Five-Year Outlook 2024-2028
FIVE-YEAR OUTLOOK: 2024 2028
Shareholder Returns (1)
Compelling Returns Profile
Underpinned by disciplined reinvestment and capital allocation
Free Cash Flow (1) (2) over Five-Year Outlook ($ millions)
Return of Capital (2) over Five-Year Outlook (1) ($ millions)
(1)
(2)
$7,000
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$0
2024
2025
2026
2027
2028
US$70 US$80 US$90
$4,500
$4,000
$3,500
$3,000
Includes dividends and
share repurchases
$2,500
$2,000
$1,500
$1,000
$500
$0
2024
2025
2026
2027
2028
US$70 US$80 US$90
Five-year outlook at each WTI assumption (US$/bbl) and the following pricing assumptions: WCS differential - US$15/bbl in 2024, US$12/bbl in 2025-2028; NYMEX gas - US$3.50/MMbtu in 2024, US$3.75/MMbtu in 2025-2028;
and 1.35 exchange rate (CAD/USD).
Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial
Measures section in this presentation for further information.
BAYTEX ENERGY NYSE TSX BTE
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