Baytex Energy (BTE) Investor presentation summary

Corporate strategy and priorities

• Targets 15% annual total shareholder return through production growth, dividends, and share buybacks at a mid-cycle WTI price of US$70/bbl.

• Aims for 6–8% annual production growth and continuous improvement in cash costs and capital efficiencies.

• Focuses on full-scale Duvernay development and expanding heavy oil opportunities, including waterflood pilots and the Gemini SAGD project.

• Maintains a strong, flexible balance sheet with an industry-leading net cash position.

Financial and operational highlights

• Market capitalization of $4.1 billion with 700 million shares outstanding as of July 2026.

• Net cash position of $0.6 billion as of June 2026, supporting flexibility for investment and returns.

• 2026 production guidance of ~71,000 boe/d, with 89% oil and NGLs.

• Quarterly dividend of $0.0225 per share, yielding 1.5%.

Capital allocation and shareholder returns

• Prioritizes meaningful shareholder returns, with a significant portion of net cash returned via share buybacks and dividends.

• Share count reduced by 9% through July 2026; renewed NCIB authorizes repurchase of up to 70.9 million shares through July 2027.

• 2026 capital budget of ~$625 million, split between maintenance, growth, infrastructure, and exploration.