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July Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Jul 31, 2014 · 39 slides

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Slides

  1. July Presentation – Baytex Energy Corp. – slide 1
    July Presentation
  2. July Presentation – Baytex Energy Corp. – slide 2
    Investment Highlights Focus on per share growth in production and reserves Organic Oil Growth Long-term, Low-Cost Inventory Sector-leading capital efficiency Operational excellence Meaningful Dividend Focus on dividend growth…
  3. July Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Summary of Securities Trading Symbol TSX / NYSE: BTE Average Daily Volume (1) Canada: 2,301,300 / U.S.: 215,500 Shares Outstanding (Current) 165.5 million Market Capitalization / Enterprise Value 8.0 billion / 10.4…
  4. July Presentation – Baytex Energy Corp. – slide 4
    Operating Areas Production (H2/2014 Guidance) Company Total = 88,000 90,000 boe/d Gas NGLs Gas 14% 13% 14% Heavy Oil Oil Heavy Light Oil 50% 50% Light 23% Oil 23% NGLs 13% 2P Reserves (Pro Forma Eagle Ford) Company…
  5. July Presentation – Baytex Energy Corp. – slide 5
    Oil-Equivalent Production Growth 80,000 60,000 boe / d 40,000 76,000 57,196 50,132 53,986 20,000 40,239 41,382 44,341 34,022 34,647 34,292 36,222 0 (1) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014…
  6. July Presentation – Baytex Energy Corp. – slide 6
    Reserve Growth / Contingent Resources Proved Probable 350 Oil-Equivalent Reserves (MMboe) 318 300 292 252 250 229 159 200 187 197 96 148 168 89 150 141 146 61 68 52 107 123 39 43 100 37 30 159 140 156 144 116 126…
  7. July Presentation – Baytex Energy Corp. – slide 7
    Baytex Three Key Oil Resource Plays 80% of Baytexs pro forma production comes from three oil plays Single Well Economics (excluding acreage acquisition costs) (1) Eagle Ford Peace River Heavy Oil Lloydminster Heavy Oil Condensate…
  8. July Presentation – Baytex Energy Corp. – slide 8
    Profit Investment Ratio 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x Seal Cold Heavy Multi-Lateral - Hz SE Sask Viewfield Bakken - Hz Ante Creek Montney (75% oil) - Hz Marcellus (dry gas) - Hz Kaybob Montney Oil - Tier 1 - Hz…
  9. July Presentation – Baytex Energy Corp. – slide 9
    The Eagle Ford 12
  10. July Presentation – Baytex Energy Corp. – slide 10
    Strategic Entry into the Eagle Ford The Eagle Ford Provides Baytex With Exposure to a World Class Oil Resource Play Overview of Acreage - 22,200 net contiguous acres in the prolific Sugarkane Field in the core of the liquids-rich Eagle…
  11. July Presentation – Baytex Energy Corp. – slide 11
    Eagle Ford Acreage Sweet Spot of a World-Class Play Eagle Ford Sweet Spot EUR Map Acreage Position Amongst Top Operators EURs exceed 500,000 barrels of oil across Baytexs acreage is amongst top operators most of the acreage including…
  12. July Presentation – Baytex Energy Corp. – slide 12
    Eagle Ford Opportunity Summary Eagle Ford Type Log Current Development - Lower Eagle Ford originally developed at 80-acre spacing; current development is now 60-acre spacing (volatile oil) and 40-acre spacing (condensate gas)…
  13. July Presentation – Baytex Energy Corp. – slide 13
    Eagle Ford Improving Performance Increasing Development Performance and Recovery - A subsidiary of Marathon Oil Corporation is the operator of the majority of Baytexs Eagle Ford position - Continuous improvements in drilling and…
  14. July Presentation – Baytex Energy Corp. – slide 14
    Eagle Ford - Key Attributes - Material Production and High Quality Reserve Base - Substantial inventory of potential well locations to support future production growth - Reserve upside exists through additional horizons in the Austin…
  15. July Presentation – Baytex Energy Corp. – slide 15
    Key Projects Overview
  16. July Presentation – Baytex Energy Corp. – slide 16
    Peace River Oil Sands 306 net sections of oil sands leases 553 million barrels of economic contingent resource * Area Statistics Production (Q1/2014) 25,800 bbl/d 2P Reserves (YE13) (1) 114 mmbbls Drilling Inventory (2) 5 years…
  17. July Presentation – Baytex Energy Corp. – slide 17
    Multi-Lateral Cold Horizontal Wells Reservoir Characteristics (1) Formation Bluesky Depth 600 700 metres Oil Quality 11 API Average Porosity 28% Permeability 0.5 5.0 darcies Oil Saturation 70% Recovery Factor 5 7% Well…
  18. July Presentation – Baytex Energy Corp. – slide 18
    Lloydminster Lloydminster Heavy Oil Heavy Oil 730 net sections; 212 million barrels of economic contingent resource * Area Statistics Production (Q1/2014) 19,400 bbl/d 2P Reserves (YE13) (1) 114 mmbbls Drilling Inventory (2) 6.5…
  19. July Presentation – Baytex Energy Corp. – slide 19
    Lloydminster Development Vertical Wells Completed Well Cost 450,000 Production (30-day IP) 30-50 bbl/d EUR 30-50 mbbl Capital Efficiency 11,250 per bbl/d Development Cost 11.25/bbl Horizontal Wells Completed Well Cost…
  20. July Presentation – Baytex Energy Corp. – slide 20
    Bakken / Three Forks Development 126 net sections; 34 million barrels of economic contingent resource * SASKATCHEWAN Bakken-Three Forks Baytex Lands Production (Q1/2014) 3,100 bbl/d 2P Reserves (YE13) 54 mmbbl NORTH DAKOTA…
  21. July Presentation – Baytex Energy Corp. – slide 21
    Bakken / Three Forks Development Current development targets the Three Forks formation. Additional potential to develop Middle Bakken Evolution of frac staging: initially 6 stages/well 20 stages/well in 2011 30+ stages/well in…
  22. July Presentation – Baytex Energy Corp. – slide 22
    Corporate Growth Strategy
  23. July Presentation – Baytex Energy Corp. – slide 23
    Updated 2014 Operating Plans Q1/2014 Q2/2014 H1/2014 H2/2014 FY 2014 2014 Guidance Summary Actual Estimate Estimate Guidance Guidance (1) Production (boe/d) 59,502 66,000 62,750 88,000-90,000 75,000-77,000 Capital Expenditures (…
  24. July Presentation – Baytex Energy Corp. – slide 24
    Why Invest in Baytex Superior Asset Base Income Payout Proven Track Record - Low cost development - Committed to paying a - Strong balance sheet inventory oil focus meaningful dividend - Sophisticated risk - Sector leading capital -…
  25. July Presentation – Baytex Energy Corp. – slide 25
    Appendix: Crude Oil Marketing
  26. July Presentation – Baytex Energy Corp. – slide 26
    2014: A Break Out Year for Canadian Heavy - Market conditions remain positive with the forward market indicating a WCS differential of 20% for the remainder of this year (last six months) - Positive catalysts unfolding in 2014 should…
  27. July Presentation – Baytex Energy Corp. – slide 27
    Heavy Oil Differential WCS and Maya 30
  28. July Presentation – Baytex Energy Corp. – slide 28
    Crude Oil Rail Exports North Dakota Western Canada 800 Q4 / 2014 Projected Western Canada Rail Capacity (800 - 900 mbbl/d) 700 Mid-2014 Projected Western Canada 600 Rail Capacity ( 600 mbbl/d) 500 Mbbl/d 400 300 200…
  29. July 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. July Presentation – Baytex Energy Corp. – slide 30
    Oil Marketing Portfolio Q3 2014 Heavy Oil Sales Portfolio WTI Financial Hedging Q3 / 2014 % Hedged 51% Fixed Price US96.45/bbl Q4 / 2014 % Hedged 48% Fixed Price US95.43/bbl FY 2015 % Hedged 7% Fixed Price 90.80/bbl…
  31. July Presentation – Baytex Energy Corp. – slide 31
    Heavy Oil Hedge Coverage Q3/2014 Q4/2014 Term Pipeline Blended WCS (bbl/d) 5,000 5,000 Equivalent Heavy Production (bbl/d) 3,850 3,850 % of Gross Heavy Production 9% 9% Financial Derivatives Financial Blended WCS index (bbl/d) 2,325…
  32. July Presentation – Baytex Energy Corp. – slide 32
    Midstream Heavy Oil Fundamentals Infrastructure Development Source: Canadian Association of Petroleum Producers Crude Oil Forecast, Markets and Pipelines Report, June 2012. 35
  33. July Presentation – Baytex Energy Corp. – slide 33
    Midstream Heavy Oil Fundamentals Near-Term Pipeline Projects: Seaway and Flanagan South Source: Enbridge 36
  34. July Presentation – Baytex Energy Corp. – slide 34
    U.S. Gulf Coast HeavyUS OilGulf Coast Heavy Oil Demand Demand U.S. imports of Canadian heavy oil rose Total U.S. heavy oil imports averaged to 1.69 million bbl/d in December 2013, 3.99 million bbl/d in 2013, 39% and averaged 1.55…
  35. July Presentation – Baytex Energy Corp. – slide 35
    Supplementary Information - Financial 38
  36. July Presentation – Baytex Energy Corp. – slide 36
    Baytex Liquidity (C billions) Coupon Principal Due Monetary Debt (C) (1) Long Term Notes: Baytex Series B (US) 6.750% Feb-2021 0.17 Baytex Series C (C) 6.625% Jul-2022 0.30 Baytex Series D (US) 5.125% Jun-2021 0.44 Baytex Series E…
  37. July Presentation – Baytex Energy Corp. – slide 37
    Other Commodities / FOREX Hedge Coverage Q3/2014 Q4/2014 FY 2015 Natural Gas % of Volumes Hedged at Fixed Price (1) 42% 42% 12% Average Fixed Price (US/mmBtu) 4.15 4.15 4.19 % of Volumes Hedged Using Collars (1) 12% 12% 0% Average…
  38. July Presentation – Baytex Energy Corp. – slide 38
    Share Ownership Breakdown Ownership Breakdown Institutional 63% Retail 35% Insiders 2% 100% Canada 76% U.S. 18% Europe/Asia 4% Insiders 2% 100% Baytex shareholder base, estimated as at March 2014. Sources: IPREO and…
  39. July Presentation – Baytex Energy Corp. – slide 39
    Capital Program Efficiency 3-Year 2011 2012 2013 Average 2011-13 Capital Expenditures (millions) Exploration and development 367.9 418.6 550.9 1,337.4 Acquisitions (net of dispositions) 148.8 (170.9) (39.1) (61.2) Total 516.6 247.7…

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