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Baytex Energy Corp
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April 2024 Eagle Ford Presentation
| Edward D. LaFehr | Page 39 of 11 |
May 03, 2024
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"April 2024 Eagle Ford Presentation"
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w U.S. BUSINESS UNIT – OPERATING AND FINANCIAL RESULTS (1) Barrel of oil equivalent ("boe") amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. The use of boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. (2) 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. (3) Supplementary financial measure calculated as royalties, operating or transportation expenses divided by barrels of oil equivalent production volume for the applicable period. Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Benchmark Prices WTI crude oil (US$/bbl) $76.13 $73.78 $82.26 $78.32 $77.62 NYMEX natural gas (US$/MMbtu) $3.42 $2.10 $2.55 $2.88 $2.74 Production Light oil and condensate (bbl/d) 15,280 20,710 58,122 55,981 37,691 Natural gas liquids (bbl/d) 5,338 7,186 15,902 20,223 12,214 Natural gas (Mcf/d) 32,946 35,946 79,722 116,548 66,556 Oil equivalent (boe/d) (1) 26,109 33,887 87,311 95,629 60,997 % Liquids 79% 82% 85% 80% 82% Average Realized Sales Prices Light oil and condensate ($/bbl) $103.27 $97.55 $109.09 $105.83 $105.71 Natural gas liquids ($/bbl) $32.83 $25.07 $28.04 $26.68 $27.55 Natural gas ($/Mcf) $4.02 $2.52 $3.20 $3.07 $3.15 Operating Netback ($/boe) Total sales, net of blending and other expenses (2) $72.22 $67.60 $80.64 $71.34 $74.27 Royalties (3) (21.02) (19.66) (21.89) (19.42) (20.51) Operating expense (3) (9.03) (9.11) (10.09) (8.17) (9.08) Transportation expense (3) (0.00) (0.43) (1.48) (1.33) (1.12) Operating Netback (2) $42.17 $38.40 $47.18 $42.42 $43.56