Corp. Eric T. Greager President and Chief Executive Officer Suite 2800, Centennial Place 520 3rd Avenue S.W. Chad L. Kalmakoff Calgary, Alberta T2P 0R3 Chief Financial Officer Toll Free…
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