Baytex Energy Corp. (NYSE: BTE)

Baytex Energy Corp. is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin. Approximately 85% of its production is weighted toward crude oil and natural gas liquids. The company has been operating for more than 30 years with established technical and operational expertise.

Baytex Energy Corp. generates revenue primarily through the sale of crude oil, natural gas liquids, and natural gas. Its production is sold under various pricing mechanisms and contractual agreements to maximize value and counterparty performance. The company utilizes derivative instruments and physical sales contracts to manage exposure to commodity price fluctuations.

The company operates through the following segments: Peace River, Lloydminster, Duvernay, and Viking.

• Peace River: This segment focuses on heavy gravity crude oil and natural gas production from the Bluesky and Spirit River formations in northwest Alberta. Recovery methods include primary and polymer flooding. In 2025, production averaged approximately 30,609 boe/d, consisting of 28,961 bbl/d of heavy crude oil, 44 bbl/d of NGL, and 9,629 Mcf/d of conventional natural gas.

• Lloydminster: This segment involves heavy crude oil operations targeting multiple Manville formations in Alberta and Saskatchewan, using multi-lateral horizontal drilling and circulation string techniques. Some reservoirs are water or polymer flooded. In 2025, production averaged 12,928 boe/d, comprising 12,700 bbl/d of heavy crude oil, 19 bbl/d of light and medium crude oil, and 1,258 Mcf/d of conventional natural gas.

• Duvernay: This segment encompasses a 100% working interest in the Pembina-Gilby area of the Duvernay resource play in central Alberta, with production from hydraulic fracturing of horizontal wells. In 2025, production averaged 8,328 boe/d, including 6,524 bbl/d of tight oil and NGL, and 10,825 Mcf/d of natural gas.

• Viking: This segment produces light oil from the Viking formation in southwest Saskatchewan and southeastern Alberta, primarily through hydraulic fracturing of horizontal wells, with some areas under waterflood. These assets feature shallow wells and short cycle times. In 2025, production averaged 9,771 boe/d, consisting of 8,018 bbl/d of light and medium crude oil and NGL, 10,071 Mcf/d of conventional natural gas, and 74 bbl/d of heavy crude oil.

Baytex Energy Corp. operates in a highly competitive and capital-intensive oil and natural gas industry, competing with companies that often have greater financial resources. Its competitive position is comparable to other mid-sized producers with similar production profiles in the Western Canadian Sedimentary Basin.

Baytex Energy Corp. serves a diverse customer base that includes various purchasers of crude oil, natural gas liquids, and natural gas across North American markets. Specific customer names are not disclosed in the filing, but the company markets its production through a portfolio of sales contracts with multiple counterparties to maximize value and ensure performance.