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BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp.

Baytex Energy Corp. · Nov 13, 2014 · 26 slides

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Slides

  1. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 1
    Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE Miami, Florida Brian Ector November 13, 2014 SVP Capital Markets and Public Affairs
  2. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 2
    Baytex Key Attributes Profitable Growth and Income - Focus on per share growth in production and reserves Production Growth - Production growth focused on crude oil and liquids - Significant inventory of development prospects -…
  3. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) Canada: 2,316,000/ U.S.: 630,610 Shares Outstanding (Current) 167 million Market Capitalization / Enterprise Value 5.4 billion / 7.7 billion…
  4. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 4
    Three Key Resource Plays Eagle FordTexas Peace River 34% - Q3/14 production 34,000 - Q3/14 production 26,000 boe/d Texas boe/d 34% - 5+ year drilling inventory Heavy Oil 51% - 5+ year drilling inventory Light Oil - 25 to 30 net…
  5. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 5
    Production Growth Production Breakdown H2/2014 Guidance 100,000 Production CAGR = 13% 550 91,000 92,000 boe/d 530 (per share CAGR = 7%) NGLs Gas 7% 80,000 500 15% Heavy Oil boe/d per thousand shares 50% 456 Light Oil…
  6. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 6
    Reserves Growth / Contingent Resources Reserve CAGR = 17% 2P Reserve Breakdown (1) 500 (per share CAGR = 8%) 3.0 Company Total = 432 MMboe Gas NGLs 2.54 2.59 Heavy Oil 14%Gas 17% 2.40 53% 2.5 15%NGLs 400 NGLs 17% Light Oil…
  7. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 7
    Type Curve Well Economics at US80/bbl WTI (1) Eagle Ford Peace River Lloydminster Formation Lower Eagle Ford Bluesky Mannville Group Completion Multi-Stage Frac Open Hole Hz Slotted Liner Well Cost ( millions) US7.6 3.4 1.0…
  8. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 8
    Profit Investment Ratio (PIR) 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x Woodenhouse Heavy - Vt WTI of 20%. Seal Cold Heavy Multi-Lateral Ante Creek Montney (Tier 1) SE Sask Viewfield Bakken Musreau/Resthaven Montney SE SK…
  9. BAML GLOBAL ENERGY CONFERENCE – 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 616 448 300 9 0 0 7 0 2017 2018 2019 2020 2021…
  10. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 10
    Funds from Operations Sensitivities Estimated Effect on Estimated Effect on Annual Funds Flow Annual Funds Flow Sensitivities ( Millions) (Per Share) Change of US1.00/bbl WTI crude oil 14.5 0.09 Change of 1% WCS heavy oil…
  11. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 11
    The Eagle Ford 14
  12. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 12
    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.…
  13. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 13
    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…
  14. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 14
    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)…
  15. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 15
    Eagle Ford Sub Play Economics Sub-Play Analysis Type Well Breakeven Source: Wood Mackenzie. Wood Mackenzie breaks the Eagle Ford into nine distinct sub-play areas: (1) Northeast Oil, (2) Black Oil, (3) Karnes Trough Condensate,…
  16. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 16
    Eagle Ford Development Development to date has targeted the Lower Eagle Ford - Originally developed at 80-acre spacing; current development is now 60-acre spacing (volatile oil) and 40-acre spacing (condensate gas) Extending Lower…
  17. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 17
    Heavy Oil Overview 20
  18. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 18
    Peace River Oil Sands Multi-Lateral Drilling Drives Strong Capital Efficiencies Area Statistics Land Holdings 308 net sections Production (Q3/2014) 26,000 bbl/d 2P Reserves (YE13) (1) 114 mmbbls Drilling Inventory (2) 5 years…
  19. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 19
    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 -…
  20. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 20
    Lloydminster Lloydminster Heavy Oil Heavy Oil Shift to Horizontal Drilling Expands Inventory Area Statistics Land Position 730 net sections Production (Q3/2014) 20,000 boe/d 2P Reserves (YE13) (1) 114 mmbbls Drilling…
  21. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 21
    Lloydminster Development Reservoir Characteristics (1) Formation Mannville Group Depth 350 800 metres Completion Horizontal Slotted Liner / Vertical Stacked Pays Oil Quality 11 18 API Average Porosity 30% Permeability 0.5 5.0…
  22. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 22
    Crude Oil Marketing
  23. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 23
    2014: A Break Out Year for Canadian Heavy - Market conditions remain positive with the forward market indicating a WCS differential of 16% for Q4/2014 - Positive catalysts in 2014 are contributing to lower differentials and stronger…
  24. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 24
    Heavy Oil Differential WCS and Maya 27
  25. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 25
    Oil Marketing Portfolio Q4 2014 Heavy Oil Sales Portfolio WTI Financial Hedging Q4 / 2014 % Hedged 51% Fixed Price US96.45/bbl Q1/ 2015 % Hedged 45% Fixed Price US96.54/bbl FY 2015 % Hedged 24% Fixed Price US94.66/bbl…
  26. BAML GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 26
    Why Invest in Baytex Superior Asset Base Income Payout Proven Track Record - Low risk inventory oil - Committed to paying a - Sophisticated risk focus meaningful dividend management - Sector leading capital - Over 1.7 billion…

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