Baytex Energy Corp. · TSX:BTE
Baytex Energy — Investor Presentation (November 2026)
32 slides from Baytex Energy's investor presentation, November 2026
Slide 1: A Premier Canadian Energy Company
A Premier Canadian Energy Company TECHNICAL LEADERSHIP. FOCUSED GROWTH. COMPELLING UPSIDE. Corporate Presentation | November 2026
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: Baytex: A Focused, Growth-Oriented Canadian Oil Producer
BAYTEX: A FOCUSED, GROWTH-ORIENTED CANADIAN OIL PRODUCER Corporate overview Capital Structure Premier Canadian Assets ALBERTA SASKATCHEWAN Baytex Energy Corp. TSX / NYSE BTE Share Price (1) $/sh 7.52 Heavy Oil Shares Outstanding (Basic) (2) MM 676.7 ~47,000 boe/d 2026 Production Market Capitalizatio
Slide 4: Platform for Value Creation
PLATFORM FOR VALUE CREATION PROVEN EXECUTION → BETTER BUSINESS → PROFITABLE GROWTH → HIGHER FCF/SHARE Doing What We Said Opportunity-Rich Portfolio Long-Term Value Culture shift delivering on our commitments Baseline 8-10% production growth with 15% annual Total Shareholder Return(1) – prioritizing
Slide 5: Canadian Operating History
CANADIAN OPERATING HISTORY Organic growth through disciplined execution • Canadian operations delivered ~10% annual production growth rate since Q1 2021(1) • Significant value unlocked across the heavy oil fairway with Clearwater and Mannville exploration success • Optimizing Duvernay light oil deve
Slide 6: 2026 Outlook
2026 OUTLOOK $40 million increase to 2026 capital plan accelerates light and heavy oil development 2026 Guidance Exceeded TSR target of 15% 8% growth, 1% dividend yield and on track to repurchase ~15% of shares outstanding(1) 2026 Production (Mboe/d) Mboe/d ~71,000 New well outperformance in the Duv
Slide 7: Accelerated 2027 Capital Plan
ACCELERATED 2027 CAPITAL PLAN Strengthening our business through capital allocation and profitable growth 2027 Outlook Investing in Organic Opportunities • Annual average production of 76,000 – 79,000 boe/d (80% Crude Oil, 9% NGLs, 11% • Capitalizing short-, medium-, and long-cycle projects Natural
Slide 8: 2027 Capital Allocation Waterfall
2027 CAPITAL ALLOCATION WATERFALL Disciplined capital allocation principles focused on long-term shareholder value Strong Financial Position Advancing Organic Opportunities Compounding Shareholder Value • Sustaining capital breakeven of WTI US$50/bbl (down • Accelerated development driving profitabl
Slide 9: Three-Year Outlook (2027 – 2029)
THREE-YEAR OUTLOOK (2027 – 2029) Organic growth within cash flow Efficient Production Growth Drives Increasing Cash Flow Through Plan Organic Opportunities Offer Additional Upside to Three-Year Plan • Delivers 8% to 10% annual production growth through the three-year plan, up from 6% to • Incrementa
Slide 10: Duvernay – Significant Value Creation Opportunity
DUVERNAY – SIGNIFICANT VALUE CREATION OPPORTUNITY Accelerating Duvernay light-oil development with improving efficiency Highly Concentrated Core Position Growth to 25,000 boe/d achieved earlier through schedule and cost compression 16% increase in land holdings in 2026 to 106,000 net acres • Efficie
Slide 11: Heavy Oil – Sustainable Cash Generation
HEAVY OIL – SUSTAINABLE CASH GENERATION Deep history and technical expertise Demonstrated expertise driving profitable production growth 750,000 net acres of land • 750,000 net acres of land across the heavy oil fairway • More than a decade of development with over 2,300 total inventory locations (a
Slide 12: Enhanced Oil Recovery (EOR)
ENHANCED OIL RECOVERY (“EOR”) Internally estimated ~400 million barrels OOIP in future expansion areas(1) Active EOR Projects Expanded EOR Investment (~$50 million Q4’2026 – Q4’2027) ALBERTA SASKATCHEWAN Tangleflags Polymer 50-25W3 Lloyd Polymer 49-01W4 Baytex has operated enhanced heavy oil Seal Ad
Slide 13: Opportunity-Rich Portfolio
OPPORTUNITY-RICH PORTFOLIO High impact organic opportunities Meaningful Accretion on Projects Outside of the Three-Year Plan Portfolio Development Stages Heavy Oil Light Oil Thermal Low Impact • Active pilot program to evaluate waterflood potential across Clearwater position • Monitoring injectivity
Slide 14: Northeast Mannville – Stacked Pay, Stacked Potential
NORTHEAST MANNVILLE – STACKED PAY, STACKED POTENTIAL Demonstrated growth and deep inventory Stacked Land Position Active development program driving production growth while expanding inventory Delineating eight discrete horizons across >140 sections • Concentrated land base of more than 140 sections
Slide 15: Northeast Mannville – Layers of Opportunity
NORTHEAST MANNVILLE – LAYERS OF OPPORTUNITY Delineating a multi-zone land base through innovative development Appraisal Wells Development Wells Strategic trials to delineate and grow inventory Ardmore, Cold Lake, Ethel Lake & Angling Lake • Stratigraphic test wells, step-out drilling & seismic are u
Slide 16: Clearwater Waterflood Pilots
CLEARWATER WATERFLOOD PILOTS Evaluating incremental recovery and sustaining capital reduction via waterflood Industry leading primary development with significant waterflood potential Waterflood Development Outside of 3-Year Plan • Baytex holds 48 of the top 50 primary wells drilled in the Clearwate
Slide 17: Gemini SAGD Project
GEMINI SAGD PROJECT Advancing towards target final investment decision in 2H’27 Multi-phase modular SAGD development opportunity Gemini Land Position • Internally estimated 300 million barrels of oil in place, approximately 150 million barrels Located in the heart of our northeast Alberta Mannville
Slide 18: Baytex: The Investment Case
BAYTEX: THE INVESTMENT CASE Profitable organic growth driving long-term shareholder value Building value Upside beyond the three-year plan Long-term shareholder value Entrepreneurial team, focused on building Organic opportunities within the existing Disciplined capital allocation and a value - with
Slide 19: Supplementary Information
SUPPLEMENTARY INFORMATION
Slide 20: Commodity Price Sensitivity and Risk Management
COMMODITY PRICE SENSITIVITY AND RISK MANAGEMENT(1) Balance sheet strength = resiliency through the cycles Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Oil Hedges Units Natural Gas Hedges Units 2026 2027 2027 2027 2027 2026 2027 2027 2027 2027 WCS Differential Swaps AECO Swaps Volume bbl/d 22,000 Volume GJ/d 9,000
Slide 21: Strong Well Economics Across Portfolio
STRONG WELL ECONOMICS(1) ACROSS PORTFOLIO Heavy Oil (2) Duvernay (3) Significant Torque to Higher Oil Prices DCET ($MM) (4) $2.0 - $3.0 DCET ($MM) (4) $13.4 250% EUR (Mboe) (5) 100 - 180 (89% - 100% liquids) EUR (Mboe) (5) 1,000 – 1,100 (77% liquids) 200% IP 365 (boe/d) 100 - 155 (86% - 100% liquids
Slide 22: 2025 Reserves Highlights - Canada
2025 RESERVES HIGHLIGHTS - CANADA Solid reserves growth with significant runway Canada 2P Reserves (1)(2)(6) Duvernay Heavy Oil (YE 2025) 300 3,000 Natural Gas 13% 200 2,000 NGLs 13% 100 1,000 Crude Oil (3) 74% - - Included in YE'25 Consumed Through Total Included in YE'25 Consumed Through Total 2P
Slide 23: Summary of Canadian Operating and Financial Metrics
SUMMARY OF CANADIAN OPERATING AND FINANCIAL METRICS Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 Q2 2026 Q3 2026 Benchmark Prices WTI crude oil (US$/bbl) $76.96 $80.57 $75.10 $70.27 $75.72 $71.42 $63.74 $64.93 $59.14 $64.81 $71.93 $92.79 $85.79 NYMEX natural gas
Slide 24: Baytex Team
BAYTEX TEAM Management team and independent Board of Directors Management Team Chad E. Lundberg • Appointed President and Chief Executive Officer in 2026. Joined Baytex in August 2018 as Vice President, Light Oil. Previously Raging River Exploration and Crescent Point Energy President and Chief Exec
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, future. including management's assessment of future plans and operations, certain statements in this presentation are These forward-looking statement
Slide 26: 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 management to predict all of such factors and to assess in advance the impact of each such factor on our unknown risks and uncertainties and other fact
Slide 27: Forward Looking Statements Advisory (Cont.)
FORWARD LOOKING STATEMENTS ADVISORY (CONT.) Financial Outlook Advisory Share Buyback Advisory This presentation contains information that may be considered a financial outlook under applicable securities The future acquisition by Baytex of its shares pursuant to a share buy back program, if any, and
Slide 28: 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, petroleum and natural gas sales for Canada was $606 million and operating netback for Canada was $350 and total sales, net of blending and other ex
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 locations, other unbooked drilling locations are farther away from existing wells where management has less Instrument 51-101 - Standards of Disclosure for
Slide 30: Advisory Regarding Oil and Gas Information
ADVISORY REGARDING OIL AND GAS INFORMATION Original Oil-In-Place (“OOIP”) is equivalent to Total Petroleum Initially-In-Place (“TPIIP”) and has been estimated Peer and Industry Data as of [December 31, 2025]. TPIIP, as defined in the COGEH, is that quantity of petroleum that is estimated to exist in
Slide 31: Notes
NOTES BAYTEX ENERGY / NYSE / TSX BTE 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 T 587.952.3237 Chad E. Lundberg President and Chief Executive Officer Chad L. Kalmakoff Chief Financial Officer Kendall D. Arthur Chief Operating Officer Chris M.P. L
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