Five-Year Outlook 2024-2028

MAINTAINING FINANCIAL STRENGTH Commitment to a Strong Balance Sheet $1.5 billion total debt (1) target Represents 1x total debt to EBITDA (1) at US$50 WTI Credit facilities total US$1.1 billion Strong liquidity with ~30% unutilized credit capacity Total Debt (1) (September 30, 2023) Credit facilities (2) Long-term notes 8.75% notes due April 1, 2027 8.50% notes due April 1, 2030 Total long-term notes Total debt Long-term Notes Maturity Schedule (3) ($ millions) US$800 Repaid US$150 million term loan from the Ranger acquisition US$410 2024 2025 2026 2027 2028 2029 2030 (1) (2) (3) €23 Total debt and EBITDA are calculated in accordance with the amended credit facilities agreement which is available on the SED AR+ website at www.sedarplus.com. Revolving credit facilities total US$1.1 billion and mature April 2026. The revolving credit facilities are not borrowing base facilities and do not require annual or semi-annual reviews. S&P corporate rating "B+" and senior unsecured debt rating "BB-"; Fitch corporate rating "B+" and senior unsecured debt rating "BB-"; Moody's corporate rating "Ba3" and senior unsecured debt rating "B1". $ millions $1,047 $555 $1,083 $1,638 $2,684 BAYTEX ENERGY NYSE TSX BTE 13

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