INVESTOR PRESENTATION - CREATING ENERGY CREATING VALUE

CRUDE OIL HEDGE PORTFOLIO Balanced Approach to Risk Management Target 40% of Net Crude Oil Volumes (1) Hedged Volumes (bbl/d) 50,000 40,000 40% Pad 30,000 20,000 10,000 Disciplined hedge program to help mitigate volatility in revenue due to changes in commodity prices Utilize wide 2-way collars and puts to ensure modest returns at lower commodity prices (1) Percentage of hedged volumes are based on production guidance (excluding NGLS), net of royalties. 0 Q4 2023 Collars Puts ~ 40% P 40% 30% Pud 20% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Collars (Weighted Average) Floor (US$) $60.00 $60.00 $60.00 $60.00 $60.00 Ceiling (US$) $100.00 $100.00 $100.00 $98.43 $97.76 Puts Floor (US$) $60.00 BAYTEX ENERGY NYSE TSX BTE 10

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