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Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp.

Baytex Energy Corp. · May 14, 2014 · 29 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 1
    Barclays Capital High Yield Bond & Syndicated Loan Conference Phoenix, AZ Rod Gray, Chief Financial Officer May 12-14, 2014 Brian Ector, Vice President, Capital Markets
  2. Barclays Capital High Yield Bond And Syndicated Loan Conference – 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. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 3
    Corporate Profile Summary of Securities Trading Symbol TSX / NYSE: BTE Average Daily Volume (1) Canada: 1,105,900 / U.S.: 168,300 Shares Outstanding (Current) 126.4 million Market Capitalization / Enterprise Value 5.8 billion / 6.6…
  4. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 4
    Operating Areas Production (Q1 2014) Company Total = 59,502 boe/d Lloydminster Peace River Heavy Oil 33% Heavy Oil 43% Light Oil 13% Gas 11% Operating Income (Q1 2014) Company Total = 197 million (37/boe) Lloydminster…
  5. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 5
    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…
  6. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 6
    Oil-Equivalent Production Growth 60,000 40,000 boe / d 61,000 57,196 53,986 50,132 44,341 20,000 40,239 41,382 34,022 34,647 34,292 36,222 0 (1) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Percent…
  7. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 7
    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…
  8. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 8
    2014 Operating Plan Targeting 6% Growth 2014 Production Guidance 2014 Capital Budget and Wells Drilled Amount Wells Drilled - 485 million capital budget ( millions) (net) Peace River 95% of expenditures directed Conventional 178 36…
  9. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 9
    Corporate Growth Strategy Production (boe/d) Conventional Drilling Inventory Peace River Multi-laterals 5 years Lloydminster Heavy Oil 6.5 years North Dakota Bakken 10+ years Conventional Oil and Gas 10+ years Thermal Capacity…
  10. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 10
    2014E Funds from Operations (C mm) and Debt to FFO Heavy Oil Differential (% of WTI) 18% 23% 28% WTI (US/bbl) 90 710 (1.2x) 671 (1.3x) 632 (1.4x) 95 743 (1.1x) 703 (1.2x) 661 (1.3x) 100 776 (1.0x) 733 (1.1x) 690 (1.2x)…
  11. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 11
    Balance Sheet Strength ( millions) Q1 2014 Credit Facilities Unused Used Bank Loan (1) 300.6 Long-Term Debt (2),(3) 465.8 Working Capital Deficiency 65.9 Undrawn 549 million, or 65%(1) Total Monetary Debt (3) 832.3 Debt to…
  12. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 12
    Pending Eagle Ford Acquisition 16
  13. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 13
    Strategic Acquisition of Aurora Oil & Gas - Baytex has entered into an agreement to acquire Aurora Oil & Gas - Aurora is listed on the Toronto and Australia Stock Exchanges (TSX: AEF, ASX: AUT) - Acquisition to be completed by way of…
  14. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 14
    Strategic Rationale Exposure to World Class Oil Resource Play Increased Scale and Diversity of Production Diversifies asset base into the core of the Total gross production upon closing is forecast liquids-rich Eagle Ford, one of…
  15. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 15
    Baytex 2014E Pro Forma Production and FFO Baytex Pro Forma Production (Mboe/d) 61 88-90 Funds from Operations (C billions) 0.7 1.1-1.2 Total Monetary Debt (C billions) 2.3 Debt to FFO 2.0x Pricing Assumptions Notes This pro…
  16. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 16
    Baytex Pro Forma Liquidity (C billions) Coupon Principal Due Pro Forma (1) Long Term Notes: Baytex Series B Debentures (US) 6.750% Feb-2021 0.2 Baytex Series C Debentures (C) 6.625% Jul-2022 0.3 Aurora Debentures (US) 9.875%…
  17. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 17
    Pro Forma Production and Reserves (1) Baytex Stand-Alone Baytex Pro Forma Aurora Production (2014E) = 60-62 Mboe/d Combined Production = 88 Mboe/d NGL 3% Natural Gas Light Oil Natural Gas 11% 11% 14% Light Oil NGL 13% 22% Heavy…
  18. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 18
    Eagle Ford Acreage Position Aurora holds 22,200 net contiguous acres in the prolific Sugarkane Field located in south Texas in the core of the liquids- rich Eagle Ford shale. The acquisition provides exposure to low-risk, repeatable,…
  19. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 19
    Key Attributes of Aurora - 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…
  20. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 20
    Key Attributes of Aurora (continued) - Increasing Development Performance and Recovery - A subsidiary of Marathon Oil Corporation is the operator of the majority of Auroras Eagle Ford position - Continuous improvements in drilling…
  21. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 21
    Eagle Ford Opportunity Summary Eagle Ford Type Log Current Development - 80,200 highly contiguous gross acres (22,200 net acres) in the most prolific area of the Eagle Ford - Lower Eagle Ford originally developed at 80-acre spacing;…
  22. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 22
    Summary of the Eagle Ford Acquisition - Baytex is acquiring premier acreage in the core of the Eagle Ford one of the leading shale oil plays in the U.S. - The assets to be acquired are an excellent fit with our business model and…
  23. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 23
    Key Projects Overview
  24. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 24
    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…
  25. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 25
    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…
  26. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 26
    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)…
  27. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 27
    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…
  28. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 28
    Baytex Pro Forma 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…
  29. Barclays Capital High Yield Bond And Syndicated Loan Conference – Baytex Energy Corp. – slide 29
    Summary Superior Asset Base Income Payout Proven Track Record - Low cost development - Committed to paying a - Best-in-class balance sheet inventory oil focus meaningful dividend - Sophisticated risk - Sector leading capital - Over…

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