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A Streamlined, Higher Return Canadian Energy Company FOCUSED DISCIPLINE. ENHANCED VALUE. February 2026
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 1715 x 805 pixels, 80% JPG ADVISORY 2 Baytex Energy Corp. (“Baytex”) announced on November 12, 2025 that it had entered into a definitive purchase and sale agreement to sell its U.S. Eagle Ford assets (the “Transaction”). The Transaction closed on December 19, 2025 for net proceeds of US$2.14 billion (approximately $2.96 billion in Canadian dollars) after closing adjustments. In this presentation, we refer to certain specified financial measures which do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”). While these measures are commonly used in the oil and natural gas industry, our determination of these measures may not be comparable with calculations of similar measures presented by other reporting issuers. This presentation also contains oil and gas disclosures, various industry terms, and forward- looking statements, including various assumptions on which such forward- looking statements are based and related risk factors. There is no representation by Baytex that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements. The future oriented financial information and forward-looking statements are made as of February 2, 2026 and Baytex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. Please see the Company’s disclosures located at the end of this presentation for further details regarding these matters. All slides in this presentation should be read in conjunction with “Forward Looking Statements Advisory”, “Specified Financial Measures Advisory”, “Capital Management Measures Advisory” and “Advisory Regarding Oil and Gas Information”. This presentation should be read in conjunction with the Company’s consolidated interim unaudited financial statements and Management’s Discussion and Analysis (“MD&A”) for the period ended September 30, 2025. All amounts in this presentation are stated in Canadian dollars unless otherwise specified.
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 850 x 805 pixels, 80% JPG Corporate Profile Shares Outstanding (1) 751 million Market Capitalization (2) $3.5 billion Net debt (cash) (3) ($0.8 billion) Quarterly dividend (4) $0.0225 per share Dividend yield (5) 1.9% Annual Production (6) 67 - 69 Mboe/d Net Cash Balance Sheet Industry-leading net cash position Accelerated Shareholder Returns Significant portion of sale proceeds to be returned to shareholders Long-Term Value Creation Disciplined, high-return growth focused on the Duvernay and heavy oil plays in Canada BAYTEX OVERVIEW Unlocking value through the Eagle Ford disposition 3 1) Shares outstanding as at January 30, 2026. 2) Market capitalization based on closing share price on the Toronto Stock Exchange on January 30, 2026. 3) Net debt estimated as at December 31, 2025 and inclusive of working capital. Net debt is a capital management measure. Refer to the Capital Management Measures Advisory section in this presentation for further information. 4) Refer to the Dividend Advisory section in this presentation for further information. 5) Dividend yield is calculated by dividing the annualized per share dividend by the market share price for the applicable period. 6) Production represents 2026 guidance.
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 850 x 805 pixels, 80% JPG A STREAMLINED, HIGH-RETURN CANADIAN ENERGY PLATFORM Portfolio Optimization Focused on high-return Canadian assets for capital efficiency and value creation Heavy Oil Expertise Innovative development, strong track record of exploration success and value creation Scalable Pembina Duvernay Core land position and strong well results provide significant development potential Disciplined Growth Platform 2025 production of 65,500 boe/d, with targeted 3-5% annual growth supported by over ten years development inventory Enhanced flexibility to deliver long-term value 4 Premier Canadian Assets Peace River / Peavine Heavy Oil Pembina Duvernay Light Oil ALBERTA SASKATCHEWAN Viking Light Oil Lloydminster Heavy Oil 00
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 850 x 805 pixels, 80% JPG CAPITAL ALLOCATION PRIORITIES Maximize asset value through disciplined investment • Maintenance capital to sustain production • Invest in long-term infrastructure to support organic growth • Pursue targeted exploration and strategic tuck-in acquisitions to expand inventory and future opportunity Maintain strong, flexible balance sheet Meaningful shareholder returns Capital Allocation Principles 5 2026 Prioritizes Meaningful Shareholder Returns Eagle Ford sale delivers net cash balance sheet Significant portion of proceeds to be returned to shareholders Share buybacks prioritized: • Purchases under NCIB commenced December 24, 2025 • Share count reduced by 2.2% through January 2026 • Current NCIB (expires July 1, 2026) authorizes up to 66.2 million shares • Substantial issuer bid under consideration Dividend maintained at $0.09 per share (annualized)
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 565 x 835 pixels, 80% JPG Efficient E&D capital program with flexibility to adapt to market conditions Targets 3-5% annual production growth at US$60/bbl WTI Significant value creation in the Pembina Duvernay Consistent heavy oil performance delivers reliable returns 2026e Capital Expenditure 6 Capex Breakdown ($MM) (1) DISCIPLINED 2026 CAPITAL BUDGET 2026e Production Production Profile (boe/d) 1) Represents mid-point of guidance range. $550 – $625 MM 45% Heavy Oil (91 net wells) 55% Light Oil (85 net wells) Maintenance 435 Growth 50 Long-term Infrastructure 50 Exploration and Land 50 Total 585 67,000 – 69,000 boe/d 82% Crude Oil 7% NGLs 11% Natural Gas Q1 2026 Q2 2026 Q3 2026 Q4 2026 68,000 – 69,000 69,000 – 70,000 Spring Break-Up
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 1715 x 805 pixels, 80% JPG 2026 CAPITAL ALLOCATION WATERFALL Capital Allocation ($MM) (1) Enabling growth, returns, and value creation 1) Represents mid-point of capital guidance range. 2) Commodity price assumptions: WTI-WCS Differential – US$12.50/bbl, AECO Gas - $3.00/Mcf; Exchange rate (CAD/USD) = 1.4. Adjusted funds flow sensitivities includes the impact of ARO and leasing expenditures. 3) Excess free cash flow is calculated as free cash flow less dividend payments. 7 0 100 200 300 400 500 600 700 800 900 US$55 WTI US$60 WTI US$65 WTI US$70 WTI 435 60 50 50 50 Covers Maintenance + Dividend Investment supports long-term growth and inventory expansion 2026 Adjusted Funds Flow (2) Maintenance Dividend Growth Long-Term Infrastructure Exploration & Land Excess Free Cash Flow (3) available for share buybacks and/or incremental investment • 35% production growth in the Pembina Duvernay, with 50% increase in net wells as commercialization ramps • Strong, consistent returns across heavy oil portfolio • Stratigraphic and step- out wells • Seismic • Land • Pembina anchor oil batteries and water handling • Peace River gas conservation and road infrastructure
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BAYTEX ENERGY / NYSE / TSX BTE PEMBINA DUVERNAY – SIGNIFICANT VALUE CREATION OPPORTUNITY 8 1) Break-even WTI price is the minimum price required to cover all costs associated with drilling and operating a well discounting the future cash flow stream at a 10% discount rate. Creating long-term value through scalable light oil growth 91,500 net acres Highly concentrated core Duvernay position ~ 210 locations Supports growth to 20,000 - 25,000 boe/d Strong 2025 performance Record well results Transitioning to 1-rig program 12 wells in 2026; ~ 18 wells per year thereafter 2026 Drills Pembina Duvernay 2P BOOKED ADDITIONAL INVENTORY Unbooked locations targeting the Duvernay formation 12 69 ~ 141 US$45/bbl Average Break- Even WTI Price (NPV10) (1)
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 565 x 835 pixels, 80% JPG 25% Increase in Completed Lateral Length (CLL, feet) Execution Improvements • Enhanced drilling assembly • Improved completion uniformity • Tapered cluster design • Optimized pumping schedule 9 11% Improvement in EUR (1) (Boe per foot, CLL) Transition to commercialization with improved well economics EXECUTION AND PERFORMANCE IN THE PEMBINA DUVERNAY 5% Improvement in Drilling Efficiency (ft/day) 10% Improvement in Completion Efficiency (Pumping hours/day) 11% Improvement in Well Cost (DCET, $/foot CLL) 1) EUR refers to the estimated ultimate recovery of a well, an approximation of the quantity of oil or gas that is expected to be economically recoverable over its producing life. 10,000 12,500 2024 2025 1,325 1,400 2024 2025 17.5 19.5 2024 2025 81 90 2024 2025 $1,165 $1,040 2024 2025
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 850 x 805 pixels, 80% JPG Heavy Oil Inventory HEAVY OIL – STABLE, PROFITABLE CASH GENERATION Demonstrated success drives reliable returns 10 1) Break-even WTI price is the minimum price required to cover all costs associated with drilling and operating a well discounting the future cash flow stream at a 10% discount rate. Pricing assumption: WTI-WCS differential = US$12.50/bbl. 2) Excludes non-core divestitures. 750,000 net acres Significant land holdings across the heavy oil fairway ~ 1,100 locations Innovative MLHZ and circulation HZ development Strong 2025 performance 7% organic growth year-over-year (2) New pool discoveries Consistent track record ALBERTA PEACE RIVER (BLUESKY) PEAVINE (CLEARWATER) LLOYDMINSTER (MANNVILLE) SASKATCHEWAN 2026 Drills Heavy Oil 2P BOOKED ADDITIONAL INVENTORY Unbooked locations targeting the Clearwater, Mannville Group and Bluesky formations 327 ~ 773 91 US$48/bbl Average Break-Even WTI Price (NPV10) (1)
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 565 x 835 pixels, 80% JPG Significant resource-in place with up to 8 discrete development horizons Demonstrated growth driven by strong economics and capital efficiencies Active 2026 program: ~ 40 wells (multi-lateral and circulation string horizontals) with further delineation, stratigraphic tests and new trials across multiple zones Mannville Stack - Type Log 11 Scalable development > 100 prospective sections UNLOCKING UPSIDE IN THE NORTHEAST ALBERTA MANNVILLE NE Alberta Production Growth by Horizon
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 565 x 835 pixels, 80% JPG Heavy Oil (2) DCET ($MM) (4) $2.0 - $3.0 EUR (Mboe) (5) 100 - 175 (89% - 100% liquids) IP 365 (boe/d) 100 - 145 (86% - 100% liquids) WTI US$65 US$75 IRRs (6) 62% - 95% 104% - 141% Payouts (7) 13 - 23 months 11 - 14 months Recycle Ratio (8) 2.1x - 2.3x 2.6x - 2.9x STRONG WELL ECONOMICS(1) ACROSS PORTFOLIO 12 1) Pricing Assumptions: WTI-WCS differential – US$12.50/bbl, AECO Gas – $2.75/Mcf, Exchange Rate (CAD/USD) = 1.4. 2) Heavy oil includes multi-lateral horizontal (MLHZ) and circulation string horizontal wells across the Clearwater, Bluesky and Mannville group. 3) Pembina Duvernay based on an average 4,000 meter completed lateral length (CLL) and 320 meter inter-well spacing. 4) DCET refers to the cost to drill, complete, equip and tie-in a well. 5) EUR refers to the estimated ultimate recovery of a well, an approximation of the quantity of oil or gas that is expected to be economically recoverable over its producing life. 6) IRR refers to the internal rate of return; a measure used to compare the profitability of an investment and represents the discount rate at which the net present value of costs equals the net present value of the benefits. The higher a project’s IRR, the more desirable the project. 7) Payout refers to the point at which all costs of drilling and operating a well are recouped from the sale of its production. 8) Recycle ratio is calculated by dividing operating netback on a per boe basis by F&D costs. F&D costs refer to the DCET cost divided by the EUR. Pembina Duvernay (3) DCET ($MM) (4) $12.5 EUR (Mboe) (5) 900 - 1,000 (76% liquids) IP 365 (boe/d) 550 - 650 (84% liquids) WTI US$65 US$75 IRR (6) 42% 62% Payout (7) 25 months 19 months Recycle Ratio (8) 2.2x 2.6x Significant Torque to Higher Oil Prices 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x $55 $65 $75 $85 Recycle Ratio WTI (US$/bbl) 0% 50% 100% 150% 200% $55 $65 $75 $85 IRR WTI (US$/bbl)
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 565 x 835 pixels, 80% JPG Heavy Oil 3-Year Outlook Pembina Duvernay 3-Year Outlook Production Profile (boe/d) Sustainable value creation at US$60 WTI 3-YEAR OUTLOOK 13 1) Commodity price assumptions: WTI – US$60/bbl, WTI-WCS Differential – US$12.50/bbl, AECO Gas - $3.00/Mcf; Exchange rate (CAD/USD) = 1.4. 2) CAGR refers to the compound annual growth rate, representing the average yearly growth in production over a set period. Balance Sheet: Net cash position maintained during plan period, excluding potential tuck-in acquisitions Shareholder Returns: Excess free cash flow available for share buybacks, dividends or incremental investment Heavy Oil: Stable portfolio generates substantial free cash flow to fund Duvernay growth; optionality for growth at higher WTI prices Pembina Duvernay: > 30% production CAGR(2) over three years drives 80% increase in net operating income 3-5% Production CAGR(2): with optionality to accelerate growth at higher WTI prices $0 $100 $200 $300 $400 $500 0 10,000 20,000 30,000 40,000 50,000 60,000 2026 2027 2028 $MM boe/d Production (LHS) Net Operating Income (RHS) $0 $50 $100 $150 $200 $250 0 5,000 10,000 15,000 20,000 25,000 2026 2027 2028 $MM boe/d Production (LHS) Net Operating Income (RHS) 55,000 60,000 65,000 70,000 75,000 80,000 2025 2026 2027 2028 5% CAGR 3% CAGR
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 850 x 805 pixels, 80% JPG 2025 RESERVES HIGHLIGHTS - CANADA Invested $548 million in capital efficient program Significant contributions from Pembina Duvernay and heavy oil Demonstrates long-term resiliency and sustainability Solid reserves growth 14 Reserves Category (1) YE 2025 (MMboe) YE 2024 (MMboe) % Change Production Replacement (2) F&D Costs (3) ($/boe) Recycle Ratio (4) PDP 69 61 +12% 133% 17.28 2.0x 1P 151 131 +15% 185% 16.39 2.1x 2P 282 259 +9% 203% 16.27 2.1x Continues strong track record of value creation in Canada 1) Baytex’s reserves evaluated by McDaniel & Associates Consultants Ltd., an independent qualified reserves evaluator. Reserves categories: PDP – proved developed producing; 1P – proved; 2P – proved plus probable. 2) Production replacement is calculated by dividing reserves additions by annual production. Reserves additions includes extensions, technical revisions and economic factors. 3) F&D costs are calculated on a per boe basis by dividing the aggregate of the change in FDC from the prior year for the particular reserves category and the costs incurred on E&D activities in the year by the change in reserves from the prior year for the reserve category. 4) Recycle ratio is calculated by dividing operating netback on a per boe basis by F&D costs.
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 565 x 835 pixels, 80% JPG Production Replacement (2) 3 Year Average (2023-2025) Finding & Development Costs (F&D) (3) 3 Year Average (2023-2025) Recycle Ratio (4) 3 Year Average (2023-2025) Strong production replacement, low F&D and healthy recycle ratios across all reserves categories (1) CANADIAN DEVELOPMENT PROGRAM DELIVERS CONSISTENT RESULTS 15 1) Baytex’s reserves evaluated by McDaniel & Associates Consultants Ltd., an independent qualified reserves evaluator. Reserves categories: PDP – proved developed producing; 1P – proved; 2P – proved plus probable. 2) Production replacement is calculated by dividing reserves additions by annual production. Reserves additions includes extensions, technical revisions and economic factors. 3) F&D costs are calculated on a per boe basis by dividing the aggregate of the change in FDC from the prior year for the particular reserves category and the costs incurred on E&D activities in the year by the change in reserves from the prior year for the reserve category. 4) Recycle ratio is calculated by dividing operating netback on a per boe basis by F&D costs. $18.12 $18.74 $19.76 PDP 1P 2P 119% 151% 169% PDP 1P 2P 2.1x 2.0x 1.9x PDP 1P 2P
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 850 x 805 pixels, 80% JPG Competitive production growth Industry-leading balance sheet Compelling valuation Production Growth (2026/2025) (1) COMPELLING VALUATION UPSIDE Potential for equity re-rate with competitive growth and balance sheet 16 1) Source: Peter’s & Co., January 26, 2026. Commodity prices: WTI – US$60.13/bbl, WCS differential – US$14.61/bbl; NYMEX Gas - US$4.13/MMbtu; Exchange Rate (CAD/USD) – 1.36. Peer group includes Athabasca, Headwater, Spartan Delta, Strathcona, Tamarack Valley, Vermilion, Whitecap. 0% 5% 10% 15% 20% Peer 1 Peer 2 Peer 3 Baytex Peer 4 Peer 5 Peer 6 Peer 7 Net Debt to Adjusted Funds Flow Ratio (2026E) (1) EV/DACF Multiple (2026E) (1) -0.5x 0.0x 0.5x 1.0x 1.5x 2.0x Baytex Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Baytex Peer 7 Median = 6.4x Baytex Median = 1.1x Baytex Baytex Median = 4%
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 1715 x 805 pixels, 80% JPG WHY BAYTEX Net Cash Balance Sheet Industry-leading financial position Resilient Portfolio of High-Return Canadian Assets > 10 years development inventory with strong economics Focused on capital-efficient heavy oil and scalable Pembina Duvernay Targeting 3-5% Annual Production Growth at US$60 WTI Flexibility to accelerate growth in a higher price environment Accelerate Shareholder Returns Committed to returning a significant portion of the proceeds to shareholders Compelling Valuation Trading at a discount to Canadian peers Recapitalization maximizes flexibility and enhances shareholder returns 17
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SUPPLEMENTARY INFORMATION
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 165 x 225 pixels, 80% JPG 19 BOARD OF DIRECTORS Efficient and Independent Board Trudy M. Curran Don G. Hrap Jennifer A. Maki Dave L. Pearce Steve D.L. Reynish Jeffrey E. Wojahn Eric T. Greager CEO Mark R. Bly Chair of the Board 8 board members 7 of which are independent Complementary Skills Suited to Govern the Combined Business
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 850 x 410 pixels, 80% JPG Included in 2P Reserves Unbooked ~ 1,100 Total Heavy Oil Drilling Locations ~ 210 Total Pembina Duvernay Drilling Locations 88% production weighting to crude oil; significant drilling inventory STRONG OPERATING LEVERAGE TO CRUDE OIL 20 1) Baytex’s reserves evaluated by McDaniel & Associates, an independent qualified reserves evaluator. 2) Canada proved reserves (1P) at YE 2025: 151 MMboe (crude oil – 67%, NGLs – 17%, natural gas – 16%). 3) Includes 44.5 million barrels of probable reserves associated with the Gemini Thermal project. Included in 2P Reserves Unbooked Canada 2025 Production – 65,500 boe/d Canada 2P Reserves (YE 2025) - 282 MMboe (1)(2) Crude Oil 83% NGL 5% Natural Gas 11% Crude Oil (3) 74% NGLs 13% Natural Gas 13%
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 1715 x 805 pixels, 80% JPG SUMMARY OF CANADIAN OPERATING AND FINANCIAL METRICS (1) Barrel of oil equivalent ("boe") amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. The u se of boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. (2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures Advisory section in this presentation for further information. (3) Supplementary financial measure calculated as royalties, operating expense or transportation expense divided by barrels of oil equivalent production volume for the applicable period. Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 9 Months 2025 Benchmark Prices WTI crude oil (US$/bbl) $76.96 $80.57 $75.10 $70.27 $75.72 $71.42 $63.74 $63.74 $66.70 NYMEX natural gas (US$/MMbtu) $2.24 $1.89 $2.16 $2.79 $2.27 $3.65 $3.44 $3.44 $3.39 Production Crude oil (bbl/d) 52,053 54,779 56,540 53,795 54,296 51,967 54,126 57,874 54,677 Natural gas liquids (bbl/d) 2,631 2,309 2,533 3,519 2,749 3,123 2,986 3,485 3,199 Natural gas (mcf/d) 44,380 39,599 33,566 48,113 41,412 43,743 42,331 40,961 42,335 Oil equivalent (boe/d) (1) 62,081 63,688 64,668 65,332 63,948 62,380 64,167 68,185 64,932 % Liquids 88% 90% 86% 88% 89% 88% 89% 90% 89% Netback ($/boe) Total sales, net of blending and other expenses (2) $62.33 $76.07 $72.37 $64.31 $68.79 $67.92 $59.71 $61.88 $63.08 Royalties (3) (10.01) (12.58) (11.99) (10.05) (11.16) (10.55) (8.19) (8.55) (9.07) Operating expense (3) (15.12) (14.57) (14.69) (13.12) (14.36) (13.46) (15.08) (13.55) (14.02) Transportation expense (3) (3.22) (3.38) (4.17) (3.59) (3.60) (3.34) (3.52) (3.68) (3.52) Operating Netback (2) $33.98 $45.54 $41.52 $37.55 $39.67 $40.57 $32.92 $36.10 $36.47 21
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 1715 x 805 pixels, 80% JPG 2026 GUIDANCE AND COST ASSUMPTIONS 1) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures Advisory section in this presentation for further information. 2) Supplementary financial measure calculated as operating expense or transportation expense divided by barrels of oil equivalent production volume for the applicable period. 22 Exploration and development expenditures ($ billions) $550 - $625 Production (boe/d) 67,000 - 69,000 Expenses: Average royalty rate (%) (1) ~ 15% Operating ($/boe) (2) $13.75 - $14.25 Transportation ($/boe) (2) $3.40 - $3.60 Leasing expenditures ($ millions) $7 Asset retirement obligations ($ millions) $20
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 850 x 805 pixels, 80% JPG WTI-WCS Basis Differential Hedges (1) CRUDE OIL HEDGE PORTFOLIO Managing WTI-WCS basis differential volatility 231) Percentage of hedged volumes are based on 2026 production guidance, net of royalties. 0 5,000 10,000 15,000 20,000 25,000 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Hedged Volumes (bbl/d) ~ 45% ~ 45%~ 45% ~ 45% WTI-WCS Differential (US$/bbl) $13.15 $13.06 $13.12 $13.20 WTI Hedges Q1/2026 29,000 bbl/d (~60%) with US$60/bbl floor and US$67/bbl ceiling Q2/2026 25,000 bbl/d (~50%) with US$60/bbl floor and US$66/bbl ceiling 45% of heavy oil basis differential exposure hedged through 2026
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BAYTEX ENERGY / NYSE / TSX BTE 2026 ADJUSTED FUNDS FLOW SENSITIVITIES 24 -$30 -$20 -$10 $0 $10 $20 $30 AECO (+/- $0.25/mcf) MSW diff (+/- US$1.00/bbl) CAD/USD (+/- $0.01) WCS diff (+/- US$1.00/bbl) WTI (+/- US$1.00/bbl) Unhedged $MM
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 1715 x 805 pixels, 80% JPG FORWARD LOOKING STATEMENTS ADVISORY 25 In the interest of providing the shareholders of Baytex and potential investors with information regarding Baytex, including management's assessment of future plans and operations, certain statements in this presentation are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). In some cases, forward-looking statements can be identified by terminology such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook", "potential", "project", "plan", "should", "target", "would", "will" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this presentation speak only as of the date hereof and are expressly qualified by this cautionary statement. Specifically, this presentation contains forward-looking statements relating to but not limited to: Baytex's expected cash position at December 31, 2025, Baytex's intention to return a significant portion of the proceeds to shareholders; Baytex's intention to maximize asset value through disciplined investment, maintaining a strong, flexible balance sheet and providing meaningful shareholder returns; Baytex's plans for purchases under its normal course issuer bid and to provide shareholder returns, including potentially through a substantial issuer bid; Baytex's expectation that it will maintain its current dividend amount; the allocation of free cash flow, including with respect to debt repayment, share buybacks and dividends; Baytex's targeted annual production growth; Baytex's expected capital expenditures in 2026 and the anticipated allocation thereof; potential for consolidation opportunities (tuck-in opportunities) in Baytex's core Canadian assets; Baytex's 3-year outlook, including forecasted production, free cash flow, drilling inventory developed and growth in the Pembina Duvernay and the anticipated benefits therefrom; the benefits of the Transaction and Baytex's business, business strategies, focus and plans following the completion of the Transaction; planned and potential exploration, development and production activities, including number of wells expected to be drilled in 2026 and beyond; Baytex's targeted annual growth rate for its Canadian assets; Baytex's anticipated upside in the Northeast Alberta Mannville; Baytex's capital spending plans for 2026; targeted future production from 2026 to 2028; estimated net debt to adjusted funds flow ratio and EV/DACF Multiple; expectations for Baytex’s production on a boe/d basis and percentage of production that will be liquids, exploration and development expenditures; that we have more than 10 years of drilling inventory; our 2026 guidance, including exploration and development expenditures, production, average royalty rate, expenses (operating and transportation), leasing expenditures and asset retirement obligations; our anticipated 2026 adjusted funds flow sensitivities; and expectations for free cash flow at various pricing. In addition, information and statements relating to reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated, and that they can be profitably produced in the future. These forward-looking statements are based on certain key assumptions regarding, among other things: the approval of any share buybacks and dividend payments being subject to the approval of the Board of Directors; petroleum and natural gas prices and differentials between light, medium and heavy oil prices; well production rates and reserve volumes; success obtained in drilling new wells; our ability to add production and reserves through our exploration and development activities; that our core assets have more than 10 years development inventory at the current pace of development; capital expenditure levels; operating costs; our ability to borrow under our credit agreements; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability and cost of labour and other industry services, including operating and transportation costs; interest and foreign exchange rates; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; our hedging program; our ability to develop our crude oil and natural gas properties in the manner currently contemplated; timing and amount of capital expenditures; our future costs of operations are as anticipated; the timing of drilling and completion of wells is as anticipated; that we will have sufficient cash flow, debt or equity sources or other financial resources required to fund our capital and operating expenditures and requirements as needed and to pay shareholder returns; that our conduct and results of operations will be consistent with our expectations; that we will have sufficient financial resources in the future to allocate to shareholder returns; that Baytex is able to resume its normal course issuer bid; current industry conditions, laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated); royalty rates, taxes and capital, operating, general & administrative and other costs; and anticipated timelines and budgets being met in respect of drilling programs and other operations. Readers are cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect.
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 1715 x 805 pixels, 80% JPG FORWARD LOOKING STATEMENTS ADVISORY (CONT.) 26 Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: failure to meet estimated production guidance; changes to capital spending plans; the Board of Directors of Baytex retains the discretion to determine how to use the proceeds to the Transaction, and such use of proceeds may be different from that disclosed herein; failure of Baytex to achieve the benefits of the Transaction; the risk of an extended period of low oil and natural gas prices (including as a result of tariffs); risks associated with our ability to develop our properties and add reserves; that we may not achieve the expected benefits of dispositions and acquisitions and we may sell assets below their carrying value; the availability and cost of capital or borrowing; restrictions or costs imposed by climate change initiatives and the physical risks of climate change; the impact of an energy transition on demand for petroleum productions; availability and cost of gathering, processing and pipeline systems; retaining or replacing our leadership and key personnel; changes in income tax or other laws or government incentive programs; risks associated with large projects; risks associated with higher a higher concentration of activity and tighter drilling spacing; costs to develop and operate our properties; risks associated with achieving our total debt target, production guidance, exploration and development expenditures guidance; the amount of free cash flow we expect to generate; risk that the board of directors determines to allocate capital (including the proceeds from the Transaction) other than as set forth herein; the risk that Baytex does not resume purchases under its normal course issuer bid; risk that we may not be able to realize the anticipated benefits from the transition and building-out in the Pembina Duvernay on the timeline anticipated, or at all; current or future controls, legislation or regulations; restrictions on or access to water or other fluids; public perception and its influence on the regulatory regime; new regulations on hydraulic fracturing; regulations regarding the disposal of fluids; risks associated with our hedging activities; variations in interest rates and foreign exchange rates; uncertainties associated with estimating oil and natural gas reserves; our inability to fully insure against all risks; additional risks associated with our thermal heavy crude oil projects; our ability to compete with other organizations in the oil and gas industry; risks associated with our use of information technology systems; adverse results of litigation; failure to comply with the covenants in our debt agreements; the impact of Indigenous claims; risks of counterparty default; impact of geopolitical risk and conflicts, loss of foreign private issuer status; conflicts of interest between Baytex and its directors and officers; variability of share buybacks and dividends; risks associated with the ownership of our securities, including changes in market-based factors; the risk that we may not achieve our guidance or three- year plan due to various factors; risks for United States and other non-resident shareholders, including the ability to enforce civil remedies, differing practices for reporting reserves and production, additional taxation applicable to non-residents and foreign exchange risk; and other factors, many of which are beyond our control. Readers are cautioned that the foregoing list of risk factors is not exhaustive. New risk factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management's Discussion and Analysis for the year ended December 31, 2024 filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission and in our other public filings. The above summary of assumptions and risks related to forward- looking statements has been provided in order to provide shareholders and potential investors with a more complete perspective on Baytex's current and future operations and such information may not be appropriate for other purposes. There is no representation by Baytex that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and Baytex does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 1715 x 805 pixels, 80% JPG FORWARD LOOKING STATEMENTS ADVISORY (CONT.) 27 Financial Outlook Advisory This presentation contains information that may be considered a financial outlook under applicable securities laws about Baytex's potential financial position, including, but not limited to, estimated exploration and development expenditures, estimated expenses for 2026 (including average royalty rate and operating and transportation expenses), estimated asset retirement obligations for 2026, allocation of free cash flow to shareholder returns, net debt to adjusted funds flow ratio, free cash flow, adjusted funds flow and excess free cash flow, EV/DACF multiple, and the dividend payable by Baytex, all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth herein. The actual results of operations of Baytex will vary from the amounts set forth in this presentation and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, Baytex undertakes no obligation to update such financial outlook. The financial outlook contained in this presentation was made as of the date of this presentation and was provided for the purpose of providing further information about Baytex's potential future business operations. Readers are cautioned that the financial outlook contained in this presentation is not conclusive and is subject to change. Share Buyback Advisory The future acquisition by Baytex of its shares pursuant to a share buyback program, if any, and the level thereof is uncertain. Any decision to acquire shares of Baytex will be subject to the discretion of the Baytex Board of Directors and may depend on a variety of factors, including, without limitation, Baytex's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions, satisfaction of the solvency tests imposed on Baytex under applicable corporate law and receipt of regulatory approvals. There can be no assurance that Baytex will buyback any shares of Baytex in the future. Dividend Advisory Future dividends, if any, and the level thereof is uncertain. Any decision to pay dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date) will be subject to the discretion of the Board of Directors of Baytex and may depend on a variety of factors, including, without limitation, Baytex’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on Baytex under applicable corporate law. The payment of dividends to shareholders is not assured or guaranteed and dividends may be reduced or suspended entirely.
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 1715 x 805 pixels, 80% JPG SPECIFIED FINANCIAL MEASURES ADVISORY 28 In this presentation, we refer to certain specified financial measures (such as free cash flow, operating netback, total sales, net of blending and other expense and return of capital) which do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS"). While these measures are commonly used in the oil and natural gas industry, our determination of these measures may not be comparable with calculations of similar measures presented by other reporting issuers. There are no significant differences in the calculations between historical and forward-looking specified financial measures. Non-GAAP Financial Measures Free cash flow Free cash flow in this presentation may refer to a forward-looking non-GAAP measure that is calculated consistently with the measures disclosed in the Company’s MD&A. The most directly comparable financial measure for free cash flow disclosed in the Company's primary financial statements is cash flows from operating activities. For the three months ended September 30, 2025, cash flows from operating activities was $473 million and free cash flow was $143 million. For the nine months ended September 30, 2025, cash flows from operating activities was $1.3 billion and free cash flow was $198 million. For information on the composition of free cash flow and how the Company uses this measure, refer to the "Specified Financial Measures" section of the MD&A for the three and nine months ended September 30, 2025, which is incorporated herein by reference, and available on the SEDAR+ website at www.sedarplus.ca. Operating netback The most directly comparable financial measure for operating netback disclosed in the Company's primary financial statements is petroleum and natural gas sales. For the three months ended September 30, 2025, petroleum and natural gas sales were $928 million and operating netback was $501 million. For the nine months ended September 30, 2025, petroleum and natural gas sales were $2.8 billion and operating netback was $1.5 billion. For information on the composition of operating netback and how the Company uses this measure, refer to the "Specified Financial Measures" section of the MD&A for the three and nine months ended September 30, 2025, which is incorporated herein by reference, and available on the SEDAR+ website at www.sedarplus.ca. Total sales, net of blending and other expense Total sales, net of blending and other expense may refer to a forward-looking non-GAAP measure that is calculated consistently with the measures disclosed in the Company’s MD&A. The most directly comparable financial measure for total sales, net of blending and other expense disclosed in the Company's primary financial statements is petroleum and natural gas sales. For the three months ended September 30, 2025, petroleum and natural gas sales were $928 million and total sales, net of blending and other expense were $878 million. For the nine months ended September 30, 2025, petroleum and natural gas sales were $2.8 billion and total sales, net of blending and other expense were $2.6 billion. For information on the composition of total sales, net of blending and other expense and how the Company uses these measures, refer to the "Specified Financial Measures" section of the MD&A for the three and nine months ended September 30, 2025, which is incorporated herein by reference, and available on the SEDAR+ website at www.sedarplus.ca. Return of capital Return of capital is comprised of dividends declared and the consideration paid for the repurchase and cancellation of common shares and is used to measure the amount of capital returned to shareholders during a given period. Return of capital in this presentation may refer to a forward- looking non-GAAP measure and is calculated consistently with the historical return of capital. Historical return of capital for the three and nine months ended September 30, 2025 and 2024 is calculated below. Non-GAAP Financial Ratios Free cash flow per share Free cash flow per share is calculated as free cash flow at an assumed WTI price divided by the number of shares outstanding during the applicable period. This measure is used by management to compare against earnings per share metrics. There are no significant differences in calculations between historical and forward-looking specific financial measures. Average royalty rate Average royalty rate is used calculated as royalties divided by total sales, net of blending and other expense which is a non-GAAP measure.
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 1715 x 805 pixels, 80% JPG CAPITAL MANAGEMENT MEASURES ADVISORY 29 This presentation contains the terms "adjusted funds flow", "net debt", "net debt to adjusted funds flow (2026E)", "EV/DACF multiple" and "net asset value" which are capital management measures. We believe that the inclusion of these capital management measures provides useful information to financial statement users when evaluating the financial results of Baytex. Net debt and adjusted funds flow are calculated consistently with the measures disclosed in the Company’s MD&A. The most directly comparable financial measures for net debt and adjusted funds flow disclosed in the Company's primary financial statements are credit facilities and cash flows from operating activities, respectively. As at September 30, 2025, credit facilities were $167 million and net debt was $2.2 billion. For the three months ended September 30, 2025, cash flows from operating activities were $473 million and adjusted funds flow was $422 million. For the nine months ended September 30, 2025, cash flows from operating activities were $1.3 billion and adjusted funds flow was $1.3 billion. For information on the composition of these measures and how the Company uses them, refer to the "Specified Financial Measures" section of the MD&A for the three and nine months ended September 30, 2025, which is incorporated herein by reference, and available on the SEDAR+ website at www.sedarplus.ca.
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 1715 x 805 pixels, 80% JPG ADVISORY REGARDING OIL AND GAS INFORMATION 30 The reserves information contained in this presentation has been prepared in accordance with National Instrument 51-101 -Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators ("NI 51-101") and is based upon evaluations of Baytex's reserves prepared in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook by McDaniel & Associates Consultants Ltd. effective each of December 31, 2023, December 31, 2024 and December 31, 2025. The determination of oil and gas reserves involves the preparation of estimates that have an inherent degree of associated uncertainty. Categories of proved and probable reserves have been established to reflect the level of these uncertainties and to provide an indication of the probability of recovery. The estimation and classification of reserves requires the application of professional judgment combined with geological and engineering knowledge to assess whether or not specific reserves classification criteria have been satisfied. Knowledge of concepts, including uncertainty and risk, probability and statistics, and deterministic and probabilistic estimation methods, is required to properly use and apply reserves definitions. The recovery and reserves estimates described herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves and future production from such reserves may be greater or less than the estimates provided herein. It should not be assumed that the estimates of future net revenues presented herein represent the fair market value of the reserves. The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation. Complete NI 51- 101 reserves disclosure for year-end 2025 will be included in our Annual Information Form for the year ended December 31, 2025 which is expected to be filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission on March 4, 2026. This presentation discloses drilling inventory and potential drilling locations. Drilling inventory and drilling locations refers to Baytex’s total proved, probable and unbooked locations. Proved locations and probable locations account for drilling locations in our inventory that have associated proved and/or probable reserves. Unbooked locations are internal estimates based on our prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves. Unbooked locations are farther away from existing wells and, therefore, there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty whether such wells will result in additional oil and gas reserves, resources or production. In the Duvernay, Baytex’s net drilling locations include 58 proved and 11 probable locations as at December 31, 2025 and 141 unbooked locations. In the Viking, Baytex’s net drilling locations include 457 proved and 196 probable locations as at December 31, 2025 and 263 unbooked locations. In the heavy oil business unit, Baytex’s net drilling locations include 160 proved and 167 probable locations as at December 31, 2025 and 773 unbooked locations. References herein to average 30-day initial production rates, "IP 365" and other short-term production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating aggregate production for us or the assets for which such rates are provided. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, we caution that the test results should be considered to be preliminary. This presentation contains a number of oil and gas and finance metrics, including "IP 365", "EUR", "DCET", "IRR", "Payout", "Recycle Ratio", "F&D Costs", "production replacement", "drilling efficiency", "operating netback", "CAGR" and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide shareholders and potential investors with additional measures to evaluate Baytex's performance; however, such measures are not reliable indicators of the future performance of Baytex and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas and finance metrics for its own performance measurements and to provide securityholders and potential investors with measures to compare Baytex's operations over time. Shareholders and potential investors are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this presentation, should not be relied upon for investment or other purposes. Where applicable, oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. BOEs may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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BAYTEX ENERGY / NYSE / TSX BTE If using the content box to input photos / graphics, preformat at the following resolution (W x H): 1715 x 805 pixels, 80% JPG ADVISORY REGARDING OIL AND GAS INFORMATION 31 Peer and Industry Data Certain peer and industry data contained in this presentation is based upon information from independent industry publications and reports or based on estimates derived from such publications and reports. Industry publications and reports generally indicate that they have obtained their information from sources believed to be reliable, but Baytex has not conducted its own independent verification of such information. Further, certain information contained in this presentation relating to Baytex's public issuer counterparties and the nature of their respective businesses is taken from and based solely upon information published by each such issuer. Baytex has not independently verified and does not assume any responsibility for the accuracy, completeness or reliability of such information. Notice to United States Readers The petroleum and natural gas reserves contained in this presentation have generally been prepared in accordance with Canadian disclosure standards, which are not comparable in all respects to United States or other foreign disclosure standards. For example, the United States Securities and Exchange Commission (the "SEC") requires oil and gas issuers, in their filings with the SEC, to disclose only "proved reserves", but permits the optional disclosure of "probable reserves" (each as defined in SEC rules). Canadian securities laws require oil and gas issuers disclose their reserves in accordance with NI 51-101, which requires disclosure of not only "proved reserves" but also "probable reserves". Additionally, NI51-101 defines "proved reserves" and "probable reserves" differently from the SEC rules. Accordingly, proved and probable reserves disclosed in this presentation may not be comparable to United States standards. Probable reserves are higher risk and are generally believed to be less likely to be accurately estimated or recovered than proved reserves. In addition, under Canadian disclosure requirements and industry practice, reserves and production are reported using gross volumes, which are volumes prior to deduction of royalty and similar payments. The SEC rules require reserves and production to be presented using net volumes, after deduction of applicable royalties and similar payments. Moreover, Baytex has determined and disclosed estimated future net revenue from its reserves using forecast prices and costs, whereas the SEC rules require that reserves be estimated using a 12-month average price, calculated as the arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period. As a consequence of the foregoing, Baytex's reserve estimates and production volumes in this presentation may not be comparable to those made by companies utilizing United States reporting and disclosure standards.
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CONTACT INFORMATION BAYTEX ENERGY CORP. Suite 2800, Centennial Place 520 – 3rd Avenue S.W. Calgary, Alberta T2P 0R3 TF 1.800.524.5521 T 587.952.3237 Eric T. Greager Chief Executive Officer Chad E. Lundberg President and Chief Operating Officer Chad L. Kalmakoff Chief Financial Officer Brian G. Ector Senior Vice President, Capital Markets and Investor Relations 32