Five-Year Outlook 2024-2028

BUSINESS UNIT AND ASSET-LEVEL WELL ECONOMICS Business Unit / Assets (1) U.S. Light Oil IP365 (boe/d) (Liquids %) EUR Mboe (Liquids %) Well Cost ($MM) (2) IRR (%) (3) (3)(4) Payout (Months) (3)(4) Operated Eagle Ford 585 (88%) 655 (87%) $12.0 75% 16 Karnes Trough Eagle Ford 590 (76%) 635 (74%) $8.2 95% 12 Canada Light Oil Viking 50 (90%) 45 (90%) $1.3 80% 14 Duvernay 600 (84%) 1,000 (79%) $11.0 85% 16 Canada Heavy Oil Peace River (Bluesky) 160 (97%) 260 (82%) $3.5 55% 18 Peavine (Clearwater) 195 (99%) 175 (97%) $2.0 > 500% 10 Lloydminster (Mannville) 90 (100%) 90 (100%) $1.7 90% 14 (1) All figures are approximate. (2) (3) Represents expected cost to drill, complete, equip and tie-in. Lateral length for an Operated Eagle Ford well is - 8,200 feet and for a Karnes Trough Eagle Ford well is ~ 6,000 feet. Individual well economics based on constant pricing and costs, and Baytex's assumptions regarding an expected type curve and the above assumptions for production, EUR and well costs. (4) Commodity price assumptions: WTI - US$75/bbl; WCS differential - US$15/bbl; NYMEX Gas - US$3.50/MMbtu; Exchange Rate (CAD/USD) -1.35. BAYTEX ENERGY NYSE/TSX BTE 22

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