Baytex Energy Corp. · TSX:BTE
Baytex Energy — Merger or Acquisition (November 2025)
21 slides from Baytex Energy's merger presentation, Nov 12, 2025
Slide 1: A Streamlined, Higher Return Canadian Energy Company
A Streamlined, Higher Return Canadian Energy Company FOCUSED DISCIPLINE. ENHANCED VALUE. NOVEMBER 12, 2025
Slide 2: Advisory
ADVISORY Baytex Energy Corp. (“Baytex”)” announced on November 12, 2025 that it has entered into a definitive purchase and sale agreement to sell its U.S. Eagle Ford assets for US$2.305 billion in cash (the “Transaction”). The Transaction is expected to close in late 2025 or early 2026. The informat
Slide 3: Unlocking Value: US$2.305B Eagle Ford Sale
UNLOCKING VALUE: US$2.305B EAGLE FORD SALE Enabling financial strength, shareholder returns, and disciplined growth Net Cash Industry-leading financial position with net cash at close Balance Sheet Intend to repay outstanding credit facilities and 2030 Senior Notes Intend to resume purchases under N
Slide 4: A Streamlined, High-Return Canadian Energy Platform
A STREAMLINED, HIGH-RETURN CANADIAN ENERGY PLATFORM Enhanced flexibility to deliver long-term value and shareholder returns Premier Canadian Assets Portfolio Optimization Focused on high-return Canadian assets for capital ALBERTA SASKATCHEWAN efficiency and value creation Peace River / Peavine Heavy
Slide 5: Pro Forma Baytex Snapshot
PRO FORMA BAYTEX SNAPSHOT Right-sized for resilience and returns Efficient E&D capital program generates strong returns Pro Forma Snapshot 2,200 drilling locations and over 10 years of development inventory Production (boe/d) - YTD 2025 65,000 (2) % crude oil and NGLs 89% Heavy oil technical e
Slide 6: Heavy Oil – Stable, Profitable Cash Generation
HEAVY OIL – STABLE, PROFITABLE CASH GENERATION Demonstrated success drives reliable returns Heavy Oil Inventory PEACE RIVER (BLUESKY) PEAVINE (CLEARWATER) US$48/bbl ADDITIONAL INVENTORY Average Break-Even Unbooked locations targeting LLOYDMINSTER WTI Price (NPV10) (1) ~ 839 the Clearwater, Mannville
Slide 7: Pembina Duvernay – Significant Value Creation Opportunity
PEMBINA DUVERNAY – SIGNIFICANT VALUE CREATION OPPORTUNITY Creating long-term value through scalable light oil growth Pembina Duvernay Inventory US$45/bbl ADDITIONAL INVENTORY Average Break-Even 150 Unbooked locations targeting WTI Price (NPV10) (1) the Duvernay formation 62 2P BOOKED 9 2025 Drills P
Slide 8: Pro Forma Business – Strong Operating Leverage to Crude Oil
PRO FORMA BUSINESS – STRONG OPERATING LEVERAGE TO CRUDE OIL 89% production weighting to crude oil and NGLs Canada 2025 YTD Production Canada 2P Reserves (YE 2024) 65,000 boe/d 259 MMboe (1)(2) Natural Natural Gas NGL Gas 11% 13% 5% NGLs 10% Crude Oil (3) Crude Oil 77% 84% (1) Baytex’s reserves evalu
Slide 9: Strong Well Economics Across Portfolio
STRONG WELL ECONOMICS(1) ACROSS PORTFOLIO Heavy Oil (2) Significant Torque to Higher Oil Prices DCET ($MM) (4) $2.0 - $3.0 200% EUR (Mboe) (5) 100 - 175 (89% - 100% liquids) 150% IP 365 (boe/d) 100 - 145 (86% - 100% liquids) IRR 100% WTI US$65 US$75 IRRs (6) 62% - 95% 104% - 141% 50% Payouts (7) 13
Slide 10: Canadian Development Program Delivers Consistent Results
CANADIAN DEVELOPMENT PROGRAM DELIVERS CONSISTENT RESULTS Strong production replacement, low F&D and healthy recycle ratios across all reserves categories(1) Production Replacement (2) Finding & Development Costs (F&D) (3) Recycle Ratio (4) 3 Year Average (2022-2024) 3 Year Average (2022-2024) 3 Year
Slide 11: Canada Reserves Value / Drilling Locations
CANADA RESERVES VALUE / DRILLING LOCATIONS Compelling value, net cash and significant unbooked drilling locations 1,100 Total Heavy Oil Drilling Locations Reserves Value - Canada Year-End 2024 ($MM) (1) Proved developed producing $903 Proved $1,643 Included Probable $1,445 in 2P Proved plus Probable
Slide 12: Compelling Valuation Upside
COMPELLING VALUATION UPSIDE Potential for equity re-rate with competitive growth and balance sheet Production Growth (2026/2025) (1) 20% Competitive production growth 15% 10% Median = 5% 5% 0% Peer 1 Peer 2 Peer 3 Baytex Baytex Peer 4 Peer 5 Peer 6 Peer 7 Net Debt to Adjusted Funds Flow Ratio (2026E
Slide 13: Why Baytex
WHY BAYTEX Recapitalization maximizes flexibility and enhances shareholder returns Net Cash Balance Sheet Industry-leading financial position Resilient Portfolio of High-Return Canadian Assets > 10 years development inventory with strong economics Focused on capital-efficient heavy oil and scalable
Slide 14: 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 15: Forward Looking Statements Advisory (Cont.)
FORWARD LOOKING STATEMENTS ADVISORY (CONT.) Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: failure to meet estimated production guidance; changes
Slide 16: 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 exploration and development
Slide 17: 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 18: Capital Management Measures Advisory
CAPITAL MANAGEMENT MEASURES ADVISORY This presentation contains the terms "adjusted funds flow“, "net debt”, “net debt to adjusted funds flow (2026E)”, “EV/DACF multiple” and “net asset value” which are capital management measures. We believe that the inclusion of these capital management measures p
Slide 19: 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") and is based upon evaluations
Slide 20: Advisory Regarding Oil and Gas Information
ADVISORY REGARDING OIL AND GAS INFORMATION Peer and Industry Data Certain peer and industry data contained in this presentation is based upon information from independent industry publications and reports or based on estimates derived from such publications and reports. Industry publications and rep
Slide 21: 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
Baytex Energy — Merger or Acquisition (November 2025) on 6ix