INVESTOR PRESENTATION CREATING ENERGY CREATING VALUE FEBRUARY 2025
A DIVERSIFIED NORTH AMERICAN E&P OPERATOR Market Summary Ticker Symbol TSX, NYSE BTE Average Daily Volume (1) Canada: 10.5 million US: 27.0 million Shares Outstanding (2) 772 million Market Capitalization / Enterprise Value (3)…
INVESTMENT HIGHLIGHTS Operational Excellence to Deliver Long-Term Value and Increasing Shareholder Returns Prioritizing free cash flow(1) Disciplined High-quality oil-weighted portfolio with more than 10-years of drilling…
YTD 2024 HIGHLIGHTS Delivering substantial free cash flow(1) and shareholder returns Production and E&D expenditures consistent with full-year plan Strong Execution Generated 401 million of free cash flow(1) and returned 220…
CREATING SHAREHOLDER VALUE Delivering production per share growth while improving financial leverage Production (boe/d) per thousand shares Total debt(1) to Bank EBITDA(1)(2) 0.20 4.5x 0.19 4.0x 0.18 26% increase from Q2/2023 3.5x…
2025 OUTLOOK Disciplined 150,000 boe/d Reinvestment and 2025 mid-point production Capital Allocation 2025 Guidance E&D Expenditures 1.2 - 1.3 billion Production 148,000 - 152,000 boe/d Prioritizing free cash flow(1) Oil and NGLs…
2025 RETURN OF CAPITAL Return 50% of free cash flow(1) to shareholders Free Cash Flow 2025 Free Cash Flow(1) ( millions)(2) Priorities 1,000 Return of Capital(1) and Strengthening 800 Balance Sheet 600 400 200 Share Buybacks…
MAINTAINING FINANCIAL STRENGTH Commitment to a Strong Balance Sheet Total Debt (1)(2) C millions Significant credit capacity Credit facilities (3) 466 Resilient through the Long-term notes commodity price cycles 8.500% notes due…
CRUDE OIL HEDGE PORTFOLIO Balanced Approach to Risk Management Target up to 45% of 50,000 Hedged Volumes (bbl/d) 45% 45% 45% 40,000 40% Net Crude Oil 40% 30,000 Volumes(1) 20,000 10,000 0 Disciplined hedge program to…
FIVE-YEAR OUTLOOK (2024 2028) Sustainable plan(1)(2) delivers Production significant value (boe/d per thousand shares) Prioritizing free cash flow(3) 50% to balance sheet; 50% to shareholder returns(4) 0.24 0.19 0-4% annual…
FIVE-YEAR OUTLOOK (2024 2028) Shareholder Returns(1)(2) Compelling Returns Profile Underpinned by disciplined reinvestment and capital allocation Return of Capital(3) to Shareholders over Five-Year Free Cash Flow(3) over…
ASSET OVERVIEW
BUSINESS UNIT HIGHLIGHTS w Light Oil Canada Heavy Oil Canada Light Oil USA (Eagle Ford) (Viking/Duvernay) (Peace River/Peavine/ Lloydminster) Production (2025E) 85,000 boe/d 19,000 boe/d 42,000 boe/d % Liquids 81% 84% 96%…
U.S. LIGHT OIL: EAGLE FORD Strong Operating Capability Increased Scale in a Premier Basin with Strong Market Access LEE BASTROP Eagle Ford 269,000 gross acres, 70% operated FAYETTE CALDWELL Lowers full-company cash cost…
U.S. LIGHT OIL: OPERATED EAGLE FORD Strong results across thermal Average Lateral Length (feet) by Eagle Ford Operator(1)(3) Last 15 Months maturity windows black & volatile oil and condensate 12,000 10,000 Top quartile…
CANADA LIGHT OIL: PEMBINA DUVERNAY / VIKING High netback light oil Pembina Duvernay Shale is a potential growth asset in the Canadian portfolio Pembina Duvernay Viking 142 net sections 344 net sections Demonstration-stage light oil…
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 Peace River (Clearwater + Bluesky) Lloydminster (Mannville) 10-section agreement with the Peavine Mtis Settlement Farm-in agreement on 17.75…
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 Below 1.5 billion Adjusted Funds Flow (3) Less: Exploration and Development Expenditures Less:…
2025 GUIDANCE AND COST ASSUMPTIONS Exploration and development expenditures ( billions) 1.2 - 1.3 Production (boe/d) 148,000 - 152,000 Expenses: Average royalty rate (%) (1) 23% Operating (/boe) (2) 11.75 - 12.50…
2025 ADJUSTED FUNDS FLOW SENSITIVITIES Sensitivities Estimated Effect on Annual Adjusted Funds Flow(1)(2) (MM) Change of US5.00/bbl WTI crude oil 225 Change of US1.00/bbl WCS heavy oil differential 12 Change of US0.50/MMbtu…
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…
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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