Baytex Energy (BTE) Investor presentation summary

Strategic transformation and financial position

• Completed sale of U.S. Eagle Ford assets for $3.0 billion, resulting in a net cash position of ($0.8 billion) as of year-end 2025.

• Market capitalization stands at $3.9 billion with 738 million shares outstanding as of March 2026.

• Significant portion of sale proceeds allocated to shareholder returns, including dividends and share buybacks.

• Maintains a strong, flexible balance sheet and industry-leading net cash position.

• Dividend yield at 1.7% with an annualized dividend of $0.09 per share.

Operational focus and growth strategy

• Refocused portfolio on high-return Canadian assets, emphasizing heavy oil and Pembina Duvernay light oil.

• 2026 production guidance of 67,000–69,000 boe/d, targeting 3–5% annual growth.

• Over 10 years of development inventory, with scalable opportunities in the Duvernay and heavy oil plays.

• 2026 capital budget of $550–$625 million, with 45% allocated to heavy oil and 55% to light oil.

• Maintains operational flexibility to adapt capital spending to market conditions.

Asset performance and development highlights

• Pembina Duvernay: 91,500 net acres, 210 locations, and strong well economics with a $45/bbl break-even WTI price.

• Heavy oil: 750,000 net acres, 1,100+ locations, and $48/bbl break-even WTI price.

• 2025 reserves growth: 2P reserves up 9% to 282 MMboe, with a 2.1x recycle ratio and 203% production replacement.

• Consistent execution improvements in drilling and completion efficiency, reducing well costs and increasing EUR.

• Northeast Alberta Mannville program targets multi-horizon growth with ~40 wells planned for 2026.