Five-Year Outlook 2024-2028

BUSINESS UNIT HIGHLIGHTS Production (2024E) % Liquids = Light Oil Canada (Viking/Duvernay) Light Oil - USA (Eagle Ford) ~ 92,000 boe/d ~ 17,000 boe/d 81% 84% 440,000 101 MMboe Heavy Oil Canada (Peace River/Peavine/ Lloydminster) ~ 40,000 boe/d 95% 710,000 142 MMboe Land (net acres) 182,000 2P Reserves (Gross) (1) 440 MMboe Asset Level Free Cash Flow (% of corporate) (2) 65% Drilling Locations (net risked) (3) - 900 ~ 1,300 - 900 10% 25% Baytex 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". 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. (1) (2) (3) Net locations includes proved plus probable undeveloped reserves locations at year-end 2022 and unbooked future locations. See "Advisories". BAYTEX ENERGY NYSE TSX BTE 16

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