Ranger Acquisition Overview and Canada Light Oil Update

SPECIFIED 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 six-months ended June 30, 2023, cash flow from operating activities was $192.2 million and $377.1 million respectively and free cash flow was $96.3 million and $94.4 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 June 30, 2023, which section is incorporated herein by reference, and available on SEDAR at www.sedar.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 exclusion 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. 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. BAYTEX ENERGY NYSE/TSX BTE 30

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