This press release also contains the terms “adjusted funds flow” and “net (cash) debt” which are considered capital management measures. Operating netback is comprised of petroleum and natural gas sales, less blending expense, royalties, operating expense and transportation expense for Canada. On June 30, 2026, the Company had $745.6 million of available credit facility capacity to cover any working capital deficiencies. Capital Management Measures Net (cash) debt We use net (cash) debt to monitor our current financial position and to evaluate existing sources of liquidity. The following table shows Baytex’s disaggregated production volumes for the three and six months ended June 30, 2026 and 2025.