Baytex Energy (BTE) Investor presentation summary

Strategic priorities and growth targets

• Aims for 15% annual total shareholder return through production growth, dividends, and buybacks at a mid-cycle WTI price of US$70/bbl.

• Targets 6–8% annual production growth and continuous improvement in cash costs and capital efficiencies.

• Focuses on full-scale development in the Duvernay (20,000–25,000 boe/d by 2029–2030) and expanding heavy oil opportunities.

• Advances heavy oil exploration, waterflood pilots, and Gemini thermal SAGD project toward potential FID in 2027.

Capital allocation and shareholder returns

• Maintains a net cash position, prioritizing meaningful shareholder returns through buybacks and dividends.

• Share count reduced by 6.5% through May 31, 2026; NCIB authorizes up to 66.2 million shares, with intent to renew in H2/2026.

• Dividend maintained at $0.09 per share (annualized).

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

Operational performance and asset base

• 2026 production guidance of 69,000–71,000 boe/d, with 89% oil and NGLs.

• Heavy oil portfolio includes 1,100 drilling locations and 750,000 net acres, with a US$48/bbl average break-even WTI price.

• Pembina Duvernay holds 91,500 net acres and ~210 locations, targeting scalable light oil growth at a US$45/bbl break-even.

• Demonstrated improvements in drilling and completion efficiency, well costs, and EUR in Pembina Duvernay.