Five-Year Outlook 2024-2028

2024 RETURN OF CAPITAL Return 50% of free cash flow (1) to shareholders Free Cash Flow $ Priorities Return of Capital and Strengthening Balance Sheet 2024 Free Cash Flow (1) Sensitivity (2) Share Buybacks Share count reduced by 4.7% since June 2023 Base Dividend Quarterly dividend of $0.0225 per share ($0.09 per share annualized) Balance Sheet Maintain low leverage with prudent debt maturity schedule $MM $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 $70 $80 WTI (US$/BBI) $90 (1) 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. (2) 2024 commodity prices at each WTI assumption: WCS differential - US$15/bbl; NYMEX Gas - US$3.50/MMbtu; Exchange Rate (CAD/USD) - 1.35. BAYTEX ENERGY NYSE TSX BTE 9

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