Ranger Acquisition Overview and Canada Light Oil Update
MAINTAINING FINANCIAL STRENGTH
Commitment to a Strong Balance Sheet
$1.5 billion
total debt(1)
target
Represents 1x total debt to EBITDA (1)
at US$50 WTI
Credit facilities (4)
Term loan (5)
Net Debt (2) (June 30, 2023)
$ millions
$788
$199
$1,601
$2,588
$227
$2,815
Long-term notes
Total debt
Working capital
Net debt
Credit facilities increased to US$1.1 billion
Strong liquidity with -40% unutilized credit
capacity
Long-term Notes Maturity Schedule (6) ($ millions)
US$800
50% of free cash flow (3) allocated to
debt repayment
US$410
2023
2024
2025 2026 2027
2028 2029
2030
(1)
(2)
Total debt and EBITDA are calculated in accordance with the amended credit facilities agreement which is available on SEDAR at www.sedar.com.
Capital management measure. Refer to the Capital Management Measures section in this presentation for further information.
(3) 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.
(4) Revolving credit facilities total US$1.1 billion and mature April 2026. The revolving credit facilities are not borrowing base facilities and do not require annual or semi-annual reviews.
US$150 million two-year term loan matures June 2025.
100
(5)
(6)
S&P corporate rating "B+" and senior unsecured debt rating "BB-"; Fitch corporate rating "B+" and senior unsecured debt rating "BB-"; Moody's corporate rating "Ba3" and senior unsecured debt rating "B1".
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