INVESTOR PRESENTATION - CREATING ENERGY CREATING VALUE
FORWARD LOOKING STATEMENTS ADVISORY
In the interest of providing the shareholders of Baytex and potential investors with information regarding Baytex, including management's assessment of future plans and
operations, certain statements in this presentation are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). In some cases, forward-looking
statements can be identified by terminology such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook",
"potential", "project", "plan", "should", "target", "would", "will" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in
this presentation peakonly as of the date hereof and are expressly qualified by this cautionary statement.
Specifically, this presentation contains forward-looking statements relating to but not limited to: expectations for H2/2023 as to Baytex's production on a boe/d basis, percentage
of production that will be liquids, exploration and development expenditures and our expected production by area and commodity; that we have 10 or more years of drilling
inventory; our expectations regarding free cash flow generation; our target of modest single digit organic production growth, expected reinvestment rate and the portion of our
adjusted funds flow that exploration and development expenditures are expected to represent; the allocation of free cash flow, including with respect to debt repayment and
shareholder retums; our debt target and its expected total debt to EBITDA ratio at US$50WTI; that the Ranger assets have 12-15 years of sustaining development with attractive
well economics; our Q4/2023 estimated daily production per thousand shares; our Q4/2023 estimated total debt to Q4/2023 annualized EBITDA; the expected individual well
payout and IRR for expected type wells in Eagle Ford Karnes Trough, Eagle Ford Operated, Duvernay, Viking, Peavine (Clearwater), Peace River (Bluesky) and Lloydminster
(Mannville) assets; the number of net wells onstream and capital expenditures in H2/2023; expectations regarding the quarterly dividend; our commitment to a strong balance
sheet, expected liquidity position, allocation of free cash flow to debt repayment; our hedging plans, including our target to hedge 40% of net crude volumes, that we intend to
utilize wide 2-way collars to ensure a modest return on our highest breakeven assets and the percentage of our expected production that is hedged for the next 12 months; our
free cash flow allocation policy with total debt above and below $1.5 billion; expectations for H2/2023 free cash flow generation, the associated free cash flow yield and our
annualized free cash flow generation for H2/2023; the sensitivity of our annual adjusted funds flow to changes in WTI prices, WCS, NYMEX natural gas prices and the Canada-
United States foreign exchange rate; for H2/2023 the expected production rate, percentage of production that will be liquids and percentage contribution to asset level free cash
flow for our business units; the expected number of net wells to sales for our assets in H2/2023; That we have 90 section prospective for Clearwater development at Peavine and
~100 sections prospective for Mannville development in NE Alberta; the expected IP 365, liquids weighting, EUR, well cost, IRR and time to payout for expected type wells in
Eagle Ford Kames Trough, Eagle Ford Operated, Duvernay, Viking, Peavine (Clearwater), Peace River (Bluesky) and Lloydminster (Mannville) assets; our values, visions and
approach to ESG; that we are committed to corporate sustainability; the components of our GHG emissions reduction strategy; and our ESG targets: reducing our GHG emissions
intensity by 65% by 2025 from our 2018 baseline, reducing our 2020 end of life well inventory of 4,500 wells to zero by 2040. In addition, information and statements relating to
reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the reserves described exist in
quantities predicted or estimated, and that they can be profitably produced in the future.
BAYTEX ENERGY NYSE TSX BTE
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