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2015 APRIL PRESENTATION – Baytex Energy Corp.

Baytex Energy Corp. · Apr 20, 2015 · 31 slides

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Slides

  1. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 1
    April Presentation
  2. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 2
    Baytex Key Attributes North American Oil Focused Producer Operating for Over 20 Years - Focus on per share growth in production, cash flow and reserves Exceptional - Production growth focused on crude oil and liquids Growth…
  3. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 4,421,248 / US: 1,366,118 Shares Outstanding (Pro Forma Equity Issue) 205 million Market Capitalization / Enterprise Value 4.2 billion /…
  4. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 4
    Three Key Resource Plays Texas Eagle Ford 34% Peace River Texas Q4/14 production of 34% Q4/14 production of 38,050 boe/d 25,700 boe/d Heavy Oil 51% Light Oil 39-45 net wells planned 8 net wells planned for 22% for 2015…
  5. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 5
    2015 Capital Budget & Commentary Capital Budget (February 2015) Amount Wells Drilled Operating Area ( millions) (net) United States 400 - 450 39 45 Canada (1) 100 - 125 35 48 Total 500 - 575 74 - 93 (1) Includes 8 - 12…
  6. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 6
    Production Growth Production Breakdown 5 Year Production CAGR = 14% 2015 Guidance 100,000 (per share CAGR = 2%) 84,000 88,000 boe/d NGLs Gas 9% 80,000 18% Light Oil Heavy OilOil Heavy 33% 40% 40% 86,000 60,000 Natural Gas…
  7. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 7
    Reserves Growth / Contingent Resources 5 Year Reserve CAGR = 17% 2P Reserve Breakdown 500 (per share CAGR = 7%) Company Total = 432 MMboe Gas NGLs Heavy Oil 14% Gas 17% 53% 15% 400 NGLsNGLsNGLs Light Oil 22% 17% 17% 16%…
  8. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 8
    High Quality Investment Opportunities Eagle Ford Peace River Lloydminster Well Costs ( millions) US6.9 2.9 0.8 Production (boe/d) IP30 1,000 1,200 300 - 500 70 - 80 % Liquids 60% - 70% 100% 100% Annual Capital Efficiencies (1)…
  9. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 9
    Balance Sheet Strength Debt Composition Long-Term Debt Maturity Schedule ( millions) ( millions) Credit Capacity 2.6 billion No material repayments required until 2021 638 Unutilized 464 Capacity Long Term 1,170 Debt 1,400…
  10. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 10
    2015 Funds from Operations Sensitivities Estimated Effect on Estimated Effect on Annual Funds Flow Annual Funds Flow Sensitivities (excluding effect of hedging) ( Millions) (Per Share) Change of US1.00/bbl WTI crude oil 20.0 0.10…
  11. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 11
    Crude Oil Hedge Portfolio Q1/2015 Q2/2015 Q3/2015 Q4/2015 2015 Fixed Hedges Volumes (bbl/d) 20,464 12,059 4,000 4,000 10,131 Hedge (%) (1) 43% 26% 9% 9% 22% Fixed Price (US/bbl) 93.19 90.56 95.98 95.98 92.96 Floating Hedges…
  12. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 12
    Pricing Exposure At US50/bbl WTI, the Eagle Ford Enhances Our Operating Netback by Approximately 60% - Our light oil and condensate production in the Q4/2014 Operating Netback Eagle Ford is priced primarily off a Louisiana Light…
  13. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 13
    The Eagle Ford
  14. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 14
    Eagle Ford Acreage Position The Eagle Ford Provides Baytex With Exposure to a World Class Oil Resource Play Overview of Acreage - 23,000 net contiguous acres in the Sugarkane Field in the core of the liquids-rich Eagle Ford shale.…
  15. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 15
    Eagle Ford Gas/Liquids Window Map Nine Eagle Ford Sub-Play Areas Eagle Ford Play Eagle Ford Play Study based on production information received from the Texas Railroad Commission as of April 2014 Over 8,500 wells included in…
  16. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 16
    Eagle Ford - Wells Completed 2009 to 2014 Wood Mackenzie breaks the Eagle Ford into nine distinct sub-play areas: (1) Northeast Oil, (2) Black Oil, (3) Karnes Trough Condensate, (4) Edwards Condensate, (5) Southeast Gas, (6)…
  17. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 17
    Eagle Ford Sub Play Economics Sub-Play Analysis Type Well Breakeven Source: Wood Mackenzie Notes Wood Mackenzie breaks the Eagle Ford into nine distinct sub-play areas: (1) Northeast Oil, (2) Black Oil, (3) Karnes Trough…
  18. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 18
    Eagle Ford Development Development to date has targeted the Lower Eagle Ford - Development occurring at 40-acre and 60- acre spacing - We are seeing an approximate 22% improvement in 30-day IP rates since acquisition Extending…
  19. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 19
    Eagle Ford Performance Increasing Performance and Efficiency - Continuous improvements in drilling and completion design have increased 30-day IP rates by approximately 68% since Q4/2011 with 180-day cumulative recovery increasing…
  20. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 20
    Completion Improvements Increasing Lateral Length, Frac Stages and Proppant - Since 2011, the average lateral length per well has increased 16% to approximately 5,600 feet, the number of frac stages per well has increased 44% to 23…
  21. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 21
    Heavy Oil Overview 24
  22. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 22
    Peace River Oil Sands Multi-Lateral Drilling Drives Strong Capital Efficiencies Area Statistics Land Holdings 310 net sections Production (Q4/2014) 25,700 boe/d 2P Reserves (YE14) (1) 72.6 mmboe Drilling Inventory (2) 6.5 years…
  23. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 23
    Multi-Lateral Cold Horizontal Wells Reservoir Characteristics (1) Formation Bluesky Depth 600 metres Completion Open Hole Oil Quality 11 API Average Porosity 28% Permeability 1 - 5 darcies Oil Saturation 70% Recovery Factor 5 -…
  24. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 24
    Lloydminster Lloydminster Heavy Oil Heavy Oil Shift to Horizontal Drilling Expands Inventory Area Statistics Land Position 652 net sections Production (Q4/2014) 18,500 boe/d 2P Reserves (YE14) (1) 49.5 mmboe Drilling…
  25. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 25
    Lloydminster Development Reservoir Characteristics (1) Formation Mannville Group Depth 350 800 metres Completion Horizontal Slotted Liner / Vertical Stacked Pays Oil Quality 10 16 API Average Porosity 30% Permeability 0.5 5.0…
  26. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 26
    Why Invest in Baytex Superior Asset Base Total Return Focus Proven Track Record Significant inventory of high Value creation via Long-term track record of quality, low risk, oil- profitable growth and value creation and focused…
  27. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 27
    Supplementary Information 30
  28. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 28
    Natural Gas / FOREX Hedge Coverage Q1/2015 Q2/2015 Q3/2015 Q4/2015 2015 Natural Gas AECO Volumes Hedged (mmbtu/day) 20,836 4,735 4,735 4,735 8,761 % of Volumes Hedged at Fixed Price (1) 28% 6% 6% 6% 12% Average AECO Swap Price (C/GJ)…
  29. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 29
    Marketing - Crude by Rail Rail a Key Component of Market Access - Trucking flexibility helps optimize value of production - Rail has become an effective vehicle for management of heavy oil differentials - Undiluted heavy oil sales…
  30. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 30
    Share Ownership Breakdown Ownership Breakdown Institutional - Europe / Asia Institutional 62% Institutional - 3% U.S. 13% Retail 38% Retail - Canada 32% 100% Institutional - Canada 78% Retail - U.S. Canada 6% 46% U.S.…
  31. 2015 APRIL PRESENTATION – Baytex Energy Corp. – slide 31
    Capital Program Efficiency 3-Year 2012 2013 2014 Average 2012-14 Capital Expenditures (millions) Exploration and development 418.6 550.9 766.1 1,735.6 Acquisitions (net of dispositions) (170.9) (39.1) 2,545.1 2,335.1 Total 247.7 511.8…

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