Five-Year Outlook 2024-2028

(1) (2) (3) (4) (5) A DIVERSIFIED NORTH AMERICAN E&P OPERATOR Peace River/ Peavine Duvernay OUR OPERATING AREAS Market Summary Ticker Symbol Average Daily Volume (1) Shares Outstanding Market Capitalization / Enterprise Value (2) Annual Dividend per Share | Dividend Yield (3) Lloydminster Viking Eagle Ford Operating Statistics Production (working interest) (4) Production Mix (4) E&D Expenditures (4) Reserves - 2P Gross (5) Net Acres TSX, NYSE | BTE Canada: 10.2 million | US: 9.0 million 822 million $3.7 billion $6.4 billion $0.09 | 2.0% 150 156 Mboe/d 84% liquids $1.2 1.3 billion 696 MMboe 1.6 million 2024 Production by Business Unit 2024 Production by Commodity U.S. Light Oil (Eagle Ford) ⚫ Canada Light Oil (Viking/Duvernay) Canada Heavy Oil (Peace River/Peavine/Lloydminster) • Other • Heavy Oil ⚫ Light Oil ⚫NGLS Natural Gas Average daily trading volumes for December 2023. Volumes are a composite of all exchanges. Enterprise value based on closing share price on the Toronto Stock Exchange on December 29, 2023 and net debt as at September 30, 2023. Enterprise value is calculated as market capitalization plus net debt and is used to assess the valuation of the Company. Net debt is a capital management measure. Refer to the Capital Management Measures section in this presentation for further information. Refer to the Dividend Advisory section in the presentation for further information. Production, production mix, and exploration and development ("E&D") expenditures represents 2024 guidance. Reserves based on (i) Baytex reserves as at December 31, 2022 prepared by McDaniel & Associates Consultants Ltd, ("McDaniel"), an independent qualified reserves evaluator in accordance with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" ("NI 51-101"); and (ii) Ranger's year-end 2022 reserves were evaluated by McDaniel in accordance with NI 51-101. See "Advisories". BAYTEX ENERGY NYSE/TSX BTE 3

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