1. Wed Nov 3rd - BTE looking to bank another $1.85M+ FCF today

2. With fully factored hedges Free Cash Flow @ $81.02 & current pricing = $680+ million/year which is above the management plan. (Including a Clearwater estimate 100% unhedged!)

3. WTI is final for Q3. We are now on the Q4 / December Contracts. Not including improved hedges or Clearwater see historical trend below;

i. BTE Free Cash Flow Q1 = $70M avg WTI $52.09
ii. BTE Free Cash Flow Q2 = $112M avg WTI $62.71
iii BTE Free Cash Flow Q3 = $TBD avg WTI $70.57
iv. BTE Free Cash Flow Q4 = $TBD avg WTI $75.08 (so far)

4. Q4 contracts 82.4% complete.

5. Shareholder Strategic Focus. To BTE management. Keep doing what you're doing!

i. Focus on FCF!
ii. Pay down debt (down to $1.4b this year wow!) Clear off the 2024 note on June 1st 2022 as soon as the agreement allows.
iii. Buyback cheap shares complete a SIB not a NCIB (the cheaper the better)
iv. Issue a dividend
v. If Clearwater development can accelerate FCF, debt payment, share buybacks and dividends do it.
vi. Preferably in that order and keep within 80-85k bpd
vii. Ignore the share price focus on the enterprise strategy, operations, and efficiency.

With this you will find 100% support

Reference:
https://www.baytexenergy.com/files/pdf/corporate-handouts/2021/2021%20-%20October%20Presentation.pdf