Baytex Energy (BTE) investor relations material

Executive summary

• Q3 production was 71,606 boe/d, up 5% YoY, with 89% liquids and record Duvernay output.

• Adjusted funds flow was $331.9 million, free cash flow was $138.5 million, and net income was $160.3 million.

• Updated plans target 8%–10% annual production growth in 2027–2029 and a 2027 sustaining-capital breakeven of WTI US$50/bbl.

Financial highlights

• Q3 petroleum and natural gas sales were $605.9 million, versus $437.9 million in Q3 2025.

• Adjusted funds flow was $331.9 million ($0.48/basic share); free cash flow was $138.5 million ($0.20/basic share) after $186.4 million of development spending.

• Net income was $160.3 million ($0.23/basic share); operating cash flow was $283.0 million.

• Net cash was $522.4 million at September 30, 2026; $750 million of revolving credit facilities were undrawn.

Outlook and guidance

• 2026 guidance is 71,000 boe/d production and $665 million of exploration and development spending, up from $625 million; Q4 production is expected at 72,000 boe/d.

• 2027 guidance is 76,000–79,000 boe/d production and $775–$850 million of spending; Q4 production is projected near 83,000 boe/d, with 7%–11% annual growth.

• The 2027–2029 plan targets 8%–10% annual growth, ~92,000 boe/d in 2029 and average annual spending of ~$800 million.

• At mid-cycle WTI US$70/bbl, the plan targets a net cash position and 15% annual total shareholder return through growth, repurchases and dividends.

• 2026 guidance includes ~16% royalties, operating costs of $13.30/boe and transportation costs of $3.75/boe.