Q4 Numbers are hereQ4 2021 results BAYTEX ANNOUNCES FOURTH QUARTER AND YEAR-END 2021 RESULTS, RESERVES AND RETURN OF CAPITAL FRAMEWORK CALGARY, ALBERTA (February 24, 2022) - Baytex Energy Corp. ("Baytex")(TSX: BTE) reports its operating and financial results for the three months and year ended December 31, 2021 (all amounts are in Canadian dollars unless otherwise noted). “In 2021, we made a commitment to maintain capital discipline, maximize free cash flow and reduce our net debt. I am very pleased to say we delivered on all fronts with strong operational execution, record free cash flow and a significantly improved balance sheet. With continued operating momentum and current commodity prices, we expect to generate over $550 million of free cash flow in 2022 and reach our initial $1.2 billion net debt target during the second quarter. As a result, we are announcing the next phase of our return of capital framework, which includes allocating approximately 25% of our free cash flow to share buybacks commencing in the second quarter. We are also following up our success in the Clearwater where we now have four of the top five initial rate wells drilled to date in the play,” commented Ed LaFehr, President and Chief Executive Officer. 2021 Highlights • Production exceeded the high end of guidance at 80,789 boe/d (82% oil and NGL) in Q4/2021 and 80,156 boe/d (82% oil and NGL) for the full-year 2021. • Exploration and development expenditures totaled $74 million in Q4/2021, bringing aggregate spending for 2021 to $313 million, in line with guidance. • Delivered adjusted funds flow(1) of $215 million ($0.38 per basic share) in Q4/2021 and $746 million ($1.32 per basic share) for 2021. • Generated a record level of free cash flow(2) of $137 million ($0.24 per basic share) in Q4/2021 and $421 million ($0.75 per basic share) for 2021. • Cash flows from operating activities was $241 million ($0.43 per basic share) in Q4/2021 and $712 million ($1.26 per basic share) for 2021. • Reduced net debt(1) by 24% to $1.4 billion at year-end 2021, from $1.8 billion at year-end 2020. • Drilled four of the top five wells to-date in the Clearwater play, with our two most recent wells at Peavine generating 30- day initial production rates of 921 bbl/d and 815 bbl/d, respectively. • Reduced our GHG emissions intensity (tonnes of CO2e per boe) in 2021 by 11% over 2020 levels and have now achieved a 52% reduction, relative to our 2018 baseline.