BAYTEX ENERGY Business Summary

Baytex Energy Corp. is a Calgary-based energy company primarily engaged in the acquisition, development, and production of crude oil and natural gas in the Western Canadian Sedimentary Basin. Following the strategic $2.14 billion divestiture of its U.S. Eagle Ford assets in late 2025, the company’s business model is now streamlined toward high-margin Canadian operations, generating revenue through the sale of a production mix that is approximately 89% liquids (crude oil and NGLs) and 11% natural gas. Its primary business segments are concentrated in the Pembina Duvernay light oil play and heavy oil assets across the Lloydminster and Clearwater regions of Alberta and Saskatchewan. Baytex competes directly with mid-cap Canadian producers such as Veren Inc., ARC Resources, Whitecap Resources, and Paramount Resources. Within this peer group, Baytex positions itself as a disciplined, free-cash-flow-focused producer with a top-tier balance sheet and a commitment to returning significant capital to shareholders through dividends and share buybacks. Founded in 1993, the company is led by CEO Eric T. Greager, an industry veteran with over 30 years of experience who previously served as CEO of Civitas Resources and held executive roles at Encana. In December 2025, Chad E. Lundberg was promoted to President and Chief Operating Officer, bringing extensive operational expertise from his prior tenure at Raging River Exploration and Crescent Point Energy. The financial strategy is overseen by CFO Chad Kalmakoff, who has been with the company since 2015 and was instrumental in the firm’s recent deleveraging and asset optimization efforts. The Board of Directors is chaired by Mark R. Bly, a former BP executive with global operational risk management experience, and includes notable members such as Jeffrey E. Wojahn, the former President of Encana Oil & Gas (USA). This leadership group is supported by a strong institutional investor base, including major holdings from firms like Fidelity and Vanguard, reflecting market confidence in the company’s transition to a pure-play Canadian growth engine.