INVESTOR PRESENTATION CREATING ENERGY CREATING VALUE EnerCom Denver The Energy Investment Conference AUGUST 20, 2024 ERIC T. GREAGER PRESIDENT & CEO
A DIVERSIFIED NORTH AMERICAN E&P OPERATOR Market Summary Ticker Symbol TSX, NYSE BTE Average Daily Volume (1) Canada: 10.0 million US: 11.8 million Shares Outstanding (2) 799 million Market Capitalization / Enterprise Value (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…
H1/2024 HIGHLIGHTS Expect to deliver substantial free cash flow(1) and shareholder returns in 2024 Production and E&D expenditures consistent with full-year plan Strong Execution Generated 181 million of free cash flow(1) in…
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 23% increase from Q2/2023 3.5x…
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 152,000 - 154,000 boe/d…
2024 RETURN OF CAPITAL Return 50% of free cash flow(1) to shareholders Free Cash Flow Priorities Return of Capital(1) and Strengthening Balance Sheet 2024 Free Cash Flow(1) Allocation Share Buybacks 700 million 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 development Annual E&D expenditures of 1.2 to 1.4…
FIVE-YEAR OUTLOOK: 2024 - 2028 Shareholder Returns(1) Compelling Returns Profile Underpinned by disciplined reinvestment and capital allocation Return of Capital (2) to Shareholders over Five-Year Free Cash Flow(1)(2) over…
HIGHLY ECONOMIC PORTFOLIO Strong drilling economics across portfolio Portfolio at US75 WTI (1)(2) CROCI (3) 1.75x Payouts < 18 Months IRRs 65% Eagle Ford Duvernay Viking Clearwater 500% Heavy Oil 0.0x 2.0x 4.0x…
CRUDE OIL HEDGE PORTFOLIO Balanced Approach to Risk Management Target 40% of 50,000 Hedged Volumes (bbl/d) 40,000 40% 40% Net Crude Oil 30,000 40% 30% Volumes(1) 20,000 10,000 0 Disciplined hedge program to help…
MAINTAINING FINANCIAL STRENGTH Commitment to a Strong Balance Sheet Total Debt (1)(2) C millions Extended long-term note Credit facilities (3) 626 maturities at lower coupon Long-term notes Strong liquidity with 60% unutilized…
ADJUSTED FUNDS FLOW SENSITIVITIES Sensitivities Estimated Effect on Annual Adjusted Funds Flow(1) (MM) Change of US5.00/bbl WTI crude oil 215 Change of US1.00/bbl WCS heavy oil differential 15 Change of US0.50/MMbtu NYMEX…
ASSET OVERVIEW
BUSINESS UNIT HIGHLIGHTS w Light Oil USA Light Oil Canada Heavy Oil Canada (Eagle Ford) (Viking/Duvernay) (Peace River/Peavine/ Lloydminster) Production (2024E) 90,000 boe/d 17,000 boe/d 44,000 boe/d % Liquids 81% 83% 96%…
U.S. LIGHT OIL: EAGLE FORD Strong Operating Capability Increased Scale in a Premier Basin with Strong Market Access LEE BASTROP Eagle Ford Pluto Pad 3 LEF W ells 269,000 gross acres, 70% operated Average 30-day IP: FAYETTE…
U.S. LIGHT OIL: OPERATED EAGLE FORD Low er Eagle Ford Wells Onstream Last 12 Months 30-day Peak Production Wells Lateral Crude Oil Total % Onstream Length (f eet) (Bbl/d) (Boe/d) Crude Oil Strong results across thermal H2 2023 22…
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 142 net sections 344…
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…
SUMMARY High-quality and diversified oil portfolio with more than 10 years of drilling inventory Disciplined Track record of new discoveries Reinvestment and Targeting modest single-digit organic growth with 55-60% reinvestment…
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…
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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. Kalm akoff Chief Financial Officer…
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