#1INVESTOR PRESENTATION CREATING ENERGY CREATING VALUE January 2024 BAYTEX NYSE | TSX BTE BAYTEXENERGY.COM#2ADVISORY 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. 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, 2023. 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 January 2, 2024 and Baytex disclaims any intent or obligation to update publidy 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. All amounts in this presentation are stated in Canadian dollars unless otherwise specified. BAYTEX ENERGY NYSE TSX BTE 2#3(1) (2) (3) (4) (5) A DIVERSIFIED NORTH AMERICAN E&P OPERATOR Peace River/ Peavine Duvernay OUR OPERATING AREAS Market Summary Ticker Symbol Average Daily Volume (1) Shares Outstanding Market Capitalization / Enterprise Value (2) Annual Dividend per Share | Dividend Yield (3) Lloydminster Viking Eagle Ford Operating Statistics Production (working interest) (4) Production Mix (4) E&D Expenditures (4) Reserves - 2P Gross (5) Net Acres TSX, NYSE | BTE Canada: 10.2 million | US: 9.0 million 822 million $3.7 billion $6.4 billion $0.09 | 2.0% 150 156 Mboe/d 84% liquids $1.2 1.3 billion 696 MMboe 1.6 million 2024 Production by Business Unit 2024 Production by Commodity U.S. Light Oil (Eagle Ford) ⚫ Canada Light Oil (Viking/Duvernay) Canada Heavy Oil (Peace River/Peavine/Lloydminster) • Other • Heavy Oil ⚫ Light Oil ⚫NGLS Natural Gas Average daily trading volumes for December 2023. Volumes are a composite of all exchanges. Enterprise value based on closing share price on the Toronto Stock Exchange on December 29, 2023 and net debt as at September 30, 2023. Enterprise value is calculated as market capitalization plus net debt and is used to assess the valuation of the Company. Net debt is a capital management measure. Refer to the Capital Management Measures section in this presentation for further information. Refer to the Dividend Advisory section in the presentation for further information. Production, production mix, and exploration and development ("E&D") expenditures represents 2024 guidance. Reserves based on (i) Baytex reserves as at December 31, 2022 prepared by McDaniel & Associates Consultants Ltd, ("McDaniel"), an independent qualified reserves evaluator in accordance with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" ("NI 51-101"); and (ii) Ranger's year-end 2022 reserves were evaluated by McDaniel in accordance with NI 51-101. See "Advisories". BAYTEX ENERGY NYSE/TSX BTE 3#4INVESTMENT HIGHLIGHTS Focus on Operational Excellence to Deliver Long-Term Value and Enhanced Shareholder Returns Disciplined Reinvestment and Capital Allocation High-quality and diversified oil portfolio with more than 10 years of drilling inventory Track record of new discoveries Targeting modest single-digit organic growth with ~ 60% reinvestment rate(1) Strong Free Cash Flow Generation 50% of free cash flow(2) to direct shareholder returns through share buybacks and a quarterly dividend 50% of free cash flow to further strengthen balance sheet Commitment to a strong balance sheet Maintain Financial Strength Total debt (3) target of $1.5 billion Disciplined hedging program to help mitigate revenue volatility due to commodity prices (1) (2) Reinvestment rate is a supplementary financial measure calculated as exploration and development expenditures expressed as a percentage of EBITDA for the applicable period. 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 section in this presentation for further information.. (3) Total debt and EBITDA are calculated in accordance with the amended credit facilities agreement which is available on the SEDAR+ website at www.sedarplus.com BAYTEX ENERGY NYSE TSX BTE 4#5(1) YTD 2023 HIGHLIGHTS Demonstrating the strength of our diversified North American oil-weighted portfolio Ranger Acquisition Strong Execution Strong operating capability with increased scale in the Eagle Ford Increased exposure to premium light oil U.S. Gulf Coast pricing 12-15 years of sustaining development with attractive well economics H2/2023 exploration and development capital and production in line with guidance Strong results in Western Canada and the Eagle Ford 1% to 2% organic production growth targeted for 2024 Inventory Enhancement Continued commercialization of the Pembina Duvernay Two new heavy oil discoveries Expanded heavy oil development fairway through two land extensions Increased shareholder returns to 50% of free cash flow(1) Accelerated shareholder returns Repurchased 41 million shares since June 2023, 4.7% of shares outstanding Initiated quarterly dividend of $0.0225 per share ($0.09 per share annualized) 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 section in this presentation for further information. BAYTEX ENERGY NYSE TSX BTE 5#6(1) (2) 0.11 0.10 CREATING SHAREHOLDER VALUE Delivering production per share growth while improving financial leverage Production (boe/d) per thousand shares Total debt (1) to EBITDA (1) 4.5x 0.20 0.19 4.0x 0.18 0.17 20% increase from Q4/2022 52% increase from Q4/2020 3.5x Q4/2023E leverage ratio (2) of 1.1x; committed to further de-leveraging 3.0x 0.16 2.5x 0.15 2.0x 0.14 1.5x 0.13 1.0x 0.12 0.5x Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023E 0.0x Q4 2020 Q1 2021 Q2 2021 Q3 2021 Total debt and EBITDA are calculated in accordance with the amended credit facilities agreement which is available on the SEDAR+ website at www.sedarplus.com Leverage ratio calculation based on quarter-end total debt and quarterly EBITDA annualized. Q2/2023 adjusted to reflect the timing of the Ranger acquisition. Q4 2021 Q1 2022 Q2 2022 Q3 2022 BAYTEX ENERGY NYSE TSX BTE Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023E 6#7HIGHLY ECONOMIC PORTFOLIO Strong drilling economics across portfolio Portfolio at US$75 WTI (1)(2) Well Payouts < 18 Months Eagle Ford Karnes Trough U.S. Light Oil Eagle Ford Operated Duvernay Canada Light Oil Viking Peavine (Clearwater) Canada Heavy Oil Peace River (Bluesky) Lloydminster (Mannville) 0 5 10 15 IRRS > 50% 20 20 0% 50% 100% 150% (1) (2) Individual well economics based on constant pricing and costs and Baytex's assumptions regarding an expected type curve. See Slide 22 for additional information. Commodity price assumptions: WTI - US$75/bbl; WCS differential - US$15/bbl; NYMEX Gas - US$3.50/MMbtu; Exchange Rate (CAD/USD) -1.35. BAYTEX ENERGY NYSE TSX BTE 7#82024 OUTLOOK Disciplined Reinvestment and Capital Allocation 153,000 boe/d 2024 mid-point production Execute an exploration and development program of $1.2 to $1.3 billion 2024 priorities: Deliver strong drilling and completion performance in the Eagle Ford Progress Pembina Duvernay Further delineate Clearwater and Mannville heavy oil acreage $22,000 per boe/d capital efficiency(1) 1% to 2% production growth (2) at mid-point of guidance Continued exploration across heavy oil portfolio with up to 14 stratigraphic test wells 2024 Guidance E&D Expenditures Production Oil and NGLS Operating Area U.S. Light Oil (3) Canada Light Oil (4) Canada Heavy Oil (5) Total Net Wells Onstream $1.2 $1.3 billion 150,000 156,000 boe/d 84% E&D Expenditures ($MM) 62 $790 100 $230 88 $230 250 $1,250 Supplementary financial measure calculated as total exploration and development expenditures divided by the initial first year production profiles of developed wells for the applicable period. (1) (2) 2024 production at mid-point of guidance compared to H2/2023 production guidance, adjusted for Viking disposition of 4,000 boe/d. (3) U.S. Light Oil includes Operated Eagle Ford/Karnes Trough Eagle Ford. (4) Canada Light Oil includes Viking/Duvernay. (5) Canada Heavy Oil includes Peace River (Bluesky) / Peavine (Clearwater) / Lloydminster (Mannville). BAYTEX ENERGY NYSE TSX BTE 8#92024 RETURN OF CAPITAL Return 50% of free cash flow (1) to shareholders Free Cash Flow $ Priorities Return of Capital and Strengthening Balance Sheet 2024 Free Cash Flow (1) Sensitivity (2) Share Buybacks Share count reduced by 4.7% since June 2023 Base Dividend Quarterly dividend of $0.0225 per share ($0.09 per share annualized) Balance Sheet Maintain low leverage with prudent debt maturity schedule $MM $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 $70 $80 WTI (US$/BBI) $90 (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 section in this presentation for further information. (2) 2024 commodity prices at each WTI assumption: WCS differential - US$15/bbl; NYMEX Gas - US$3.50/MMbtu; Exchange Rate (CAD/USD) - 1.35. BAYTEX ENERGY NYSE TSX BTE 9#10FIVE-YEAR OUTLOOK (2024 - 2028) at US$70/bbl WTI Sustainable plan (1) delivers significant value 1000 1-4% annual production growth Underpinned by strong drilling economics and > 10 years drilling inventory Balance sheet strength Total debt (2) declines 55% to ~ $1 billion Production (boe/d per thousand shares) 0.19 +35% 0.26 Free Cash Flow per Share (4) +95% $1.11 2 60% annual reinvestment rate (3) Annual capital spending of $1.2 to $1.4 billion drives meaningful free cash flow(4) Enhancing shareholder returns Share buybacks and dividend Total debt to EBITDA (2) 1.1x - 55% 2024E 2028E $0.57 2024E 2028E 2024E 0.5x 2028E (1) (2) (3) (4) Five-year outlook based on US$70/bbl WTI and the following pricing assumptions: WCS differential - US$15/bbl in 2024, US$12/bbl in 2025-2028; NYMEX gas - US$3.50/MMbtu in 2024, US$3.75/MMbtu in 2025-2028; 1.35 exchange rate (CAD/USD). Total debt and EBITDA are calculated in accordance with the amended credit facilities agreement which is available on the SED AR+ website at www.sedarplus.com Reinvestment rate is a supplementary financial measure calculated as exploration and development expenditures expressed as a percentage of EBITDA for the applicable period. Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this presentation for further information. BAYTEX ENERGY NYSE TSX BTE 10#11FIVE-YEAR OUTLOOK: 2024 2028 Shareholder Returns (1) Compelling Returns Profile Underpinned by disciplined reinvestment and capital allocation Free Cash Flow (1) (2) over Five-Year Outlook ($ millions) Return of Capital (2) over Five-Year Outlook (1) ($ millions) (1) (2) $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 2024 2025 2026 2027 2028 US$70 US$80 US$90 $4,500 $4,000 $3,500 $3,000 Includes dividends and share repurchases $2,500 $2,000 $1,500 $1,000 $500 $0 2024 2025 2026 2027 2028 US$70 US$80 US$90 Five-year outlook at each WTI assumption (US$/bbl) and the following pricing assumptions: WCS differential - US$15/bbl in 2024, US$12/bbl in 2025-2028; NYMEX gas - US$3.50/MMbtu in 2024, US$3.75/MMbtu in 2025-2028; and 1.35 exchange rate (CAD/USD). Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this presentation for further information. BAYTEX ENERGY NYSE TSX BTE 11#12CRUDE OIL HEDGE PORTFOLIO Balanced Approach to Risk Management Target 40% of Net Crude Oil Volumes (1) Hedged Volumes (bbl/d) 50,000 40,000 P 40% 30,000 20,000 Disciplined hedge program to help mitigate volatility in revenue due to changes in commodity prices Utilize wide 2-way collars to ensure modest returns at lower commodity prices (1) Percentage of hedged volumes are based on production guidance (excluding NGLS), net of royalties. 10,000 Pad -40% ~30% Ad 20% 0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Collars (Weighted Average) Floor (US$) Ceiling (US$) $60.00 $60.00 $60.00 $60.00 $100.00 $100.00 $98.43 $97.76 BAYTEX ENERGY NYSE TSX BTE 12#13MAINTAINING FINANCIAL STRENGTH Commitment to a Strong Balance Sheet $1.5 billion total debt (1) target Represents 1x total debt to EBITDA (1) at US$50 WTI Credit facilities total US$1.1 billion Strong liquidity with ~30% unutilized credit capacity Total Debt (1) (September 30, 2023) Credit facilities (2) Long-term notes 8.75% notes due April 1, 2027 8.50% notes due April 1, 2030 Total long-term notes Total debt Long-term Notes Maturity Schedule (3) ($ millions) US$800 Repaid US$150 million term loan from the Ranger acquisition US$410 2024 2025 2026 2027 2028 2029 2030 (1) (2) (3) €23 Total debt and EBITDA are calculated in accordance with the amended credit facilities agreement which is available on the SED AR+ website at www.sedarplus.com. Revolving credit facilities total US$1.1 billion and mature April 2026. The revolving credit facilities are not borrowing base facilities and do not require annual or semi-annual reviews. S&P corporate rating "B+" and senior unsecured debt rating "BB-"; Fitch corporate rating "B+" and senior unsecured debt rating "BB-"; Moody's corporate rating "Ba3" and senior unsecured debt rating "B1". $ millions $1,047 $555 $1,083 $1,638 $2,684 BAYTEX ENERGY NYSE TSX BTE 13#14ADJUSTED FUNDS FLOW SENSITIVITIES Sensitivities Change of US$5.00/bbl WTI crude oil Change of US$1.00/bbl WCS heavy oil differential Change of US$0.50/MMbtu NYMEX natural gas Change of $0.01 in the C$/US$ exchange rate Estimated Effect on Annual Adjusted Funds Flow(1) ($MM) (1) Capital management measure. Refer to the Capital Management Measures section in this presentation for further information. $215 $15 $19 $18 BAYTEX ENERGY NYSE TSX BTE 14#15ASSET OVERVIEW NYSE TSX BTE BAYTEXENERGY.COM#16BUSINESS UNIT HIGHLIGHTS Production (2024E) % Liquids = Light Oil Canada (Viking/Duvernay) Light Oil - USA (Eagle Ford) ~ 92,000 boe/d ~ 17,000 boe/d 81% 84% 440,000 101 MMboe Heavy Oil Canada (Peace River/Peavine/ Lloydminster) ~ 40,000 boe/d 95% 710,000 142 MMboe Land (net acres) 182,000 2P Reserves (Gross) (1) 440 MMboe Asset Level Free Cash Flow (% of corporate) (2) 65% Drilling Locations (net risked) (3) - 900 ~ 1,300 - 900 10% 25% Baytex reserves based on (i) Baytex reserves as at December 31, 2022 prepared by McDaniel & Associates Consultants Ltd, ("McDaniel"), an independent qualified reserves evaluator in accordance with National Instrument 51- 101 "Standards of Disclosure for Oil and Gas Activities" ("NI 51-101"); and (ii) Ranger's year-end 2022 reserves were evaluated by McDaniel in accordance with NI 51-101. See "Advisories". 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 section in this presentation for further information. (1) (2) (3) Net locations includes proved plus probable undeveloped reserves locations at year-end 2022 and unbooked future locations. See "Advisories". BAYTEX ENERGY NYSE TSX BTE 16#17U.S. LIGHT OIL: EAGLE FORD Strong Operating Capability Materially Increased Scale in a Premier Basin 92,000 2024E production boe/d Eagle Ford Pro Forma 267,112 gross acres, 68% average working interest, 70% operated Lowers full-company cash cost structure, improves operating netbacks and margins Provides exposure to premium light oil U.S. Gulf Coast pricing Expect to bring 46 operated wells and 16 non-operated wells to sales in 2024 Bexar San Antonio WILSON GUADALUPE KARNES TROUGH Q3/2023 Operated Activity 13 wells onstream 7 wells from 3 pads (Bloodstone, Bubinga and Hickory) generated an average 30-day initial production rate of 2,000 boe/d (65% oil and NGLS) per well ATASCOSA Bubinga (LaSalle County) 2 well pad Average 30-day IP: 1,800 Boe/d 58% oil and NGLS KARNES BEE Austin CALDWELL BASTROP OPERATED GONZALES DEWITT Hickory 3 well pad Average 30-day IP: 2,300 Boe/d 57% oil and NGLS 0 5 10 20 Miles H GOLIAD BAYTEX ENERGY NYSE/TSX BTE FAYETTE LEE LAVACA Colorado Bloodstone 2 well pad Average 30-day IP: 1,800 Boe/d 84% oil and NGLS REFUGIO ctoria VICTORIA Jackson Calhoun 17#18(1) (2) (3) Q3 2023 Wells Onstream U.S. LIGHT OIL: OPERATED EAGLE FORD Strong Q3 Results 13 operated wells onstream Strong results across thermal maturity window black oil and condensate Top quartile performance 30-day peak production rate Second quartile performance productivity per lateral foot Well Onstream Date 30-day Peak Rate (boe/d) % Crude Oil and NGLS Douglas Fir A 1H July 14 924 95% Douglas Fir B 2H July 14 781 96% Halley A 1H July 24 960 94% Hawn Holt 25H July 24 852 95% Bubinga B 2H Aug 23 1,886 58% Bubinga C 3H Aug 23 1,654 58% Bloodstone A 1H Sept 4 1,753 84% Bloodstone B 2H Sept 4 1,830 84% Hickory A 1H Sept 8 2,317 56% Hickory B 2H Sept 8 2,325 57% Hickory C 3H Sept 8 2,355 57% Ranger Beall Ranch 10H Sept 12 1,026 89% Ranger Beall Ranch 23H Average Sept 12 769 87% 1,495 78% 30-Day Peak Production Rate by Eagle Ford Operator-2023 Wells (2 Phase boe) (1)(2)(3) 30-Day Peak Production Rate by Eagle Ford Operator - 2023 Wells (2-Phase boe/thousand foot) (1)(2)(3) Top Quartile 50,000 40,000 30,000 20,000 10,000 0 A BTE Q3 14,000 Top Quartile 12,000 Second Quartile Third Quartile 10,000 8,000 Fourth Quartile 6,000 Second Quartile Third Quartile 4,000 Fourth Quartile 2,000 0 0 DEF CHIKLMNOPOR DE BTE Q3 LL Data set (total of 784 wells) includes: Arrow S, Chesapeake, ConocoPhillips, Crescent, Devon, EOG, Exco, Exxon, Gulftex, Ineos, Magnolia, Marathon, Murphy, Silverbow, SM, Trinity, Verdun, Wildfire. Peak production (boe and boe per thousand foot of lateral length) calculated based on the highest monthly production rate over the life of the well. Source: Enverus, Baytex internal data KLMNOPOR BAYTEX ENERGY NYSE TSX BTE 18#19CANADA LIGHT OIL: PEMBINA DUVERNAY/ VIKING High netback light oil with strong asset level free cash flow(1) Pembina Duvernay Shale is a potential growth asset in the Canadian portfolio Pembina Duvernay 176 net sections Demonstration-stage light oil resource play Produced 4,800 boe/d in Q3/2023 (86% liquids) Expect to bring 7 net wells onstream in 2024 Viking 344 net sections Stable production and meaningful asset level free cash flow (1) Produced 12,300 boe/d in Q3/2023 (88% liquids), net of Forgan / Plato disposition (December 2023) - Expect to bring 93 net wells onstream in 2024 T45 R12 R7 R1W5 R24 R18 R12 R7 T40 Two 3-well pads onstream in Q3/2023; average production rate in September of 950 boe/d per well (89% oil and NGLs) T35 T30 PEMBINA DUVERNAY RED DEER R1W4 V R23 LLOYDMINSTER R17 R11 R5W3 T45 T40 T35 VIKING KINDERSLEY (1) T25 R12 R7 R1W5 CALGARY R24 R18 R12 R7 ALBERTA SASKATCHEW AN R1W4 R24 R18 R12 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 section in this presentation for further information. BAYTEX ENERGY NYSE/TSX BTE T30 T25 R5W3 19#20CANADA HEAVY OIL: PEACE RIVER / PEAVINE / LLOYDMINSTER Innovative Multi-Lateral Drilling and Top-Tier Efficiencies Clearwater at Peavine Delivers Exceptional Well Performance and Economics R1W6 R20 R14 R8 R1W5 R20 R14 R8 R1W4 R29 R18 R12 R5W3 T94 T93 Peace River (Bluesky) 514 net sections Produced 11,800 boe/d in Q3/2023 (83% oil) Expect to bring 9 net MLHZ wells onstream in 2024 Peavine (Clearwater) T89 T84 T79 PEACE RIVER PEAVINE T74 T69 BAYTEX HOLDS THE TOP 30 CLEARWATER WELLS DRILLED TO DATE Partnership with Peavine Métis Settlement covering 90 contiguous sections T64 Produced 13,800 boe/d in Q3/2023 (100% oil) T59 Expect to bring 35 net Clearwater wells onstream in 2024 T54 Lloydminster (Mannville) 516 net sections Produced 11,900 boe/d in Q3/2023 (98% oil) Targeting multiple horizons within the Mannville group of formations Expect to bring 40 net wells onstream in 2024 T49 T44 T39 T34 T29 T88 T83 T78 T73 LLOYDMINSTER T68 T63 COLD LAKE MORINVILLE W ASECA Q2/2023 CLEARWATER Q1/2023 DISCOVERY DISCOVERY T58 T53 EDMONTON LLOYDMINSTER T48 CALGARY B.C. T24 R1W6 R21 R14 R8 R1W5 R26 R20 ALBERTA R14 R8 R1W4 SASKATCHEW AN R24 R18 BAYTEX ENERGY NYSE/TSX BTE T43 T38 T33 T28 T23 R5W3 20 20#21CANADA HEAVY OIL: LAND EXTENSIONS Leveraging heavy oil expertise and recent exploration success Peavine (Clearwater) Partnership with the Peavine Métis Settlement New 10-section agreement brings total land position to 90 sections prospective for Clearwater development Lloydminster (Mannville) Farm-in agreement on 17.75 sections of land near Cold Lake Increases lands prospective for Mannville development in northeast Alberta to ~ 100 sections T80 T79 T78 T65 R17 R16 R15 R14 R13W5 T77 R17 R16 R15 T79 T78 T64 R5 R4 R3 R2 R1W4 T65 T64 T63 T63 T62 T62 T61 T60 T77 R14 R13W5 Baytex legacy lands 2023 land agreements T59 R5 R4 R3 R2 R1W4 BAYTEX ENERGY NYSE/TSX BTE T61 T60 T59 21#22BUSINESS UNIT AND ASSET-LEVEL WELL ECONOMICS Business Unit / Assets (1) U.S. Light Oil IP365 (boe/d) (Liquids %) EUR Mboe (Liquids %) Well Cost ($MM) (2) IRR (%) (3) (3)(4) Payout (Months) (3)(4) Operated Eagle Ford 585 (88%) 655 (87%) $12.0 75% 16 Karnes Trough Eagle Ford 590 (76%) 635 (74%) $8.2 95% 12 Canada Light Oil Viking 50 (90%) 45 (90%) $1.3 80% 14 Duvernay 600 (84%) 1,000 (79%) $11.0 85% 16 Canada Heavy Oil Peace River (Bluesky) 160 (97%) 260 (82%) $3.5 55% 18 Peavine (Clearwater) 195 (99%) 175 (97%) $2.0 > 500% 10 Lloydminster (Mannville) 90 (100%) 90 (100%) $1.7 90% 14 (1) All figures are approximate. (2) (3) Represents expected cost to drill, complete, equip and tie-in. Lateral length for an Operated Eagle Ford well is - 8,200 feet and for a Karnes Trough Eagle Ford well is ~ 6,000 feet. Individual well economics based on constant pricing and costs, and Baytex's assumptions regarding an expected type curve and the above assumptions for production, EUR and well costs. (4) Commodity price assumptions: WTI - US$75/bbl; WCS differential - US$15/bbl; NYMEX Gas - US$3.50/MMbtu; Exchange Rate (CAD/USD) -1.35. BAYTEX ENERGY NYSE/TSX BTE 22#23ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG) NYSE TSX BTE BAYTEXENERGY.COM#24ESG AT BAYTEX As a responsible energy company, we take a sustainable approach to managing, developing and improving our business into the future. We aspire to create an organization and business that our teams are proud to be a part of, and future generations will appreciate. OUR ESG VISION Baytex will be a leader in the responsible development of energy the world needs for the future. OUR VALUES We have built into our culture a strong connection and sense of responsibility to our communities and stakeholders. Our core values of sustainability, connection, and empowerment guide our actions and decision-making. SUSTAINABILITY For us, sustainability means managing and reducing our environmental impacts, strengthening our corporate resilience, and remaining relevant into the future. işi CONNECTION We believe that fostering positive relationships and strong connections, inside and outside our company, are key to developing the innovative solutions needed to thrive as a company and as a society. EMPOWERMENT We recognize that individual decisions and actions determine our collective culture and, ultimately, the success of our company. In all areas of our business, we foster a culture of supportive leadership, empowerment, and shared accountability. BAYTEX ENERGY NYSE TSX BTE 24#25ESG HIGHLIGHTS Our vision is to be a leader in the responsible production of energy the world needs for the future GHG Emission Reduction CO Safety 17% reduction in total recordable injury frequency in 5 years 59% reduction in GHG emissions intensity through 2022, relative to 2018 baseline; 65% target in place Abandonment & Reclamation Water Reduce 2020 inactive well inventory of 4,500 wells to zero by 2040 Successful water recycle projects in Kerrobert, Viking and Duvernay Indigenous Relations Partnership with Peavine Métis Settlement Independent Board / Gender Diversity 9 of 10 board members independent; 40% women Board members BAYTEX ENERGY NYSE TSX BTE 25#26OUR ESG SCORECARD Continual improvement is an important element of our culture. We set short and long-term targets to address our impact on air, water, land, and people OUR TARGETS CO₂ 2022 PROGRESS LOOKING FORWARD ✓ GHG EMISSIONS By 2025, reduce our emissions intensity by 65% (Scope 1 and Scope 2) from our 2018 baseline. Reduced our emissions intensity by 59% compared to our 2018 baseline, achieving 90% of our reduction target. Invested $7 million in our first dedicated GHG mitigation budget. Developed our GHG Emissions Reduction Framework. >> Complete our 2025 reduction target. >> Implement site designs that minimize routine venting in our new development areas (Peavine Clearwater and Duvernay). » Define our emissions reduction pathway and set a 2030 reduction target. LAND STEWARDSHIP Restore our entire 2020 end-of-life well inventory through our "4,500 Wells to Zero by 2040" initiative, returning these sites to their pre-disturbance condition. Completed 379 well abandonments - the most in company history. Spent more than $22 million on abandonment and reclamation activities (including government grant funding). WATER USE Develop a Water Management Framework that prioritizes reducing freshwater use. Utilized non-fresh water sources for 25% of completions water. Started developing our Water Management Framework. >> Continue restoring end-of-life wells to meet our 2040 target. » Invest $100 million in reclamation activities from 2022 to 2026, or approximately $20 million per year. » By 2025, implement our Water Management Framework across all high-risk regions. ENGAGEMENT AND DIVERSITY By 2022, expand our baseline to include multiple dimensions of diversity and enhance our processes to measure employee engagement. O Included self-reporting of gender identity, disability status, and racial/ethnic identity in our employee survey. Exceeded our 30% commitment with 33% of directors being women at our 2023 shareholder meeting. Completed second annual employee survey. >> Continue surveying our employees annually and reporting on the gender diversity of our workforce. BAYTEX ENERGY NYSE TSX BTE 26#27SUPPLEMENTARY INFORMATION NYSE TSX BTE BAYTEXENERGY.COM#28BOARD OF DIRECTORS Efficient and Independent Board Complementary Skills Suited to Govern the Combined Business Eric T. Greager President and CEO Mark R. Bly Chair of the Board Tiffany ("T.J.") Cepak Trudy M. Curran Don G. Hrap Angela Lekatsas Jennifer A. Maki Dave L. Pearce Steve D.L. Reynish Jeffrey E. Wojahn 10 board members, 9 of which are independent Two independent board members added from the Ranger Board - Tiffany ("T.J.") Cepak and Jeffrey Wojahn BAYTEX ENERGY NYSE TSX BTE 28#29FREE CASH FLOW ALLOCATION POLICY Direct shareholder returns at 50% of free cash flow (1) Total Debt (2) Above $1.5 billion Adjusted Funds Flow (3) Less: Exploration and Development Expenditures Less: Abandonment and Reclamation / Leasing Expenditures Free Cash Flow (1) 50% Balance Sheet 50% Direct Shareholder Return Share Repurchases Base Dividend Total Debt (2) Below $1.5 billion Shareholder returns increase to 75% of free cash flow (1) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this presentation for further information. (1) (2) (3) Capital management measure. Refer to the Capital Management Measures section in this presentation for further information. Total debt is calculated in accordance with the amended credit facilities agreement which is available on the SEDAR+ website at www.sedarplus.com. BAYTEX ENERGY NYSE TSX BTE 29#30SUMMARY OF OPERATING AND FINANCIAL METRICS Benchmark Prices WTI crude oil (US$/bbl) NYMEX natural gas (US$/MMbtu) Q1 2022 Q2 2022 Q3 2022 Q4 2022 2022 Q1 2023 Q2 2023 Q3 2023 $94.29 $4.95 $108.41 $91.56 $82.64 $94.23 $7.17 $8.20 $6.26 $6.64 $76.13 $3.42 $73.78 $2.10 $82.26 $2.55 Production Crude oil (bbl/d) Natural gas liquids (bbl/d) Natural gas (mcf/d) Oil equivalent (boe/d) (1) % Liquids 59,301 61,593 62,491 64,924 62,094 65,869 68,143 110,967 7,636 7,468 7,536 7,661 7,575 7,213 8,620 18,004 83,574 84,169 79,003 85,679 83,101 82,066 77,989 129,780 80,867 83,090 83, 194 86,864 83,519 86,760 89,761 150,600 82% 83% 84% 84% 83% 84% 86% 86% Netback ($/boe) Total sales, net of blending and other expenses (2) $86.89 $105.44 $87.68 $74.93 $88.56 $63.48 $66.82 $80.34 Royalties (3) (16.86) (22.69) (19.21) (15.23) (18.47) (11.94) (13.21) (17.33) Operating expense (3) (13.85) (14.21) (14.39) (13.06) (13.86) (14.40) (14.62) (12.57) Transportation expense (3) (1.27) (1.56) (1.67) (1.85) (1.59) (2.18) (1.78) (2.02) Operating Netback (2) $54.91 $66.98 $52.41 $44.79 $54.64 $34.96 $37.21 $48.42 General and administrative (3) (1.61) (1.54) (1.57) (1.87) (1.65) (1.50) (1.87) (1.48) Cash financing and interest (3) (2.81) (2.71) (2.58) (2.47) (2.64) (2.35) (3.46) (4.08) Realized financial derivative gain (loss) (3) (11.59) (16.41) (9.98) (6.21) (10.97) (0.69) 2.00 0.15 Other (4) (0.48) (0.60) (1.14) (2.26) (1.16) (1.45) (0.39) (1.03) Adjusted funds flow (5) $38.42 $45.72 $37.14 $31.98 $38.22 $30.35 $33.49 $41.98 (1) (2) (3) (4) (5) Barrel of oil equivalent ("boe") amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. The use of boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this presentation for further information. Supplementary financial measure calculated as operating, transportation, general and administrative, cash interest expense or realized financial derivative gain (loss) divided by barrels of oil equivalent production volume for the applicable period. Other is comprised of realized foreign exchange gain or loss, other income or expense, current income tax expense or recovery and share based compensation. Refer to the Q3/2023 MD&A available on the SEDAR+ website at www.sedarplus.com for further information on these amounts. Capital management measure. Refer to the Capital Management Measures section in this presentation for further information. BAYTEX ENERGY NYSE TSX BTE 30#312024 GUIDANCE AND COST ASSUMPTIONS Exploration and development expenditures ($ billions) Production (boe/d) Expenses: Average royalty rate (%) (1) $1.2-$1.3 150,000 156,000 Operating ($/boe) (2) Transportation ($/boe) (2) General and administrative ($ millions) (2) ~23% $11.25 $12.00 $2.35 - $2.55 $92 ($1.65/boe) Interest ($ millions) (2) $190 ($3.40/boe) Current Income Taxes ($ millions) (2) $40 ($0.72/boe) Leasing expenditures ($ millions) Asset retirement obligations ($ millions) $12 $30 (1) (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 section in this presentation for further information. Supplementary financial measure calculated as operating, transportation, general and administrative, cash interest expense or current income taxes divided by barrels of oil equivalent production volume for the applicable period. BAYTEX ENERGY NYSE/TSX BTE 31#32FORWARD LOOKING STATEMENTS ADVISORY 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 peak 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: expectations for 2024 as to Baytex's production on a boe/d basis, percentage of production that will be liquids, exploration and development expenditures and our expected production by area and commodity; that we have more than 10 years of drilling inventory; our target of modest single digit organic production growth and expected reinvestment rate; the allocation of free cash flow, induding with respect to debt repayment, share buybacks and dividends; our total debt target; that the Ranger assets have 12-15 years of sustaining development with attractive well economics; that our H2/2023 production and exploration and development expenditures are in line with guidance; our estimated daily production per thousand shares and estimated total debt to annualized EBITDA for Q4/2023; the expected individual well payout and IRR for expected type wells in Eagle Ford Karnes Trough, Eagle Ford Operated, Duvernay, Viking, Peavine (Clearwater), Peace River (Bluesky) and Lloydminster (Mannville) assets; for 2024 our expected: production, percentage of production that will be liquids, the number of net wells onstream, exploration and development expenditures, 2024 priorities, capital efficiency, production growth and number of stratigraphic test wells; expectations regarding the quarterly dividend and our expected free cash flow at specified prices for WTI; with respect to our five-year outlook, the expected: production growth, decrease in total debt, reinvestment rate, increase in production per share and free cash flow per share, decrease in total debt to EBITDA, free cash flow at specified prices for WTI, share buybacks and dividends at specified prices for WTI; our hedging plans, induding our target to hedge 40% of net crude volumes, that we intend to utilize wide 2-way collars to ensure a modest return on our highest breakeven assets and the percentage of our expected production that is hedged until the end of 2024; that we are committed to a strong balance sheet and that $1.5 billion total debt represented -1x total debt to EBITDA at US$50 WTI; the sensitivity of our annual adjusted funds flow to changes in WTI prices, WCS, NYMEX natural gas prices and the Canada-United States foreign exchange rate; for 2024 the expected production rate, percentage of production that will be liquids and percentage contribution to asset level free cash flow for our business units; the expected number of net wells to sales for our assets in 2024; the expected dosing date of our Forgan / Plato disposition; that we have 90 section prospective for Clearwater development at Peavine and ~100 sections prospective for Mannville development in NE Alberta; the expected IP 365, liquids weighting, EUR, well cost, IRR and time to payout for expected type wells in Eagle Ford Karnes Trough, Eagle Ford Operated, Duvernay, Viking, Peavine (Clearwater), Peace River (Bluesky) and Lloydminster (Mannville) assets; our values, visions and approach to ESG; that we are committed to corporate sustainability; the components of our GHG emissions reduction strategy; and our ESG targets: reducing our GHG emissions intensity by 65% by 2025 from our 2018 baseline, reducing our 2020 end of life well inventory of 4,500 wells to zero by 2040; our free cash flow allocation policy; and our 2024 guidance, including: our expected exploration and development expenditures, production, average royalty rate, expenses (operating, transportation, general and administrative, interest costs and current income taxes), leasing expenditures and asset retirement obligations. 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. BAYTEX ENERGY NYSE TSX BTE 32#33FORWARD LOOKING STATEMENTS ADVISORY (CONT.) These forward-looking statements are based on certain key assumptions regarding, among other things: petroleum and natural gas prices and differentials between light, medium and heavy oil prices; well production rates and reserve volumes; 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; 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; 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; and current industry conditions, laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect. 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 indude, but are not limited to: risks relating to any unforeseen liabilities of Baytex; that Baytex fails to meet its guidance; the volatility of oil and natural gas prices and price differentials; risks related to ongoing wildfires; restrictions or costs imposed by climate change initiatives and the physical risks of climate change; risks associated with our ability to develop our properties and add reserves; the impact of an energy transition on demand for petroleum productions; changes in income tax or other laws or government incentive programs; availability and cost of gathering, processing and pipeline systems; retaining or replacing our leadership and key personnel; the availability and cost of capital or borrowing; risks associated with a third-party operating our Eagle Ford properties; risks associated with large projects; costs to develop and operate our properties, induding transportation costs; public perception and its influence on the regulatory regime; current or future control, legislation or regulations; new regulations on hydraulic fracturing; restrictions on or access to water or other fluids; 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 oil projects; our ability to compete with other organizations in the oil and gas industry; risks associated with our use of information technology systems; results of litigation; that our credit facilities may not provide sufficient liquidity or may not be renewed; failure to comply with the covenants in our debt agreements; risks of counterparty default; the impact of Indigenous claims; risks associated with expansion into new activities; risks associated with the ownership of our securities, induding changes in market-based 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; risk that we may not achieve our guidance and five-year outlook due to various factors; risk that our anticipated drilling plans may change; risk that we may not have sufficient financial resources in the future to allocate to forecasted shareholder retums; risk that our actual results of operations is different from that set forth herein; and other factors, many of which are beyond our control. These and additional risk factors are discussed in our Annual Information Form, Annual Report on Fom 40-F and Management's Discussion and Analysis for the year ended December 31, 2022, 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 induded forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law. BAYTEX ENERGY NYSE TSX BTE 33#34FORWARD LOOKING STATEMENTS ADVISORY (CONT.) 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 EBITDA, exploration and development expenditures, allocation of free cash flow to shareholder returns, total debt to adjusted EBITDA, free cash flow and adjusted funds flow, 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 press release was made as of the date of this press release 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 condusive 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 induding, 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 dedaration 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 induding, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on Baytex under applicable corporate law. BAYTEX ENERGY NYSE TSX BTE 34#35SPECIFIED FINANCIAL MEASURES ADVISORY 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. 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 flow from operating activities. For the three-months ended and nine-months ended September 30, 2023, cash flow from operating activities was $444.0 million and $821.3 million respectively and free cash flow was $158.4 million and $252.8 million respectively. 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 period ended September 30, 2023, which section is incorporated herein by reference, and available on the SEDAR+ website at www.sedarplus.com. Asset level free cash flow Asset level free cash flow represents the free cash flow for a set of assets and is used to assess the operating performance of a specific business unit. Asset level free cash flow is calculated the same as free cash flow, with the exdusion of corporate costs. This measure is comprised of petroleum and natural gas sales, adjusted for blending expense, royalties, operating expense, transportation expense, additions to exploration and evaluation assets, additions to oil and gas properties and asset retirement obligations settled. 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 and nine-months ended September 30, 2023, petroleum and natural gas sales was $1.2 billion and $2.3 billion respectively and operating netback was $671.0 million and $1.2 billion respectively. 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 period ended September 30, 2023, which section is incorporated herein by reference, and available on the SEDAR+ website at www.sedarplus.com. 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 and nine-months ended September 30, 2023, petroleum and natural gas sales was $1.2 billion and $2.3 billion respectively and total sales, net of blending and other expense was $1.1 billion and $2.2 billion respectively. For information on the composition of total sales, net of blending and other expense and average royalty rate and how the Company uses these measures, refer to the "Specified Financial Measures" section of the MD&A for the period ended September 30, 2023, which section is incorporated herein by reference, and available on the SEDAR+ website at www.sedarplus.com. Return of capital Return of capital is comprised of dividends declared and repurchase 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 months ended and nine-months ended September 30, 2023 is calculated below. Three Months Ended September 30 Nine Months Ended September 30 2023 2022 2023 2022 Dividends declared $ 19,138 $ $ 19,138 $ Repurchase of common shares 89,266 78,790 89,266 141,254 Return of capital $ 108,404 $ 78,790 $ 108,404 $ 141,254 Non-GAAP Financial Ratios Free cash flow yield Free cash flow yield is calculated as the annual free cash flow at the assumed WTI price divided by market capitalization. This measure is used by management to compare the free cash flow per share against the market value per share. Free cash flow per unit 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. BAYTEX ENERGY NYSE TSX BTE 35#36CAPITAL MANAGEMENT MEASURES ADVISORY This presentation contains the terms "adjusted funds flow" and "net debt", which are capital management measures. We believe that the indusion 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 flow from operating activities, respectively. For the period ended, three-months ended and nine-months ended September 30, 2023, credit facilities and cash flow from operating activities were $1.0 billion, $444.0 million and $821.3 million, respectively. For the period ended, three-months ended and nine-months ended September 30, 2023, net debt and adjusted funds flow were $2.8 billion, $581.6 million and $1.1 billion, respectively. 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 period ended September 30, 2023, which section is incorporated herein by reference, and available on the SEDAR+ website at www.sedarplus.com. BAYTEX ENERGY NYSE TSX BTE 36#37ADVISORY REGARDING OIL AND GAS INFORMATION 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"). 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. 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 2022 is included in our Annual Information Form for the year ended December 31, 2022 which has been filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. Reserves disclosed throughout this presentation are based on Baytex's working interest reserves as of December 31, 2022, as evaluated by McDaniel, an independent qualified reserves evaluator, with an effective date of December 31, 2022 and Ranger's working interest reserves as of December 31, 2022, as evaluated by McDaniel, an independent qualified reserves evaluator with an effective date of December 31, 2022. The pro forma reserves is the sum of the two reserves reports. Baytex did not construct a consolidated reserves report of the combined assets and did not engage an independent reserves evaluator to produce such a report. The actual reserves of the combined company, if evaluated as of December 31, 2022, may differ from the pro forma reserves presented. Light and Medium Heavy Crude Reserves Summary (working interest) Crude Oil Tight Oil (Mbbls) (Mbbls) Oil Bitumen (Mbbls) (Mbbls) Total Crude Oil (Mbbls) Natural Gas Liquids (1) (Mbbls) Conventional Natural Gas 21 Shale (MMcf) Gas (MMcf) Total (Mboe) Proved Baytex 41,951 Ranger Proved 41.951 48,583 120,351 188.914 51,058 4,608 51.058 148,180 120,351 4.608 268.531 69,785 27.067 96.832 88,872 202,987 284,251 162,320 174,471 88.872 385.287 438.722 Proved Plus Probable Baytex Ranger Proved Plus Probable 63.832 69.283 180,316 85.584 50.359 63.832 249,599 85,584 50,359 269.057 180,316 449,374 98.493 39,075 137,588 132.658 287.600 437.593 232,174 258,087 132.658 519,774 695.680 Notes: (1) Natural Gas Liquids includes condensate. (2) (3) Conventional Natural Gas includes associated, non-associated and solution gas. 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. 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 Eagle Ford (pro forma Ranger), Baytex's net drilling locations include 352 proved and 146 probable locations as at December 31, 2022 and 407 unbooked locations. In the Viking (excluding Forgan/Plato disposition), Baytex's net drilling locations include 727 proved and 191 probable locations as at December 31, 2022 and 183 unbooked locations. In Peace River (including Clearwater), Baytex's net drilling locations include 66 proved and 54 probable locations as at December 31, 2022 and 328 unbooked locations. In Lloydminster, Baytex's net drilling locations include 80 proved and 64 probable locations as at December 31, 2022 and 281 unbooked locations. In the Duvernay, Baytex's net drilling locations include 19 proved and 14 probable locations as at December 31, 2022 and 187 unbooked locations. BAYTEX ENERGY NYSE/TSX BTE 37#38ADVISORY REGARDING OIL AND GAS INFORMATION (CONT.) References herein to average 30-day initial production rates 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. 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 bumer tip and does not represent a value equivalency at the wellhead. 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 "prov ed 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, N151-101 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 reserv es 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, Bay tex'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. BAYTEX ENERGY NYSE TSX BTE 38#39NOTES BAYTEX ENERGY NYSE TSX BTE 39#40CONTACT INFORMATION BAYTEX ENERGY CORP. Suite 2800, Centennial Place 520 3rd Avenue S.W. Calgary, Alberta T2P 0R3 TF 1.800.524.5521 Eric T. Greager President and Chief Executive Officer Chad L. Kalm ak off Chief Financial Officer Chad E. Lundberg Chief Operating Officer Brian G. Ector Senior Vice President, Capital Markets and Investor Relations 587.952.3237 NYSE TSX BTE BAYTEXENERGY.COM BAYTEX