Financial Data and Key Metrics Changes - In Q2 2022, the company reported production of over 83,000 barrels of oil equivalent per day (boes/d), with record quarterly free cash flow of CAD 245 million and a 12% reduction in net debt to CAD 1.1 billion [5][20] - The company anticipates generating approximately CAD 700 million or CAD 1.25 per basic share of free cash flow for the year [7] - The net debt is expected to reach CAD 800 million by late 2022 or early 2023, with a long-term target of CAD 400 million [9][21] Business Line Data and Key Metrics Changes - Clearwater production averaged 7,300 barrels per day in Q2, up from 3,200 barrels per day in Q1, with production in June averaging 9,100 barrels per day [11] - The company has de-risked 50 sections of land in the Clearwater area, with the potential for over 200 drilling locations [13][16] Market Data and Key Metrics Changes - The company continues to experience inflationary pressures, particularly in the Eagle Ford region, leading to an expectation of capital expenditures toward the high end of the guidance range [6] - The company has a strong liquidity position with CAD 582 million of undrawn capacity on credit facilities [21] Company Strategy and Development Direction - The company remains focused on capital discipline, generating free cash flow, and reducing debt, with unchanged production guidance of 83,000 to 85,000 boes/d for 2022 [5][6] - The first phase of an enhanced shareholder return framework has been implemented, allocating 25% of annual free cash flow to a share buyback program [7][8] - The company plans to increase direct shareholder returns to 50% of free cash flow upon achieving a net debt level of CAD 800 million [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledges inflationary pressures but emphasizes a focus on capital discipline and maximizing free cash flow [6] - The company is well-positioned for future growth, with a strong outlook for 2022 and plans to maintain operational momentum [22][24] Other Important Information - The company published its 2021 ESG report and inaugural TCFD report, highlighting its commitment to reducing environmental impacts and promoting safety [22][23] - The CEO announced plans to retire in January 2023, with a succession committee established to facilitate the transition [24] Q&A Session Summary Question: With Ed retiring, should the company consider reviewing alternatives, such as selling Eagle Ford? - Management stated that there are no plans for significant asset sales and that the focus remains on organic development [30] Question: Are there plans to renew the U.S. major exchange listing? - Management confirmed there are no current plans to regain the NYSE listing, as the company is seeing good liquidity on the TSX and other Canadian exchanges [32]

Baytex Energy Corp (BTEGF) Q1 2022 Earnings Conference Call April 29, 2022 11:00 AM ET Company Participants Brian Ector - VP, Capital Markets Edward LaFehr - President, CEO & Director Rodney Gray - EVP & CFO Conference Call Participants Patrick O'Rourke - ATB Capital Markets Eric Nuttall - Ninepoint Partners Joshua Young - Bison Interests Jeremy McCrea - Raymond James Operator Thank you for standing by. This is the conference operator. Welcome to the Baytex Energy Corp. First Quarter 2022 Financial and Oper ...

Financial Data and Key Metrics Changes - In 2021, the company generated production of just over 80,000 BOEs per day, exceeding annual guidance and delivering record free cash flow of CAD421 million, including CAD137 million for Q4 [8] - The company reduced net debt by 24% to CAD1.4 billion, down from CAD1.8 billion a year ago [18][19] - Adjusted funds flow for Q4 was CAD215 million, or CAD0.38 per basic share, and CAD746 million, or CAD1.32 per basic share for the full year [9] Business Line Data and Key Metrics Changes - Exploration and development expenditures totaled CAD313 million, in line with annual guidance [9] - Proved developed producing reserves increased by 7% to CAD129 million BOEs, with a finding and development cost of CAD8.20 per BOE, leading to a PDP recycle ratio of 4.5 times [11] Market Data and Key Metrics Changes - The company recorded an impairment of CAD400 million in Q4 and CAD1.5 billion for the full year due to increased forecasted commodity prices [10] - The net asset value at year-end 2021 is estimated to be CAD6.67 per share, based on estimated reserves value and undeveloped acreage [12] Company Strategy and Development Direction - The company plans to allocate approximately 25% of free cash flow to share buybacks starting in Q2, with an expected repurchase of CAD125 million to CAD150 million [20] - For 2022, the company forecasts exploration and development expenditures of CAD400 million to CAD450 million, with production expected to be between 80,000 to 83,000 BOEs per day [24] - The company aims to achieve a net debt level of CAD800 million by mid-2023, which will allow for further enhancement of shareholder returns [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing recovery of the oil and gas industry and the company's strong financial position, emphasizing capital discipline and free cash flow generation [6][24] - The company expects to generate over CAD550 million of free cash flow in 2022, driven by current commodity prices [19] Other Important Information - The company has entered hedges on approximately 41% of its net crude oil exposure for 2022, utilizing a combination of swaps and options to reduce volatility [22] Q&A Session Summary Question: Plans for outstanding leverage on current term notes - Management plans to take out CAD200 million remaining on the 2024 bonds callable at par in June and intends to refinance the 2027 notes at a better rate [28] Question: Infrastructure in the Peavine area - The company has existing infrastructure in place and is currently drilling additional wells, with plans for minor extensions and builds to support growth in the Peavine area [30][32]

Baytex Energy Corp. (BTEGF) Q3 2021 Earnings Conference Call November 5, 2021 11:00 AM ET Company Participants Brian Ector - Vice President, Capital Markets Ed LaFehr - President & Chief Executive Officer Rod Gray - Executive Vice President and Chief Financial Officer Chad Lundberg - Chief Operating and Sustainability Officer Conference Call Participants Phil Skolnick - Eight Capital Patrick O'Rourke - ATB Capital Markets Jeremy McCrea - Raymond James Josh Young - Bison Operator Thank you for standing by. T ...

Baytex Energy Corp. (BTEGF) Q2 2021 Earnings Conference Call July 29, 2021 11:00 AM ET Company Participants Brian Ector - Vice President, Capital Markets Ed LaFehr - President and Chief Executive Officer Rod Gray - Executive Vice President and Chief Financial Officer Chad Lundberg - Chief Operating and Sustainability Officer Kendall Arthur - Vice President of Heavy Oil Chad Kalmakoff - Vice President, Finance Scott Lovett - Vice President of Corporate Development Conference Call Participants Manav Gupta - C ...

ENERGY CORP. n August 2021 TSX BTE Advisory Forward Looking Statements Any "financial outlook" or "future oriented financial information" in this presentation as defined by applicable securities laws, has been approved by management of Baytex. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriat ...

n ENERGY CORP. April 2021 TSX BTE Advisory Forward Looking Statements Any "financial outlook" or "future oriented financial information" in this presentation as defined by applicable securities laws, has been approved by management of Baytex. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate ...

/ // // // / BAYTEX ENERGY CORP. November 2020 TSX BTE | NYSE BTE Advisory Forward Looking Statements Any "financial outlook" or "future oriented financial information" in this presentation as defined by applicable securities laws, has been approved by management of Baytex. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such in ...

Baytex Energy Corp (NYSE:BTE) Q3 2020 Earnings Conference Call November 3, 2020 11:00 AM ET Company Participants Brian Ector – Vice President-Capital Markets Ed LaFehr – President and Chief Executive Officer Rod Gray – Executive Vice President and Chief Financial Officer Conference Call Participants Manav Gupta – Credit Suisse Greg Pardy – RBC Capital Markets Jason Mandel – RBC Capital Markets Patrick O'Rourke – ATB Capital Markets Operator Thank you for standing by. This is the conference operator. Welcome ...

/ / / / / / / / BAYTEX ENERGY CORP. August 2020 TSX BTE | NYSE BTE Advisory Forward Looking Statements Any "financial outlook" or "future oriented financial information" in this presentation as defined by applicable securities laws, has been approved by management of Baytex. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such i ...