Baytex Energy Corp. · TSX:BTE
Baytex Energy — Investor Presentation (December 2025)
32 slides from Baytex Energy's investor presentation, Dec 22, 2025
Slide 1: A Streamlined, Higher Return Canadian Energy Company
A Streamlined, Higher Return Canadian Energy Company FOCUSED DISCIPLINE. ENHANCED VALUE. DECEMBER 22, 2025
Slide 2: Advisory
ADVISORY Baytex Energy Corp. (“Baytex”) announced on November 12, 2025 that it had entered into a definitive purchase and sale agreement to sell its U.S. Eagle Ford assets (the “Transaction”). The Transaction closed on December 19, 2025 for net proceeds of US$2.14 billion (approximately $2.96 billio
Slide 3: Baytex Overview
BAYTEX OVERVIEW Unlocking value through the Eagle Ford disposition Corporate Profile Net Cash Industry-leading net cash Balance Sheet position Shares Outstanding (1) 768 million Accelerated Significant portion of sale Market Capitalization (2) $3.3 billion Shareholder proceeds to be returned to Net
Slide 4: A Streamlined, High-Return Canadian Energy Platform
A STREAMLINED, HIGH-RETURN CANADIAN ENERGY PLATFORM Enhanced flexibility to deliver long-term value Premier Canadian Assets Portfolio Optimization Focused on high-return Canadian assets for capital ALBERTA SASKATCHEWAN efficiency and value creation Peace River / Peavine Heavy Oil Heavy Oil Expertise
Slide 5: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES Capital Allocation Principles 2026 Prioritizes Meaningful Shareholder Returns Maximize asset value through disciplined Eagle Ford sale delivers net cash balance investment sheet • Maintenance capital to sustain production Significant portion of proceeds to be returned t
Slide 6: Disciplined 2026 Capital Budget
DISCIPLINED 2026 CAPITAL BUDGET Efficient E&D capital 2026e Capital Expenditure Capex Breakdown ($MM) (1) program with flexibility to adapt to market 45% 55% Heavy Oil Light Oil conditions (91 net (85 net Maintenance 435 wells) wells) Growth 50 $550 – Long-term Infrastructure 50 Targets 3-5% annual
Slide 7: 2026 Capital Allocation Waterfall
2026 CAPITAL ALLOCATION WATERFALL Enabling growth, returns, and value creation Capital Allocation ($MM) (1) 900 800 US$70 WTI Excess Free Cash Flow (3) 700 available for share buybacks and/or incremental investment US$65 WTI 600 50 US$60 WTI 50 500 50 US$55 WTI 60 Investment supports long-term growt
Slide 8: 3-Year Outlook
3-YEAR OUTLOOK Sustainable value creation at US$60 WTI Heavy Oil 3-Year Outlook Pembina Duvernay 3-Year Outlook Production Profile (boe/d) 60,000 $500 25,000 $250 80,000 50,000 $400 20,000 $200 75,000 40,000 $300 15,000 $150 70,000 boe/d boe/d $MM $MM 30,000 $200 10,000 $100 65,000 20,000 5% CAGR $1
Slide 9: 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 12 2026 Drills
Slide 10: Execution and Performance in the Pembina Duvernay
EXECUTION AND PERFORMANCE IN THE PEMBINA DUVERNAY Transition to commercialization with improved well economics 25% Increase in Completed Execution Improvements 11% Improvement in EUR (1) Lateral Length (CLL, feet) (Boe per foot, CLL) • Enhanced drilling assembly • Improved completion uniformity 12,5
Slide 11: 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$48/bbl ADDITIONAL INVENTORY LLOYDMINSTER Average Break-Even Unbooked locations targeting WTI Price (NPV10) (1) 839 the Clearwater, Mannville (
Slide 12: Unlocking Upside in the Northeast Alberta Mannville
UNLOCKING UPSIDE IN THE NORTHEAST ALBERTA MANNVILLE Mannville Stack - Type Log Scalable development > 100 prospective sections Significant resource-in place with up to 8 discrete development horizons Demonstrated growth driven by strong economics and capital efficiencies Active 2026 program: ~ 40 we
Slide 13: Strong Operating Leverage to Crude Oil
STRONG OPERATING LEVERAGE TO CRUDE OIL 89% production weighting to crude oil and NGLs Canada 2025 YTD Production Canada 2P Reserves (YE 2024) 65,000 boe/d 259 MMboe (1)(2) Natural Natural Gas NGL Gas 11% 13% 5% NGLs 10% Crude Oil (3) Crude Oil 77% 84% (1) Baytex’s reserves evaluated by McDaniel & As
Slide 14: Strong Well Economics Across Portfolio
STRONG WELL ECONOMICS(1) ACROSS PORTFOLIO Heavy Oil (2) Significant Torque to Higher Oil Prices DCET ($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$75 IRRs (6) 62% - 95% 104% - 141% 50% Payouts (7) 13
Slide 15: Canadian Development Program Delivers Consistent Results
CANADIAN DEVELOPMENT PROGRAM DELIVERS CONSISTENT RESULTS Strong production replacement, low F&D and healthy recycle ratios across all reserves categories(1) Production Replacement (2) Finding & Development Costs (F&D) (3) Recycle Ratio (4) 3 Year Average (2022-2024) 3 Year Average (2022-2024) 3 Year
Slide 16: Canada Reserves Value / Drilling Locations
CANADA RESERVES VALUE / DRILLING LOCATIONS Compelling value, net cash and significant unbooked drilling locations 1,100 Total Heavy Oil Drilling Locations Reserves Value - Canada Year-End 2024 ($MM) (1) Proved developed producing $903 Included Proved $1,643 in 2P Probable $1,445 Reserves Proved plus
Slide 17: Compelling Valuation Upside
COMPELLING VALUATION UPSIDE Potential for equity re-rate with competitive growth and balance sheet Production Growth (2026/2025) (1) 20% Competitive production growth 15% 10% 5% Median = 4% 0% Peer 1 Peer 2 Peer 3 Baytex Baytex Peer 4 Peer 5 Peer 6 Peer 7 Net Debt to Adjusted Funds Flow Ratio (2026E
Slide 18: Why Baytex
WHY BAYTEX Recapitalization maximizes flexibility and enhances shareholder returns Net Cash Balance Sheet Industry-leading financial position Resilient Portfolio of High-Return Canadian Assets > 10 years development inventory with strong economics Focused on capital-efficient heavy oil and scalable
Slide 19: Supplementary Information
SUPPLEMENTARY INFORMATION
Slide 20: Efficient and Independent Board
BOARD OF DIRECTORS Efficient and Independent Board Complementary Skills Suited to Govern the Canadian Business Eric T. Greager Mark R. Bly CEO Chair of the Board Trudy M. Don G. Jennifer A. Dave L. Steve D.L. Jeffrey E. Curran Hrap Maki Pearce Reynish Wojahn 8 board members(1), 7 of which are indepe
Slide 21: Summary of Canadian Operating and Financial Metrics
SUMMARY OF CANADIAN OPERATING AND FINANCIAL METRICS 9 Months Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 2025 Benchmark Prices WTI crude oil (US$/bbl) $76.96 $80.57 $75.10 $70.27 $75.72 $71.42 $63.74 $63.74 $66.70 NYMEX natural gas (US$/MMbtu) $2.24 $1.89 $2.16 $2.79 $2.27 $3.65 $3.
Slide 22: 2026 Guidance and Cost Assumptions
2026 GUIDANCE AND COST ASSUMPTIONS Exploration and development expenditures ($ millions) $550 - 625 Production (boe/d) 67,000 - 69,000 Expenses: Average royalty rate (%) (1) ~ 15% Operating ($/boe) (2) $13.75 - $14.25 Transportation ($/boe) (2) $3.40 - $3.60 Leasing expenditures ($ millions) $7 Asse
Slide 23: 2026 Adjusted Funds Flow Sensitivities
2026 ADJUSTED FUNDS FLOW SENSITIVITIES Unhedged $MM -$30 -$20 -$10 $0 $10 $20 $30 WTI (+/- US$1.00/bbl) WCS diff (+/- US$1.00/bbl) CAD/USD (+/- $0.01) MSW diff (+/- US$1.00/bbl) AECO (+/- $0.25/mcf) BAYT EX ENERGY / NYSE / T SX BT E 23
Slide 24: 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 25: 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 26: 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 27: Specified Financial Measures Advisory
SPECIFIED FINANCIAL MEASURES ADVISORY In this presentation, we refer to certain specified financial measures (such as free cash flow, operating netback, total sales, net of blending and other expense and return of capital) which do not have any standardized meaning prescribed by International Financ
Slide 28: 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 29: 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 30: 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 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 Chief Executive Officer Chad E. Lundberg President and Chief Operating Officer Chad L. Kalmakoff Chief Financial Officer Brian G. Ector Senior Vice Pr
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