Five-Year Outlook 2024-2028
2024 OUTLOOK
Disciplined
Reinvestment and
Capital Allocation
153,000 boe/d
2024 mid-point production
Execute an exploration and development
program of $1.2 to $1.3 billion
2024 priorities:
Deliver strong drilling and completion
performance in the Eagle Ford
Progress Pembina Duvernay
Further delineate Clearwater and Mannville
heavy oil acreage
$22,000 per boe/d capital efficiency(1)
1% to 2% production growth (2) at mid-point of
guidance
Continued exploration across heavy oil portfolio
with up to 14 stratigraphic test wells
2024 Guidance
E&D Expenditures
Production
Oil and NGLS
Operating Area
U.S. Light Oil (3)
Canada Light Oil (4)
Canada Heavy Oil (5)
Total
Net Wells
Onstream
$1.2 $1.3 billion
150,000 156,000 boe/d
84%
E&D Expenditures
($MM)
62
$790
100
$230
88
$230
250
$1,250
Supplementary financial measure calculated as total exploration and development expenditures divided by the initial first
year production profiles of developed wells for the applicable period.
(1)
(2)
2024 production at mid-point of guidance compared to H2/2023 production guidance, adjusted for Viking disposition of 4,000
boe/d.
(3)
U.S. Light Oil includes Operated Eagle Ford/Karnes Trough Eagle Ford.
(4)
Canada Light Oil includes Viking/Duvernay.
(5)
Canada Heavy Oil includes Peace River (Bluesky) / Peavine (Clearwater) / Lloydminster (Mannville).
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