Ranger Acquisition Overview and Canada Light Oil Update
FREE CASH FLOW PROFILE AND SHAREHOLDER RETURN POTENTIAL
Attractive Free Cash Flow Yield (1)(2)
$
Annual Free Cash Flow (1) Sensitivity
($ millions)(2)(3)(4)
Cumulative Free Cash Flow(1) H2/2023 - 2026
($ billions)(3)(4)
$2,000
~ 33%
~24%
Yield
$1,500
~14%
Yield
$1,000
Yield
$500
$0
US$70
US$80
$6.0
$5.0
$4.0
$3.0
$2.0
$1.0
$0.0
US$90
US$70
US$80
US$90
WTI (US$/bbl)
WTI (US$/bbl)
Free Cash Flow (1) Allocated to Shareholders
($ millions)(3)(4)(5)
$1,000
~17%
(1)
2
~ 12%
Yield
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.
$750
~7%
Yield
(2)
Free cash flow yield represents the annual free cash flow at the assumed WTI price divided by market
capitalization as at August 30, 2023.
$500
Yield
(3)
For illustrative purposes only and should not be relied upon as indicative of future results. Actual results
may vary.
$250
(4)
Based on the following long-term pricing assumptions: WCS differential - US$15/bbl; NYMEX Gas -
US$3.50/MMbtu; Exchange Rate (CAD/USD) -1.35.
$0
(5)
US$70
US$80
WTI (US$/bbl)
US$90
Free cash flow allocated to shareholder returns represents 50% of free cash flow (includes share
buybacks and dividends). Yield for shareholder returns represents the annualized free cash flow
allocated to shareholder returns divided by market capitalization as at August 30, 2023.
BAYTEX ENERGY NYSE/TSX BTE
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