Baytex Energy Corp. · TSX:BTE
Baytex Energy — Investor Presentation (August 2025)
32 slides from Baytex Energy's investor presentation, August 2025
Slide 1: Investor Presentation August 2025
INVESTOR PRESENTATION CREATING ENERGY | CREATING VALUE AUGUST 2025
Slide 2: Advisory
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 measures are commonly used in the oil and natural gas industry, our determination of these measur
Slide 3: A Diversified North American E&P Operator
A DIVERSIFIED NORTH AMERICAN E&P OPERATOR Market Summary Ticker Symbol TSX, NYSE | BTE Average Daily Volume (1) Canada: 12 million | US: 35 million Shares Outstanding (2) 768 million Market Capitalization / Enterprise Value (3) $2.3 billion / $4.6 billion Annual Dividend per Share | Dividend Yield (
Slide 4: Operational Excellence to Deliver Long-Term Value and Increasing Shareholder Returns
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 Reinvestment and inventory Capital Allocation Track record of new discoveries
Slide 5: H1/2025 Highlights
H1/2025 HIGHLIGHTS Delivered solid results with record Pembina Duvernay well performance and continued debt reduction Operating and financial results in line with full-year plan Strong Execution 2% increase in production per share in Q2/2025, compared to Q2/2024 Net debt(1) reduced 5% ($123 million)
Slide 6: Production per share growth with reasonable leverage
CREATING SHAREHOLDER VALUE Production per share growth with reasonable leverage Production (boe/d) per thousand shares Total debt(1) to Bank EBITDA(1)(2) 1.1x 0.19 1.1x 0.17 0.8x 0.15 2022 2023 2024 2022 2023 2024 (1) Calculated in accordance with the amended credit facilities agreement which is ava
Slide 7: 2025 Outlook
2025 OUTLOOK Disciplined ~ 148,000 boe/d Reinvestment and 2025 production Capital Allocation 2025 Guidance (2) E&D Expenditures ~ $1.2 billion Production ~ 148,000 boe/d Prioritizing free cash flow(1) Oil and NGLs 85% Moderating growth profile and Operating Area Net Wells E&D Expenditures Onstream (
Slide 8: 2025 Return of Capital
2025 RETURN OF CAPITAL Shareholder return framework to prioritize balance sheet 2025 Free Cash Flow ($ millions)(1)(2) Free Cash Flow Priorities $600 Strengthening Balance Sheet $400 $200 Near-term $0 $60 $65 $70 100% of free cash flow to debt repayment WTI (US$/Bbl) after funding quarterly dividend
Slide 9: Maintaining Financial Strength
MAINTAINING FINANCIAL STRENGTH Commitment to a Strong Balance Sheet Total Debt (1)(2) C$ millions Significant credit capacity Credit facilities (3) $333 Resilient through the Long-term notes commodity price cycles 8.500% notes due April 1, 2030 $1,035 Strong long-term notes 7.375% notes due April 1,
Slide 10: Crude Oil Hedge Portfolio
CRUDE OIL HEDGE PORTFOLIO Balanced Approach to Risk Management Target up to 45% of 50,000 ~ 45% Hedged Volumes (bbl/d) 40,000 ~ 40% Net Crude Oil 30,000 Volumes(1) 20,000 10,000 ~ 10% 0 Disciplined hedge program to help mitigate Q3 2025 Q4 2025 Q1 2026 volatility in revenue due to changes in commodi
Slide 11: Five-Year Outlook (2024 – 2028)
FIVE-YEAR OUTLOOK (2024 – 2028) Sustainable plan(1)(2) delivers Production significant value (boe/d per thousand shares) Prioritizing free cash flow(3) Balance sheet, quarterly dividend, share buybacks 0.24 0.19 0-4% annual production growth 2024 2028E Base plan delivers stable production; optionali
Slide 12: Five-Year Outlook: Shareholder Returns
FIVE-YEAR OUTLOOK (2024 – 2028) Shareholder Returns(1)(2) Compelling Returns Profile Underpinned by disciplined reinvestment and capital allocation Return of Capital(3) to Shareholders over Five-Year Free Cash Flow(3) over Five-Year Outlook ($ millions) Outlook ($ millions) $5,000 $3,000 $4,000 Incl
Slide 13: Asset Overview
ASSET OVERVIEW - BAYTEXENERGY.COM
Slide 14: Business Unit Highlights
BUSINESS UNIT HIGHLIGHTS w Light Oil – Canada Heavy Oil – Canada Light Oil – USA (Eagle Ford) (Viking/Duvernay) (Peace River/Peavine/ Lloydminster) Production (2025E) 82,000 boe/d 18,000 boe/d 44,000 boe/d % Liquids 81% 83% 96% Land (net acres) 178,000 317,000 745,000 2P Reserves (Gross) (1) 401 MMb
Slide 15: U.S. Light Oil: Eagle Ford
U.S. LIGHT OIL: EAGLE FORD Strong Operating Capability Increased Scale in a Premier Basin with Strong Market Access LEE BASTROP Eagle Ford 255,000 gross acres, 70% operated FAYETTE CALDWELL Lowers full-company cash cost structure, improves operating netbacks and margins Provides exposure to premium
Slide 16: Canada Light Oil: Pembina Duvernay / Viking
CANADA LIGHT OIL: PEMBINA DUVERNAY / VIKING High netback light oil Pembina Duvernay Shale is a growth asset in the Canadian portfolio Pembina Duvernay Viking 140 net sections 355 net sections Demonstration-stage light oil resource play Stable production and meaningful asset level free cash flow(1) P
Slide 17: Canada Heavy Oil: Peace River / Peavine / Lloydminster
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 524 net sections Produced 11,000 boe/d in Q2/2025 (85% oil) PEAVINE Expect to
Slide 18: Canada Heavy Oil: Land Extensions
CANADA HEAVY OIL: LAND EXTENSIONS Leveraging heavy oil expertise and recent exploration success Peace River (Clearwater + Bluesky) Lloydminster (Mannville) Farm-in agreement on 66 sections near Peace River with Farm-in agreement on 17.75 sections near Cold Lake prospectivity for the Bluesky formatio
Slide 19: Supplementary Information
SUPPLEMENTARY INFORMATION BAYTEXENERGY.COM
Slide 20: Board of Directors
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. Dave L. Steve D.L. Jeffrey E. Cepak Curran Hrap Lekatsas Maki Pearce Rey
Slide 21: Free Cash Flow Allocation Policy
FREE CASH FLOW(1) ALLOCATION POLICY Shareholder return framework to prioritize balance sheet Total Debt(2) Above $1.5 billion Total Debt Below $1.5 billion Adjusted Funds Flow(3) Less: Exploration and Development Expenditures Less: Abandonment and Reclamation / Leasing Expenditures Shareholder retur
Slide 22: Summary of Operating and Financial Metrics
SUMMARY OF OPERATING AND FINANCIAL METRICS Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Benchmark Prices WTI crude oil (US$/bbl) $76.13 $73.78 $82.26 $78.32 $77.62 $76.96 $80.57 $75.10 $70.27 $75.72 $71.42 $63.74 NYMEX natural gas (US$/MMbtu) $3.42 $2.10
Slide 23: 2025 Guidance and Cost Assumptions
2025 GUIDANCE AND COST ASSUMPTIONS Exploration and development expenditures ($ billions) (1) ~ $1.2 Production (boe/d) (1) ~ 148,000 Expenses: Average royalty rate (%) (2) ~ 22% Operating ($/boe) (3) $11.75 - $12.50 Transportation ($/boe) (3) $2.40 - $2.55 General and administrative ($ millions) (3)
Slide 24: 2025 Adjusted Funds Flow Sensitivities
2025 ADJUSTED FUNDS FLOW SENSITIVITIES Sensitivities Estimated Effect on Annual Adjusted Funds Flow(1)(2) ($MM) Change of US$5.00/bbl WTI crude oil $225 Change of US$1.00/bbl WCS heavy oil differential $12 Change of US$0.50/MMbtu NYMEX natural gas $17 Change of $0.01 in the C$/US$ exchange rate $18
Slide 25: Forward Looking Statements Advisory
FORWARD LOOKING STATEMENTS ADVISORY In the interest of providing the shareholders of Baytex and potential investors with information regarding Baytex, including management's assessment of future plans and operations, certain statements in this presentation are "forward-looking statements" within the
Slide 26: Forward Looking Statements Advisory (Cont.)
FORWARD LOOKING STATEMENTS ADVISORY (CONT.) These forward-looking statements are based on certain key assumptions regarding, among other things: petroleum and natural gas prices and differentials between light, medium and heavy oil prices; well production rates and reserve volumes; success obtained
Slide 27: Forward Looking Statements Advisory (Cont.)
FORWARD LOOKING STATEMENTS ADVISORY (CONT.) Financial Outlook Advisory This presentation contains information that may be considered a financial outlook under applicable securities laws about Baytex's potential financial position, including, but not limited to, estimated EBITDA, exploration and deve
Slide 28: Specified Financial Measures Advisory
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 measures are commonly used in the oil and natural gas industry, our
Slide 29: Capital Management Measures Advisory
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 information to financial statement users when evaluating the finan
Slide 30: Advisory Regarding Oil and Gas Information
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 Securities Administrators ("NI 51-101"). The determination of oil and
Slide 31: Notes
NOTES BAYT EX ENERGY / NYSE / T SX BT E 31
Slide 32: Contact Information
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 E. Lundberg Chief Operating Officer Brian G. Ector Senior Vice Pr