Baytex Energy (BTE) Investor Presentation summary

Strategic transformation and asset disposition

• Completed sale of U.S. Eagle Ford assets for US$2.14 billion, resulting in a net cash position and significant capital for redeployment.

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

• Over ten years of development inventory supports long-term growth and value creation.

Capital allocation and shareholder returns

• Significant portion of Eagle Ford sale proceeds to be returned to shareholders through dividends and share buybacks.

• 2026 capital budget of $550–$625 million targets 3–5% annual production growth and prioritizes maintenance, growth, and infrastructure.

• Dividend maintained at $0.09 per share (annualized), with a 2.1% yield and potential for a substantial issuer bid.

Operational focus and production outlook

• 2026 production guidance of 67,000–69,000 boe/d, with 89% weighted to crude oil and NGLs.

• Heavy oil and Pembina Duvernay are core growth drivers, with Pembina Duvernay targeting >30% production CAGR over three years.

• Consistent heavy oil performance and scalable light oil growth in the Duvernay underpin reliable returns.