Five-Year Outlook 2024-2028

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. 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

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