INVESTOR PRESENTATION CREATING ENERGY CREATING VALUE AUGUST 2023
A DIVERSIFIED NORTH AMERICAN E&P OPERATOR Market Summary Ticker Symbol TSX, NYSE BTE Average Daily Volume (1) Canada: 7.3 million US: 4.8 million Shares Outstanding 857 million Market Capitalization / Enterprise Value (2) 4.2…
INVESTMENT HIGHLIGHTS Focus on Operational Excellence to Deliver Long-Term Value and Enhanced Shareholder Returns High-quality and diversified oil portfolio with 10 or more years drilling inventory across each of our core assets…
RANGER ACQUISITION ADDS QUALITY EAGLE FORD SCALE Reinforces a resilient and sustainable business Attractive purchase price (US2.4B / C3.2B), including assumed net debt(1) Transaction Overview Ranger shareholders received 7.49…
H2/2023 OUTLOOK Return 50% of 155,000 boe/d Mid-point H2/2023 production Free Cash Flow(1) Share buybacks + dividend Execute an exploration and development program of H2/2023 Guidance 601 to 641 million E&D Expenditures 601 -…
HIGHLY ECONOMIC PORTFOLIO Strong drilling economics across portfolio Portfolio at US75 WTI (1)(2) Well Payouts < 18 Months IRRs 50% Eagle Ford Karnes Trough U.S. Light Oil Eagle Ford Operated Duvernay Canada Light Oil…
MAINTAINING FINANCIAL STRENGTH Commitment to a Strong Balance Sheet Net Debt (2) (June 30, 2023) millions 1.5 billion Credit facilities (4) Term loan (5) 788 199 total debt(1) Long-term notes Total debt 1,601 2,588 target…
FREE CASH FLOW ALLOCATION POLICY Direct shareholder returns increase to 50% of free cash flow(1) Total Debt(2) Above 1.5 billion Total Debt(2) Below 1.5 billion Adjusted Funds Flow (3) Adjusted Funds Flow (3) Less: Exploration and…
CRUDE OIL HEDGE PORTFOLIO Balanced Approach to Risk Management Target 40% of 50,000 40% Hedged Volumes (bbl/d) 35% Net Crude Oil 40,000 30,000 25% Volumes(1) 20,000 20% 10,000 0 Disciplined hedge program to help…
ADJUSTED FUNDS FLOW SENSITIVITIES Sensitivities Estimated Effect on Annual Adjusted Funds Flow(1) (MM) Change of US5.00/bbl WTI crude oil 218 Change of US1.00/bbl WCS heavy oil differential 17 Change of US0.50/MMbtu NYMEX…
ASSET OVERVIEW
BUSINESS UNIT HIGHLIGHTS w Light Oil Canada Heavy Oil Canada Light Oil USA (Eagle Ford) (Viking/Duvernay) (Peace River/Peavine/ Lloydminster) Production (H2/2023) 92,000 boe/d 21,000 boe/d 37,000 boe/d % Liquids 82% 87% 95%…
U.S. LIGHT OIL: EAGLE FORD Building a Strong Operating Platform Materially Increased Scale in a Premier Basin CALDWELL FAYETTE OPERATED 92,000 boe/d GUADALUPE Pro Forma production GONZALES LAVACA Eagle Ford Pro…
U.S. LIGHT OIL: OPERATED EAGLE FORD Consistent Performance Improvement Strength Relative to Local Peers Cumulative Well Production by Year(2) Competitive 250,000 2020 2019 Performance 2018 Cumulative 2 Phase Production…
CANADA LIGHT OIL: PEMBINA DUVERNAY / VIKING High netback light oil with strong asset level free cash flow(1) Pembina Duvernay Shale is a potential growth asset in the Canadian portfolio Pembina Duvernay Viking 176 net sections 512…
CANADA HEAVY OIL: PEACE RIVER / PEAVINE / LLOYDMINSTER Innovative Multi-Lateral Drilling and Top-Tier Efficiencies Clearwater at Peavine Delivers Exceptional Well Performance and Economics Peace River (Bluesky) 514 net sections PEACE…
BUSINESS UNIT AND ASSET-LEVEL WELL ECONOMICS Business Unit / IP365 (boe/d) EUR Mboe Well Cost Payout IRR (%) (3)(4) Assets(1) (Liquids %) (Liquids %) (MM) (2) (Months) (3)(4) U.S. Light Oil Operated Eagle Ford 615 (88%) 705…
ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG)
ESG AT BAYTEX As a responsible energy company, we take a sustainable approach to managing, developing and improving our business into the future. We aspire to create an organization and business that our teams are proud to be a part of,…
ESG HIGHLIGHTS Our vision is to be a leader in the responsible production of energy the world needs for the future GHG Emission Reduction Safety 59% reduction in GHG emissions 17% reduction in total recordable intensity through 2022,…
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 BAYT E X ENERG Y / NYSE / T SX BT E 23
SUPPLEMENTARY INFORMATION
BOARD OF DIRECTORS Efficient and Independent Board Complementary Skills Suited to Govern the Combined Business Eric T. Greager Mark R. Bly President and Chair of the CEO Board Tiffany (T.J.) Trudy M. Don G. Angela Jennifer A.…
SPECIFIED FINANCIAL MEASURES ADVISORY In this presentation, we refer to certain specified financial measures which do not have any standardized meaning prescribed by International Financial Reporting Standards (IFRS). While these…
CAPITAL MANAGEMENT MEASURES ADVISORY This presentation contains the terms adjusted funds flow and net debt, which are capital management measures. We believe that the inclusion of these capital management measures provides useful…
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…
ADVISORY REGARDING OIL AND GAS INFORMATION (CONT.) References herein to average 30-day initial production rates and other short-term production rates are useful in confirming the presence of hydrocarbons, however, such rates are not…
NOTES BAYT E X ENERG Y / NYSE / T SX BT E 34
NOTES BAYT E X ENERG Y / NYSE / T SX BT E 35
CONTACT INFORMATION BAYTEX ENERGY CORP. Suite 2800, Centennial Place 520 3rd Avenue S.W. Calgary, Alberta T2P 0R3 TF 1.800.524.5521 Eric T. Greager President and Chief Executive Officer Chad L. Kalmakoff Chief Financial Officer Chad…
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