Financial Data and Key Metrics Changes - In 2024, the company generated a 10% production per share growth and improved cash cost structure by 5% on a BOE basis [9][10] - The 2P net asset value per share increased by 13%, and net debt was reduced by 5% in Canadian dollar terms and 13% in U.S. dollar terms [10][14] - Free cash flow generated in 2024 was $656 million, with over 70% of this amount generated in the second half of the year [12][15] Business Line Data and Key Metrics Changes - The Eagle Ford region saw the completion of 64 wells, with an 8% improvement in operated drilling and completions costs per completed lateral foot compared to 2023 [17][19] - In the Pembina Duvernay, seven strong wells were brought on stream, and the company plans to expand its program in 2025 [18][19] - The heavy oil business continued to perform well, with 31 Clearwater wells and 40 wells across the broader Manville group brought on stream [19] Market Data and Key Metrics Changes - The company expects to generate approximately $400 million of free cash flow in 2025 at a WTI price of $70 [15] - The impact of tariffs on Canadian energy imports to the U.S. is anticipated to disproportionately affect Midwest refiners [25][28] Company Strategy and Development Direction - The company remains focused on disciplined capital allocation, prioritizing safe operations, free cash flow generation, and shareholder returns [21][22] - Plans for 2025 include a consistent two-rig, one-frac crew program in the Eagle Ford and further development in the Pembina Duvernay [21][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by fluctuating oil prices and indicated readiness to rationalize low-returning projects if prices decline significantly [32][34] - The company is optimistic about the U.S. economy's resilience and is prepared to react prudently to market cycles [84] Other Important Information - The company repurchased 48 million common shares in 2024, representing 6% of shares outstanding, and declared four quarterly dividends of 2.25 cents per share [12][13] - The asset exchange in the Peavine Metis settlement area was a cashless transaction that strengthened the company's acreage position [55][58] Q&A Session Summary Question: Have the tariffs taken effect and what are the mechanics? - The tariffs have been implemented and are effective as of the morning of the call, impacting import duties on products flowing into the U.S. [25][26] Question: What changes in capital allocation are expected if oil prices drop to $60? - The company will likely pull back on capital activity, which should help address the issue of lower prices, while input costs may also fall [32][34] Question: What drove the improved F&D costs reported? - Improvements in capital expenditures and cash costs, along with better performance in high-value oil streams, contributed to lower F&D costs [41][42] Question: Can you provide details on the Duvernay drilling program? - The drilling rig has been mobilized, and the company is drilling three three-well pads, with results expected in the Q2 release timeframe [46][50] Question: What is the context of the U.S. dollar debt repayment? - Most of the company's debt is U.S. dollar denominated, and the company aims to report debt repayment in U.S. dollar terms for clarity [62][64] Question: Are there opportunities to accelerate the $1.5 billion debt target? - The company continues to explore opportunities within its portfolio to sell assets that do not disproportionately benefit overall cash flow [74][76] Question: What is the composition of the shareholder return framework? - The company maintains a fixed base dividend and allocates half of its free cash flow to debt repayment and the other half to shareholder returns through buybacks [78][79] Question: What are the thoughts on recent share price performance? - The macro environment is challenging for WTI prices, and the company will monitor the situation and react prudently [82][84]

Group 1: Earnings Performance - Baytex Energy reported a quarterly loss of $0.04 per share, missing the Zacks Consensus Estimate of $0.12, compared to earnings of $0.18 per share a year ago, representing an earnings surprise of -133.33% [1] - The company posted revenues of $726.91 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.28%, but down from $782.72 million year-over-year [2] - Over the last four quarters, Baytex has surpassed consensus EPS estimates just once, while it has topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Baytex shares have declined approximately 19.4% since the beginning of the year, contrasting with the S&P 500's decline of -0.5% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.10 on revenues of $669.74 million, and $0.36 on revenues of $2.86 billion for the current fiscal year [7] Group 3: Industry Context - The Zacks Industry Rank for Oil and Gas - Exploration and Production - Canadian is currently in the top 36% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Baytex's stock performance [5] - The Zacks Rank for Baytex is currently 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6]

Exhibit 99.1 BAYTEX ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL AND OPERATING RESULTS AND YEAR END RESERVES CALGARY, ALBERTA (March 4, 2025) - Baytex Energy Corp. ("Baytex")(TSX, NYSE: BTE) reports its operating and financial results for the three months and year ended December 31, 2024 (all amounts are in Canadian dollars unless otherwise noted). "Our strong 2024 results speak to our disciplined, returns-based capital allocation philosophy that delivers increased per-share returns. In 2024, we ge ...

Core Viewpoint - Baytex Energy Corp. reported strong financial and operational results for 2024, highlighting a disciplined capital allocation strategy that led to increased production and shareholder returns. The company generated significant free cash flow and prioritized returning capital to shareholders through buybacks and dividends [2][22][24]. Financial Performance - In Q4 2024, Baytex reported cash flows from operating activities of CAD 469 million (CAD 0.60 per basic share) and total cash flows for 2024 of CAD 1,908 million (CAD 2.38 per basic share) [5][9]. - The company achieved a 10% increase in production per basic share in 2024, with average production of 153,048 boe/d compared to 122,154 boe/d in 2023 [5][23]. - Free cash flow for Q4 2024 was CAD 255 million (CAD 0.33 per basic share) and CAD 656 million (CAD 0.82 per basic share) for the full year [5][24]. - Baytex returned CAD 290 million to shareholders in 2024 through share buybacks and dividends, repurchasing 48.4 million shares for CAD 218 million [5][24]. Operational Highlights - The company improved its cash cost structure by 5% on a boe basis compared to 2023 [5][22]. - Baytex reduced net debt by 5% in 2024, maintaining a total debt to EBITDA ratio of 1.1x [5][27]. - The company replaced 102% of production on a 1P basis and 101% on a 2P basis, achieving a strong PDP recycle ratio of 1.9x [10][37]. Reserves and Asset Valuation - Year-end 2024 reserves were evaluated at 187 MMboe for PDP, 408 MMboe for 1P, and 660 MMboe for 2P, with increases of 8% and 6% in reserves per share for PDP and 1P/2P, respectively [5][37]. - The net asset value at year-end 2024 increased by 13% to CAD 7.27 per share, based on estimated 2P reserves value [10][37]. - Finding and development costs were CAD 21.32/boe for PDP, CAD 15.06/boe for 1P, and CAD 14.81/boe for 2P [37]. 2025 Outlook - For 2025, Baytex anticipates production of approximately 144,000 boe/d in Q1, with full-year guidance unchanged at 148,000 to 152,000 boe/d [19][20]. - The company expects to generate approximately CAD 400 million of free cash flow in 2025 at a WTI price of USD 70/bbl, with the majority expected in the second half of the year [20][19]. - Baytex will continue to focus on disciplined capital allocation, targeting a balanced approach between free cash flow generation and shareholder returns [18][19].

Group 1 - Baytex Energy Corp. has declared a quarterly cash dividend of CDN$0.0225 per share, payable on April 1, 2025, to shareholders of record on March 14, 2025 [1] - The U.S. dollar equivalent of the dividend is approximately US$0.0158 per share, based on a foreign exchange rate of 1.42 CAD/US [2] - The dividend is classified as an "eligible dividend" for Canadian tax purposes and a "qualified dividend" for U.S. income tax purposes [2] Group 2 - Baytex Energy Corp. is headquartered in Calgary, Alberta, with additional offices in Houston, Texas, and is involved in the acquisition, development, and production of crude oil and natural gas [3] - The company operates primarily in the Western Canadian Sedimentary Basin and the Eagle Ford region in the United States [3] - Baytex's common shares are traded on both the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE [3]

Core Viewpoint - Baytex Energy Corp. will release its fourth quarter and full year 2024 financial and operating results on March 4, 2025, followed by a conference call and webcast on March 5, 2025 [1] Company Overview - Baytex Energy Corp. is an energy company headquartered in Calgary, Alberta, with additional offices in Houston, Texas [3] - The company focuses on the acquisition, development, and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and the Eagle Ford in the United States [3] - Baytex's common shares are traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE [3] Event Details - The conference call and webcast will take place on March 5, 2025, at 9:00 a.m. MST (11:00 a.m. EST) [1] - An archived recording of the conference call will be available shortly after the event [2] - Registration for express access and calendar booking can be done through the company's website [4]

Group 1 - The oil and gas industry is characterized as a boom-bust, cyclical sector requiring patience and experience for successful investment [2] - The analysis focuses on identifying undervalued companies within the oil and gas sector, specifically mentioning Baytex Energy as a case study [5] - The research includes a comprehensive breakdown of companies' balance sheets, competitive positions, and development prospects [5] Group 2 - The service provided offers insights that are prioritized for members, with additional analysis not available on free platforms [5]

Core Points - Baytex Energy Corp. has completed the sale of its Kerrobert thermal asset in Saskatchewan for net proceeds of approximately $42 million, with production from the asset being around 2,000 bbl/d of heavy oil [1][2] - Following the sale, Baytex has updated its 2025 production guidance to a range of 148,000 to 152,000 boe/d, down from the previous guidance of 150,000 to 154,000 boe/d [2] - The company expects that the asset disposition will not significantly affect its exploration and development expenditures or free cash flow profile for 2025 [2][8] Company Overview - Baytex Energy Corp. is headquartered in Calgary, Alberta, and operates in the acquisition, development, and production of crude oil and natural gas, primarily in the Western Canadian Sedimentary Basin and the Eagle Ford in the United States [5] - The company's common shares are traded on both the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE [5]

Group 1 - Baytex Energy (NYSE: BTE) has continued to perform in-line with expectations regarding its operational results, with both production and capital expenditures (capex) expected to hit the middle of its original guidance for the year [2]

Core Viewpoint - Baytex Energy Corp. has announced its 2025 budget, focusing on disciplined capital allocation to prioritize free cash flow while maintaining a strong balance sheet in a moderated growth environment [3][4][10]. Financial Overview - The approved budget for 2025 exploration and development expenditures is set between $1.2 billion and $1.3 billion, targeting average annual production of 150,000 to 154,000 boe/d based on a WTI price of US$65/bbl [4][11]. - The company expects to exit 2024 producing between 152,000 and 153,000 boe/d, with a first-quarter production forecast of 147,000 to 149,000 boe/d [12]. Production and Operations - Operated production is projected to increase by 1% in 2025, with approximately 85% of total corporate volumes coming from operated assets [5]. - The capital program will allocate 55% to 60% of expenditures to Eagle Ford light oil assets in the U.S. and 40% to 45% to Canadian assets, with a balanced split between light and heavy oil in Canada [6][9]. Development Plans - In the Eagle Ford, 54 net wells are expected to come online, including 41 net operated wells, while Canadian operations will see nine net wells in Pembina Duvernay and 90 in Viking [7]. - The company plans to run a consistent two rig and one frac crew program throughout most of the year, targeting a 7% improvement in drilling and completion costs per completed lateral foot compared to 2024 [8]. Financial Guidance - Operating expenses are largely unchanged from 2024, with guidance based on an exchange rate of 1.40 CAD/USD [15]. - A $0.05 CAD/USD change in the exchange rate impacts operating expenses by $0.21/boe and total debt by $70 million [16]. Five-Year Outlook - The five-year outlook anticipates maintaining annual exploration and development expenditures at $1.2 to $1.3 billion, generating cumulative free cash flow of $3.1 billion and a total return of capital of approximately $1.7 billion [20][21]. - Sensitivity analysis indicates that at a constant US$65/bbl WTI price, free cash flow is expected to be $1.5 billion, increasing to $4.5 billion at US$85/bbl [23].