Ranger Acquisition Overview and Canada Light Oil Update

CRUDE OIL HEDGE PORTFOLIO Balanced Approach to Risk Management Target 40% of Net Crude Oil Volumes (1) Disciplined hedge program to help mitigate volatility in revenue due to changes in commodity prices Utilize wide 2-way collars and puts to ensure modest returns at lower commodity prices (1) Percentage of hedged volumes are based on production guidance (excluding NGLS), net of royalties. Hedged Volumes (bbl/d) 50,000 -40% 40,000 -35% 30,000 20,000 10,000 - -33% 2 -30% 0 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Collars Puts Collars (Weighted Average) Floor (US$) $60.00 $60.00 $60.00 $60.00 Ceiling (US$) $100.00 $100.00 $97.50 $95.97 Puts Floor (US$) $60.00 $60.00 BAYTEX ENERGY NYSE/TSX BTE 11

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