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Baytex Energy (BTE) investor relations material

Baytex Energy Investor Presentation summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Investor Presentation summary13 Nov, 2025

Strategic transaction and financial transformation

  • Entered a definitive agreement to sell U.S. Eagle Ford assets for US$2.305 billion in cash, expected to close late 2025 or early 2026.

  • Proceeds will be used to repay credit facilities and 2030 Senior Notes, with a significant portion returned to shareholders via buybacks or a substantial issuer bid.

  • Maintains current annualized dividend of $0.09 per share and plans to resume share repurchases under NCIB.

  • Post-transaction, will provide 2026 guidance, a three-year outlook, and an updated capital allocation framework.

Streamlined Canadian asset focus and growth platform

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

  • Pro forma 2025 production estimated at ~65,000 boe/d, targeting 3-5% annual growth with over ten years of development inventory.

  • Heavy oil portfolio includes 1,100 drilling locations and 750,000 net acres, with innovative development and consistent organic growth.

  • Pembina Duvernay position supports growth to 20,000-25,000 boe/d, with 212 total drilling locations and record well results.

Financial and operational performance

  • Pro forma capital expenditures for 2026 projected at $550–$625 million, with 89% production weighting to crude oil and NGLs.

  • Corporate sustaining break-even improves by US$8/bbl, with meaningful reductions in interest expense and capital requirements.

  • Canadian reserves at year-end 2024: 131 MMboe (1P) and 259 MMboe (2P), with 77% crude oil weighting in 2P reserves.

  • Strong well economics: heavy oil IRRs of 62–141% and Pembina Duvernay IRRs of 42–62% at US$65–75 WTI.

  • Three-year average production replacement of 159% and recycle ratios of 2.1–2.5x across reserves categories.

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Baytex Energy Corp is an oil and gas company engaged in the acquisition, development, and production of crude oil and natural gas. Its operations are focused in Western Canada and the United States. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.

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