Five-Year Outlook 2024-2028

INVESTMENT HIGHLIGHTS Focus on Operational Excellence to Deliver Long-Term Value and Enhanced Shareholder Returns Disciplined Reinvestment and Capital Allocation High-quality and diversified oil portfolio with more than 10 years of drilling inventory Track record of new discoveries Targeting modest single-digit organic growth with ~ 60% reinvestment rate(1) Strong Free Cash Flow Generation 50% of free cash flow(2) to direct shareholder returns through share buybacks and a quarterly dividend 50% of free cash flow to further strengthen balance sheet Commitment to a strong balance sheet Maintain Financial Strength Total debt (3) target of $1.5 billion Disciplined hedging program to help mitigate revenue volatility due to commodity prices (1) (2) Reinvestment rate is a supplementary financial measure calculated as exploration and development expenditures expressed as a percentage of EBITDA for the applicable period. 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.. (3) Total debt and EBITDA are calculated in accordance with the amended credit facilities agreement which is available on the SEDAR+ website at www.sedarplus.com BAYTEX ENERGY NYSE TSX BTE 4

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