INVESTOR PRESENTATION - CREATING ENERGY CREATING VALUE

U.S. LIGHT OIL: EAGLE FORD Strong Operating Capability Materially Increased Scale in a Premier Basin 92,000 boe/d Pro Forma production Eagle Ford Pro Forma 267,112 gross acres, 68% average working interest, 70% operated Lowered full-company cash cost structure, improved operating netbacks and margins Increased exposure to premium light oil U.S. Gulf Coast pricing Expect to bring 24 operated wells and 8 non-operated wells to sales in H2/2023 Q3/2023 Operated Activity 13 wells onstream 7 wells from 3 pads (Bloodstone, Bubinga and Hickory) generated an average 30-day initial production rate of 2,000 boe/d (65% oil and NGLS) per well Bexar San Antonio WILSON GUADALUPE KARNES TROUGH ATASCOSA Bubinga (LaSalle County) 2 well pad Average 30-day IP: 1,800 Boe/d 58% oil and NGLS KARNES BEE Austin CALDWELL BASTROP OPERATED GONZALES DEWITT Hickory 3 well pad Average 30-day IP: 2,300 Boe/d 57% oil and NGLS 0 5 10 20 Miles H GOLIAD BAYTEX ENERGY NYSE/TSX BTE FAYETTE LEE LAVACA Colorado Bloodstone 2 well pad Average 30-day IP: 1,800 Boe/d 84% oil and NGLS REFUGIO ctoria VICTORIA Jackson Calhoun 16

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