Five-Year Outlook 2024-2028

(1) YTD 2023 HIGHLIGHTS Demonstrating the strength of our diversified North American oil-weighted portfolio Ranger Acquisition Strong Execution Strong operating capability with increased scale in the Eagle Ford Increased exposure to premium light oil U.S. Gulf Coast pricing 12-15 years of sustaining development with attractive well economics H2/2023 exploration and development capital and production in line with guidance Strong results in Western Canada and the Eagle Ford 1% to 2% organic production growth targeted for 2024 Inventory Enhancement Continued commercialization of the Pembina Duvernay Two new heavy oil discoveries Expanded heavy oil development fairway through two land extensions Increased shareholder returns to 50% of free cash flow(1) Accelerated shareholder returns Repurchased 41 million shares since June 2023, 4.7% of shares outstanding Initiated quarterly dividend of $0.0225 per share ($0.09 per share annualized) 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. BAYTEX ENERGY NYSE TSX BTE 5

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