A Premier Canadian Energy Company
TECHNICAL LEADERSHIP. FOCUSED GROWTH. COMPELLING RETURNS.
October 2026
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 measures may not be comparable with calculations of similar measures presented by other reporting issuers. This presentation also contains oil and gas disclosures, various industry terms, and forward-looking statements, including various assumptions on which such forward-looking statements are based and related risk factors. There is no representation by Baytex that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements.
The future oriented financial information and forward-looking statements are made as of October 2, 2026 and Baytex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. Please see the Company's disclosures located at the end of this presentation for further details regarding these matters.
All slides in this presentation should be read in conjunction with "Forward Looking Statements Advisory", "Specified Financial Measures Advisory", "Capital Management Measures Advisory" and "Advisory Regarding Oil and Gas Information".
This presentation should be read in conjunction with the Company's consolidated interim unaudited financial statements and Management's Discussion and Analysis ("MD&A") for the period ended June 30, 2026.
All amounts in this presentation are stated in Canadian dollars unless otherwise specified.
BAYTEX ENERGY / NYSE / TSX BTE 2
BAYTEX OVERVIEW Focused Canadian Oil Producer
Commitment to Shareholder Returns
Technical leadership and disciplined capital allocationCorporate Profile
Market Capitalization (2)
$4.4 billion
Quarterly dividend (4)
$0.0225 per share
Annual Production (6)
~71 Mboe/d
% Oil and NGL (6) 89%
Dividend yield (5) 1.4%
Net (cash) debt (3) ($0.6 billion)
Shares Outstanding (1) 685 million
Industry-leading net cash position with flexibility to invest, grow, and return capital through the cycle
Compelling Valuation Accelerating growth and shareholder returns support meaningful re-rate potentialShares outstanding as at September 30, 2026.
Market capitalization based on closing share price on the Toronto Stock Exchange on September 30, 2026.
Net (cash) debt as at June 30, 2026. Net (cash) debt is a capital management measure. Refer to the Capital Management Measures Advisory section in this presentation for further information.
Refer to the Dividend Advisory section in this presentation for further information.
Dividend yield is calculated by dividing the annualized per share dividend by the market share price for the applicable period.
Production represents 2026 guidance.
BAYTEX ENERGY / NYSE / TSX BTE 3
STRATEGIC PRIORITIES Committed to technical leadership and long-term value creation
Premier Canadian Assets
ALBERTA
SASKATCHEWAN
Peace River / Peavine
Heavy Oil
Lloydminster
Heavy Oil
0
Duvernay
Light Oil
Viking Light Oil
-
Target 15% annual total shareholder return
Production growth, dividends and share buybacks - at a mid-cycle WTI price of US$70/bbl
Underpinned by a strong, flexible balance sheet
- Building a culture of disciplined growth and long-term value
Deliver 6% to 8% annual production growth
Continuous improvement in cash costs and capital efficiencies; target a long-term sustaining break-even price of under US$50/bbl WTI
- Achieve full scale development in the Duvernay and advance heavy oil opportunity set
Duvernay: targeting 25,000 boe/d by 2030, supported by 91,500 net acres and ~ 210 drilling locations
Heavy oil exploration: increase activity to expand development inventory and test new play concepts across heavy oil fairway -Utikuma seismic survey and step out wells
Peavine waterflood pilots: potential for enhanced recovery and moderated decline rates; first injection June 2026
Gemini thermal SAGD: 44 million barrels probable reserves; technical planning advancing toward potential FID in 2027
BAYTEX ENERGY / NYSE / TSX BTE 4
CAPITAL ALLOCATION PRIORITIES
2026 Prioritizes Meaningful Shareholder Returns
Net cash position
Significant portion to be returned to shareholders Share buybacks prioritized:
Purchases under previous NCIB commenced December 24, 2025
Share count reduced by 11% through September 30, 2026
Renewed NCIB authorizes repurchase of up to 70.9 million shares through July 1, 2027
Dividend maintained at $0.09 per share (annualized)
Capital Allocation PrinciplesMaximize asset value through disciplined investment
Maintenance capital to sustain production
Invest in long-term infrastructure to support organic growth
Pursue targeted exploration and strategic tuck-in acquisitions to expand inventory and future opportunity
Provide meaningful shareholder returns
BAYTEX ENERGY / NYSE / TSX BTE 5
DISCIPLINED 2026 CAPITAL BUDGET
Increased production
guidance driven by strong operating performance and planned 2H activity
~ 8% annual production growth
Significant value creation in the Duvernay
Consistent heavy oil performance delivers reliable returns
2026e Capital Expenditure
45%Heavy Oil (100 net wells)
55%Light Oil
Capex Breakdown ($MM)
Maintenance
435
(87 net wells) | Growth | 90 |
Long-term Infrastructure | 50 | |
Exploration and Land | 50 | |
Total | 625 | |
Production Profile (boe/d) |
~ $625 MM
2026e Production
11%Natural Gas
7%NGLs
69,478
71,243
~72,000
Current plan
Original budget
~71,000
boe/d
82%Crude Oil
Q1 2026 Q2 2026 Q3 2026 Q4 2026
BAYTEX ENERGY / NYSE / TSX BTE 6
2026 CAPITAL ALLOCATION WATERFALL Enabling growth, returns, and value creation
Capital Allocation ($MM)
1,000
US$55 WTI
Investment supports long-term growth and inventory expansion
Covers Maintenance + Dividend
Stratigraphic and step-
out wells
Seismic
Land
Excess Free Cash Flow (3)
available for share buybacks and/or incremental investment
US$65 WTI
US$75 WTI
US$85 WTI
435
60
50
Duvernay anchor oil batteries and water handling
Peace River gas conservation and road infrastructure
35% production growth in the Duvernay, with 50% increase in net wells as commercialization ramps
Strong, consistent returns across heavy oil portfolio
90
50
900
800
700
600
500
400
300
200
100
0
2026 Adjusted Funds
Flow (2)
Maintenance Dividend Growth Long-Term Infrastructure
Exploration & Land
Commodity price assumptions: WTI-WCS Differential - US$12.50/bbl, AECO Gas - $3.00/Mcf;
Exchange rate (CAD/USD) = 1.4. Adjusted funds flow sensitivities includes the impact of ARO and leasing expenditures.
Capital management measure. Refer to the Specified Financial Measures Advisory section in this presentation for further information.
Excess free cash flow is calculated as free cash flow less dividend payments. Free cash flow is a specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures Advisory section in this presentation for further information.
BAYTEX ENERGY / NYSE / TSX BTE 7
3-YEAR OUTLOOK
Production Profile (boe/d)
85,000
8% CAGR
80,000
6% CAGR
75,000
Previous 3-Year Plan
70,000
65,000
60,000
2025 2026 2027 2028
6-8% Production CAGR(2): accelerating growth in a more constructive pricing environment
Duvernay: > 30% production CAGR(2) over three years drives 80% increase in net operating income
Sustainable value creation
Heavy Oil 3-Year Outlook Duvernay 3-Year Outlook
50,000
48,000
boe/d
46,000
44,000
42,000
40,000
2025 2026 2027 2028
Production (LHS)
Net Operating Income (RHS)
$700
$600
$500
$MM
$400
$300
$200
$100
$0
25,000
20,000
boe/d
15,000
10,000
5,000
0
2025 2026 2027 2028
Production (LHS)
Net Operating Income (RHS)
$300
$250
$200
$MM
$150
$100
$50
$0
Heavy Oil: Modest growth while generating substantial free cash flow
Balance Sheet: Net cash(3) position maintained during plan period
Shareholder Returns: Free cash flow available for share buybacks, dividends or incremental investment
Commodity price assumptions: WTI - US$70/bbl, WTI-WCS Differential - US$12.50/bbl, AECO Gas - $3.00/Mcf; Exchange rate (CAD/USD) = 1.38.
CAGR refers to the compound annual growth rate, representing the average yearly growth in production over a set period.
Capital management measure. Refer to the Specified Financial Measures Advisory section in this presentation for further information.
BAYTEX ENERGY / NYSE / TSX BTE 8
DUVERNAY - SIGNIFICANT VALUE CREATION OPPORTUNITY
Creating long-term value through scalable light oil growth91,500 net acres
Highly concentrated core Duvernay position
~ 210 locations
Supports growth to 20,000 - 25,000 boe/d
17
2026 Drills Duvernay
ADDITIONAL INVENTORY
69
~ 141
US$45/bbl Average Break-Even WTI Price (NPV10) (1)
Unbooked locations targeting the Duvernay formation
Strong 2025 performance
Record well results
Transitioning to 1-rig program
13 wells onstream in 2026;
~18 wells per year thereafter
2P BOOKED
Break-even WTI price is the minimum price required to cover all costs associated with drilling and operating a well discounting the future cash flow stream at a 10% discount rate.
BAYTEX ENERGY / NYSE / TSX BTE 9
EXECUTION AND PERFORMANCE IN THE DUVERNAY Transition to commercialization with improved well economics
25% Increase in Completed Lateral Length (CLL, feet)
Execution Improvements
11% Improvement in EUR (1)
(Boe per foot, CLL)
12,500
10,000
90
Enhanced drilling assembly
Improved completion uniformity
Tapered cluster design
Optimized pumping schedule
81
2024 2025 2024 2025
5% Improvement in Drilling Efficiency (ft/day)
10% Improvement in Completion Efficiency (Pumping hours/day)
11% Improvement in Well Cost (DCET, $/foot CLL)
1,400
1,325
19.5
17.5
$1,165
$1,040
2024 2025
2024 2025
2024 2025
1) EUR refers to the estimated ultimate recovery of a well, an approximation of the quantity of oil or gas that is expected to be economically recoverable over its producing life.
BAYTEX ENERGY / NYSE / TSX BTE 10
HEAVY OIL - STABLE, PROFITABLE CASH GENERATION Demonstrated success drives reliable returns
Heavy Oil Inventory
PEACE RIVER
(BLUESKY)
PEAVINE (CLEARWATER)
LLOYDMINSTER
(MANNVILLE)
ALBERTA SASKATCHEWAN
100
New pool discoveries
Consistent track record
327
~ 773
Strong 2025 performance
7% organic growth
year-over-year (2)
US$48/bbl Average Break-Even WTI Price (NPV10) (1)
750,000 net acres
Significant land holdings across the heavy oil fairway
ADDITIONAL INVENTORY
Unbooked locations targeting the Clearwater, Mannville Group and Bluesky formations
~ 1,100 risked locations
Innovative MLHZ and circulation HZ development
Enhanced recovery
~ 10% of production on water and polymer floods
2P BOOKED
2026 Drills Heavy Oil
Break-even WTI price is the minimum price required to cover all costs associated with drilling and operating a well discounting the future cash flow stream at a 10% discount rate. Pricing assumption: WTI-WCS differential = US$12.50/bbl.
Excludes non-core divestitures.
BAYTEX ENERGY / NYSE / TSX BTE 11
NORTHEAST MANNVILLE: SIGNIFICANT STACKED RESOURCE, DEMONSTRATED GROWTH
Eight discrete development horizons across >100 sections - delineation continues to expand drilling inventory
Mannville Stack - Log Type
NE Alberta Production Growth by Horizon NE Alberta Land Position
8,000
7,000
Production (bbl/d)
6,000
5,000
4,000
Oil Pools
Lloyd Rex GP
McLaren Colony
L. Waseca Waseca Sparky
3,000
2,000
1,000
0
2020 2021 2022 2023 2024 2025 2026
Five years of consistent production growth driven by strong well economics and capital efficiencies
Active 2026 program of ~46 wells, with further delineation, stratigraphic tests and new trials across multiple zones
Angling Lake
Stacked, independently developable oil pools across land base - each zone a separate development opportunity
BAYTEX ENERGY / NYSE / TSX BTE
12
FIT-FOR-PURPOSE WELL DESIGN: PROVEN, LOW-COST, AND REPEATABLE AT SCALE
Circulation String Horizontal
Utilized at Lloydminster to target unconsolidated reservoirs
Horizontal well with a slotted liner and circulation string allows oil and sand to flow to surface
Up to 16 wells per section
Multi-Lateral Horizontal
Utilized at Lloydminster (Mannville), Peavine (Clearwater) and Peace River (Bluesky) to target consolidated reservoirs
4-12 open-hole lateral legs from a single wellbore
4-5 wells per section
BAYTEX ENERGY / NYSE / TSX BTE 13
Circ)
60
Baytex Sparky Well Performance -South Ardmore
140,000
Cumulative Production (bbl)
120,000
100,000
80,000
60,000
40,000
20,000
0
Sparky Circ-HZ
Sparky HZ (No
0 10 20 30 40 50
Production Month
INCREASING HEAVY OIL EXPLORATION ACTIVITY Building on our heavy oil expertise and enhancing prospect inventory
2026 3D Survey
Offset production grew to ~6,500 bbl/d
Targeting Pekisko mounds (pinnacle reef-like buildups) near our Peace River / Peavine operations
Acquired additional 40 sections at Utikuma in Q1 2026, bringing total land holdings to 109 sections
Completed 21-square mile seismic survey, and following interpretation, planning to drill up to two exploration test wells in early 2027
Utikuma Land Position
Offsetting Pekisko Mound Production
HZ Wells Average HZ Well
800
700
Oil Rate (bbl/d)
600
500
400
300
200
100
0
0 6 12 18 24 30 36
Month
Source: GeoSCOUT
BAYTEX ENERGY / NYSE / TSX BTE 14
PEAVINE WATERFLOOD PILOTS Evaluating incremental resource recovery and production duration via waterflood
Waterflood success has been demonstrated across the Clearwater Two pilots have been initiated at Peavine to evaluate:
Reservoir repressuring: low-cost producer to injector conversions
5-33 Pad - Operating Q2
Pressure maintenance: dedicated injection within new development 14-36 / 5-9 Pads - Operating Q3
Gaining insight into enhanced recovery potential on both developed and undeveloped acreage
5-33 Pad
Low-Cost Multi-lateral Injection Conversion
Injector
14-36 / 5-9 Pads
Tuning Fork Multi-lateral with Injector in Gap
Producer
Peavine Land Position
5-9
14-36
5-33
Pending pilot results, well designs preserve waterflood or primary infill optionality
Initial Tuning Fork MLHZ Development
Option 1 - Additional Primary MLHZ Development
Option 2 -Waterflood via Inset HZ Injectors
Combining the capital efficiency of multi-lateral development with the potential for enhanced recovery and moderated declines
BAYTEX ENERGY / NYSE / TSX BTE 15
GEMINI SAGD PROJECT REPRESENTS SIGNIFICANT SOURCE OF LONG-TERM VALUE Advancing planning toward potential final investment decision in 2027
Approved
Thermal Scheme
Approved
Thermal Scheme
Pilot
Approved
Thermal Scheme
Located in the heart of our northeast Alberta Mannville Stack development
~300 million barrels of exploitable oil in place (>10 meters pay thickness) 44 million barrels of booked probable reserves at year-end 2025
Proven productivity from successful pilot
Approved 5,000 bbl/d SAGD development scheme supports first phase of development
Gemini Land Position
BAYTEX ENERGY / NYSE / TSX BTE 16
STRONG WELL ECONOMICS(1) ACROSS PORTFOLIO
WTI (US$/bbl)
$85
$75
$65
$55
3.5x
3.0x
2.5x
2.0x
1.5x
1.0x
WTI (US$/bbl)
$85
$75
$65
$55
200%
150%
100%
50%
0%
Significant Torque to Higher Oil Prices
IRR
Heavy Oil (2) Duvernay (3)
DCET ($MM) (4) | $2.0 - $3.0 | |
EUR (Mboe) (5) | 100 - 175 (89% - 100% liquids) | |
IP 365 (boe/d) | 100 - 145 (86% - 100% liquids) | |
WTI | US$65 | US$75 |
IRR (6) | 62% - 95% | 104% - 141% |
Payout (7) | 13 - 23 months | 11 - 14 months |
Recycle Ratio (8) | 2.1x - 2.3x | 2.6x - 2.9x |
DCET ($MM) (4) | $12.5 | |
EUR (Mboe) (5) | 900 - 1,000 (76% liquids) | |
IP 365 (boe/d) | 550 - 650 (84% liquids) | |
WTI | US$65 | US$75 |
IRR (6) | 42% | 62% |
Payout (7) | 25 months | 19 months |
Recycle Ratio (8) | 2.2x | 2.6x |
Recycle Ratio
Pricing Assumptions: WTI-WCS differential - US$12.50/bbl, AECO Gas - $2.75/Mcf, Exchange Rate (CAD/USD) = 1.4.
Heavy oil includes multi-lateral horizontal (MLHZ) and circulation string horizontal wells across the Clearwater, Bluesky and Mannville group.
Duvernay based on an average 4,000 meter completed lateral length (CLL) and 320 meter inter-well spacing.
DCET refers to the cost to drill, complete, equip and tie-in a well.
EUR refers to the estimated ultimate recovery of a well, an approximation of the quantity of oil or gas that is expected to be economically recoverable over its producing life.
IRR refers to the internal rate of return; a measure used to compare the profitability of an investment and represents the discount rate at which the net present value of costs equals the net present value of the benefits. The higher a project's IRR, the more desirable the project.
Payout refers to the point at which all costs of drilling and operating a well are recouped from the sale of its production.
Recycle ratio is calculated by dividing operating netback on a per boe basis by F&D costs. F&D costs refer to the DCET cost divided by the EUR.
BAYTEX ENERGY / NYSE / TSX BTE 17
COMPELLING VALUATION UPSIDE
Potential for equity re-rate with competitive growth and balance sheet
Baytex
Production Growth (2027/2026) (1)
30%
20%
Median = 11%
10%
0%
Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Baytex Peer 6 Peer 7
Competitive production growth
Baytex
Net Debt to Adjusted Funds Flow Ratio (2027E) (1)
1.5x
1.0x
Median = 0.4x
0.5x
0.0x
-0.5x
Baytex Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7
Industry-leading balance sheet
Baytex
EV/DACF Multiple (2027E) (1)
8.0x
6.0x
Median = 5.6x
4.0x
2.0x
0.0x
Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Baytex Peer 7
Compelling valuation
1) Source: Peter's & Co., August 31, 2026. Commodity prices: WTI - US$74.82/bbl, WCS differential -US$15.53/bbl; NYMEX Gas - US$3.32/MMbtu; Exchange Rate (CAD/USD) - 1.37.
Peer group includes Athabasca, Headwater, Spartan Delta, Strathcona, Tamarack Valley, Vermilion, Whitecap.
BAYTEX ENERGY / NYSE / TSX BTE 18
WHY BAYTEX High-Return Canadian Asset Base Growing 6-8% Annually
10+ years of development inventory across heavy oil and Duvernay - capital efficient and scalable
15% Annual Total Shareholder Return TargetDelivered through production growth, dividends and share buybacks
Industry-Leading Net Cash PositionFinancial flexibility to invest, grow, and return capital through the cycle
Compelling ValuationTrading at a discount to Canadian peers with accelerating growth and shareholder returns
BAYTEX ENERGY / NYSE / TSX BTE 19
SUPPLEMENTARY
INFORMATION