Ranger Acquisition Overview and Canada Light Oil Update
CAPITAL 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 six-months ended June 30, 2023, credit facilities
and cash flow from operating activities were $964.3 million, $192.2 million and $377.1 million, respectively. For the period ended, three-months ended and six-months ended June
30, 2023, net debt and adjusted funds flow were $2.8 billion, $273.6 million and $510.6 million, 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 June 30, 2023, which section is incorporated herein by reference, and
available on SEDAR at www.sedar.com.
BAYTEX ENERGY NYSE/TSX BTE
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