INVESTOR PRESENTATION - CREATING ENERGY CREATING VALUE
H2/2023 RETURN OF CAPITAL
Share repurchases accelerated in Q4/2023
($
H2/2023 annualized
free cash flow (1)>
$1.1 billion
H2/2023 Forecast Return of Capital
Adjusted Funds Flow (2)(3)
Less: Exploration and Development Expenditures
Less: Abandonment / Leasing Expenditures
$1.213 billion
$631 million
$24 million
Free Cash Flow Yield (3)(4)
~22%
Yield
~11%
2
Yield
Free Cash Flow Yield
(H2 2023 Annualized)
Direct Shareholder Return
(50% of Free Cash Flow)
-
~ $558 million
Free Cash Flow(1)
$279 million
Balance Sheet
$279 million
Direct Shareholder Return
$241 million
Share Repurchases
$38 million
Base Dividend
(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)
Capital management measure. Refer to the Capital Management Measures section in this presentation for further information.
(3)
(4)
H2/2023 commodity prices: WTI - US$83/bbl; WCS differential - US$17/bbl; NYMEX Gas - US$2.80/MMbtu; Exchange Rate (CAD/USD) -1.36.
Free cash flow yield represents H2/2023 annualized free cash flow divided by market capitalization as at October 31, 2023.
BAYTEX ENERGY NYSE TSX BTE
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