BAYTEX ENERGY CORP.
For the period ended Dec 31, 2025. Filed Mar 5, 2026.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Mar 5, 2026
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EX-99.3 · OPERATING NETBACK
OPERATING NETBACK
The following table summarizes our operating netback on a per boe basis for the years ended December 31, 2025 and 2024.
| Years Ended December 31 | |||
|---|---|---|---|
| ($ per boe except for volume) | 2025 | 2024 | Change |
| Daily production (boe/d) - continuing operations | 65,528 | 63,948 | 2% |
| Daily production (boe/d) - discontinued operations | 79,551 | 89,100 | (11)% |
| Total production (boe/d) | 145,079 | 153,048 | (5)% |
| Operating netback: | |||
| Total sales, net of blending and other expense (1) | $60.61 | $68.79 | $(8.18) |
| Less: | |||
| Royalties (2) | (8.52) | (11.16) | 2.64 |
| Operating expense (2) | (13.98) | (14.36) | 0.38 |
| Transportation expense (2) | (3.50) | (3.60) | 0.10 |
| Operating netback (1) - continuing operations | $34.61 | $39.67 | $(5.06) |
| Operating netback (1) - discontinued operations | $35.89 | $41.37 | $(5.48) |
| Operating netback (1) | $35.31 | $40.67 | $(5.36) |
| Realized financial derivatives gain (loss) (3) | (0.37) | 0.03 | (0.40) |
| Operating netback after financial derivatives (1) | $34.94 | $40.70 | $(5.76) |
(1)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 MD&A for further information.
(2)Refer to Royalties, Operating Expense and Transportation Expense sections in this MD&A for a description of the composition these measures.
(3)Calculated as realized financial derivatives gain or loss divided by barrels of oil equivalent production volume for the applicable period.
Our operating netback for continuing operations of $34.61/boe for 2025 was lower than $39.67/boe for 2024 due to the decrease in our realized price, which resulted in lower per unit sales net of royalties. Combined operating and transportation expense for 2025 was consistent with 2024.
Operating netback for discontinued operations was $35.89/boe for 2025 which was lower than $41.37/boe for 2024 primarily due to lower realized prices. Our total operating netback for continuing and discontinued operations net of realized gains and losses on financial derivatives was $34.94/boe for 2025 compared to $40.70/boe for 2024.
Total operating netback after financial derivatives of $34.94/boe for 2025 reflects lower realized prices net of royalties compared to $40.70/boe for 2024.
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