Baytex Energy (BTE) Investor presentation summary

Strategic priorities and growth targets

• Aims for 15% annual total shareholder return via production growth, dividends, and buybacks at US$70/bbl WTI, supported by a strong balance sheet.

• Targets 6–8% annual production growth and continuous improvement in cash costs and capital efficiencies, with a long-term sustaining break-even price under US$50/bbl WTI.

• Plans full-scale Duvernay development (20,000–25,000 boe/d by 2029–2030) and expansion of heavy oil opportunities, including waterflood pilots and Gemini SAGD project.

Capital allocation and shareholder returns

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

• Share count reduced by 10% through August 2026; renewed NCIB authorizes repurchase of up to 70.9 million shares through July 2027.

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

Operational performance and production outlook

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

• 2026 production guidance of ~71,000 boe/d, with 8% annual production growth and 89% liquids weighting.

• Three-year outlook projects 6–8% production CAGR, with Duvernay driving >30% production CAGR and 80% increase in net operating income.