INVESTOR PRESENTATION - CREATING ENERGY CREATING VALUE

CAPITAL MANAGEMENT MEASURES ADVISORY This presentation contains the terms "adjusted funds flow" and "net debt", which are capital management measures. We believe that the indusion of these capital management measures provides useful information to financial statement users when evaluating the financial results of Baytex. Net debt and adjusted funds flow are calculated consistently with the measures disclosed in the Company's MD&A. The most directly comparable financial measures for net debt and adjusted funds flow disclosed in the Company's primary financial statements are credit facilities and cash flow from operating activities, respectively. For the period ended, three-months ended and nine-months ended September 30, 2023, credit facilities and cash flow from operating activities were $1.0 billion, $444.0 million and $821.3 million, respectively. For the period ended, three-months ended and nine-months ended September 30, 2023, net debt and adjusted funds flow were $2.8 billion, $581.6 million and $1.1 billion, respectively. For information on the composition of these measures and how the Company uses them, refer to the "Specified Financial Measures" section of the MD&A for the period ended September 30, 2023, which section is incorporated herein by reference, and available on the SEDAR+ website at www.sedarplus.com. BAYTEX ENERGY NYSE TSX BTE 33

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