Corporate Profile Market Summary Ticker Symbol TSX, NYSE BTE Average Daily Volume (1) 6 million Shares Outstanding (2) 545 million Market Capitalization / Enterprise Value (2) 3.1 billion / 4.1 billion Operating Statistics…
2022 Highlights Meaningful Free Cash Flow, Strong Clearwater Drilling and Share Buy-Back Program Initiated 2022 Highlights Generated record free cash flow(1) of 622 million (1.11 per basic Meaningful Free Cash Flow and share) Debt…
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) (December 31, 2022) millions Credit facilities (2) 385 Credit facilities extended to Long-term notes 555 2026 and increased to US850 Total debt…
Crude Oil Hedge Portfolio Full-Year H1/2023 H2/2023 2023 WTI Fixed Volumes (bbl/d) --- --- --- Fixed Price (US/bbl) --- --- --- WTI 3-Way (1) Volumes (bbl/d) 9,500 9,500 9,500 Average Sold Put / Put / Sold Call (US/bbl)…
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 28,200 boe/d 16,200 boe/d 31,300 boe/d 2,600 boe/d (Full Year 2022)…
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 28,200 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 free cash flow since 2016 200 150 100 15…
Viking: Light Oil Resource Play 512 net sections Shallow (700 m), light oil (36 API) resource play Produced 16,200 boe/d (88% oil) in 2022 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 12,800 boe/d in 2022 (84% oil) 10 net multi-lateral wells planned for 2023 Long life polymer flood at Seal Seal Clearwater Harmon Valley…
Peavine Clearwater: 80 Sections of Top Tier Acreage Peavine 500 net sections in the NW Clearwater fairway with 125 prospective for Spirit River (Clearwater equivalent) 80 net sections at Peavine (50 net sections de-risked) 9…
Peavine Clearwater: Superior Well Performance and Economics Top 15 Clearwater Wells (1) Operations Update Peak Calendar Rate Production increased from zero at the No. UWI Current Operator (bbl/day) beginning of 2021 to 11,000 boe/d…
Lloydminster: Significant Land Position and Drilling Inventory 516 net sections Produced 11,100 boe/d in 2022 (97% 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 Lower Eagle Ford Viking Bluesky Mannville Group Duvernay Upper Eagle Ford Clearwater Austin Chalk 550-800 (Bluesky) Depth (metres)…
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 refer to certain specified financial measures (such as free cash flow, operating netback, total sales, net of blending and other expense, heavy oil sales, net of blending and…
Capital Management Measures Advisory This presentation contains the terms adjusted funds flow, net debt, net debt to adjusted funds flow ratio and net debt to EBITDA which are capital management measures. We believe that inclusion of…
Advisory Regarding Oil and Gas Information The reserves information contained in this presentation has been prepared in accordance with National Instrument 51-101 -Standards of Disclosure for 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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