Five-Year Outlook 2024-2028 slide image

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). BAYTEX ENERGY NYSE TSX BTE 8
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