Five-Year Outlook 2024-2028

FIVE-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

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