INVESTOR PRESENTATION CREATING ENERGY CREATING VALUE December 2023
A DIVERSIFIED NORTH AMERICAN E&P OPERATOR Market Summary Ticker Symbol TSX, NYSE BTE Average Daily Volume (1) Canada: 9.7 million US: 9.3 million Shares Outstanding 823 million Market Capitalization / Enterprise Value (2) 4.3…
INVESTMENT HIGHLIGHTS Focus on Operational Excellence to Deliver Long-Term Value and Enhanced Shareholder Returns High-quality and diversified oil portfolio with more than 10 years of drilling inventory Disciplined Track record…
YTD 2023 HIGHLIGHTS Demonstrating the strength of our diversified North American oil-weighted portfolio Strong operating capability with increased scale in the Eagle Ford Ranger Acquisition Increased exposure to premium light oil…
CREATING SHAREHOLDER VALUE Delivering production per share growth while improving financial leverage Production (boe/d) per thousand shares Total debt(1) to EBITDA(1) 0.20 4.5x 0.19 4.0x 0.18 20% increase from Q4/2022 3.5x Q4/2023E…
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…
2024 OUTLOOK Disciplined 153,000 boe/d 2024 mid-point production Reinvestment and Capital Allocation 2024 Guidance E&D Expenditures 1.2 - 1.3 billion Execute an exploration and development Production 150,000 - 156,000 boe/d…
2024 RETURN OF CAPITAL Return 50% of free cash flow(1) to shareholders Free Cash Flow Priorities Return of Capital and Strengthening Balance Sheet 2024 Free Cash Flow(1) Sensitivity(2) 1,400 Share Buybacks 1,200 Share count…
FIVE-YEAR OUTLOOK (2024 2028) at US70/bbl WTI Sustainable plan(1) delivers significant value 1-4% annual 60% annual production growth reinvestment rate(3) Underpinned by strong drilling economics Annual capital spending of 1.2 to…
FIVE-YEAR OUTLOOK: 2024 - 2028 Shareholder Returns(1) Compelling Returns Profile Underpinned by disciplined reinvestment and capital allocation Free Cash Flow(1)(2) over Five-Year Outlook ( millions) Return of Capital(2) over…
CRUDE OIL HEDGE PORTFOLIO Balanced Approach to Risk Management Target 40% of 50,000 Hedged Volumes (bbl/d) 40% 40% 40% Net Crude Oil 40,000 30,000 30% Volumes(1) 20,000 20% 10,000 0 Disciplined hedge program to help…
MAINTAINING FINANCIAL STRENGTH Commitment to a Strong Balance Sheet Total Debt (1) (September 30, 2023) millions Credit facilities (2) 1,047 1.5 billion Long-term notes 8.75% notes due April 1, 2027 555 total debt(1) 8.50% notes…
ADJUSTED FUNDS FLOW SENSITIVITIES Sensitivities Estimated Effect on Annual Adjusted Funds Flow(1) (MM) Change of US5.00/bbl WTI crude oil 213 Change of US1.00/bbl WCS heavy oil differential 15 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 (2024E) 92,000 boe/d 17,000 boe/d 40,000 boe/d % Liquids 81% 84% 95%…
U.S. LIGHT OIL: EAGLE FORD Strong Operating Capability Materially Increased Scale in a Premier Basin LEE BASTROP FAYETTE 92,000 CALDWELL boe/d Pro Forma production GUADALUPE Eagle Ford Pro Forma OPERATED…
U.S. LIGHT OIL: OPERATED EAGLE FORD Strong Q3 Results Q3 2023 Wells Onstream 30-day Peak % Crude Oil and Well Onstream Date Rate (boe/d) NGLs 13 operated wells onstream Douglas Fir A 1H Douglas Fir B 2H July 14 July 14 924…
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) PEACE RIVER 514 net…
CANADA HEAVY OIL: LAND EXTENSIONS Leveraging heavy oil expertise and recent exploration success Peavine (Clearwater) Lloydminster (Mannville) Partnership with the Peavine Mtis Settlement Farm-in agreement on 17.75 sections of land near…
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 585 (88%) 655…
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 26
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.…
FREE CASH FLOW ALLOCATION POLICY Direct shareholder returns at 50% of free cash flow(1) Total Debt(2) Above 1.5 billion Total Debt(2) Below 1.5 billion Adjusted Funds Flow (3) Less: Exploration and Development Expenditures Less:…
2024 GUIDANCE AND COST ASSUMPTIONS Exploration and development expenditures ( billions) 1.2 - 1.3 Production (boe/d) 150,000 - 156,000 Expenses: Average royalty rate (%) (1) 23% Operating (/boe) (2) 11.25 - 12.00…
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 39
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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