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March 2016 Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Mar 4, 2016 · 31 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. March 2016 Investor Presentation – Baytex Energy Corp. – slide 1
    March Presentation
  2. March 2016 Investor 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 Platform…
  3. March 2016 Investor Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 10,300,000 / US: 1,800,000 Shares Outstanding 210.7 million Market Capitalization / Enterprise Value 0.7 billion / 2.7 billion Net Debt…
  4. March 2016 Investor Presentation – Baytex Energy Corp. – slide 4
    Three Key Resource Plays Eagle FordTexas 34% Peace River Q4/15 production of Texas 34% Q4/15 production of 40,300 boe/d 19,600 boe/d Heavy Oil 51% Expect to bring 30 net Developed Light Oil 22% via multi-lateral wells on…
  5. March 2016 Investor Presentation – Baytex Energy Corp. – slide 5
    2015 Highlights Generated production of 84,650 boe/d, up 8% year-over-year Advanced multi-zone development potential of Eagle Ford acreage Targeting up to three zones in the Eagle Ford formation in addition to the overlying Austin…
  6. March 2016 Investor Presentation – Baytex Energy Corp. – slide 6
    2016 Capital Budget Summary of 2016 Expectations Exploration and Development Capital 225-265 million Production 68,000 72,000 boe/d We are targeting capital expenditures to approximate funds from operations in order to minimize…
  7. March 2016 Investor Presentation – Baytex Energy Corp. – slide 7
    Balance Sheet / Debt Composition Exited 2015 with senior debt (bank debt and long-term notes) of 1.88 billion Senior debt to Bank EBITDA ratio (twelve-month trailing) of 3.0x at year-end 2015, compared to a permitted ratio of 5.25x…
  8. March 2016 Investor Presentation – Baytex Energy Corp. – slide 8
    Cost Reduction Focus Baytex continues to take active measures to reduce costs where possible while maintaining efficiency in our operations and the safety of our employees and contractors. Drilling costs reduced 27% in the Eagle…
  9. March 2016 Investor Presentation – Baytex Energy Corp. – slide 9
    Strong Capital Efficiencies Driving Down Costs Capital efficiency improvement in 2014 driven by portfolio enhancements, including: Addition of the Eagle Ford Divestiture of North Dakota and other non-core assets Reduced thermal…
  10. March 2016 Investor Presentation – Baytex Energy Corp. – slide 10
    Attractive Rates of Return 150% Internal Rate of Return (1) (2) (3) 125% Eagle Ford - US6.0M/well Peace River - C2.8M/well 100% Lloydminster - C750K/well Break-Even WTI (4) 75% 50% 25% 0% 45 50 55 60 65 70 WTI…
  11. March 2016 Investor Presentation – Baytex Energy Corp. – slide 11
    High Quality Investment Opportunities Single Well Economics Eagle Ford Peace River Lloydminster Well Costs DC&E (1) ( millions) US6.0 2.8 0.75 Production (boe/d) IP30 1,000 - 1,200 300 - 500 70 - 80 % Liquids 60% - 70% 100%…
  12. March 2016 Investor Presentation – Baytex Energy Corp. – slide 12
    The Eagle Ford
  13. March 2016 Investor Presentation – Baytex Energy Corp. – slide 13
    Baytex 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 The…
  14. March 2016 Investor Presentation – Baytex Energy Corp. – slide 14
    Eagle Ford Development Significant advancements were made in 2015 to delineate the multi-zone development potential of our Sugarkane acreage 50 net wells drilled in 2015 (56% Lower Eagle Ford, 26% Austin Chalk, 11% Upper Eagle…
  15. March 2016 Investor Presentation – Baytex Energy Corp. – slide 15
    Eagle Ford Stack and Frac Highlights Chapman Rogers Q4 2015 5 well pad Avg 30 day IPs 1,164 boepd Four Tier Stack and Frac Urrutia Sienkiewicz Development Q2 2015 Q2 2015 Kowalik 3 well pad Q4 2015 5 well pad Three Tier…
  16. March 2016 Investor Presentation – Baytex Energy Corp. – slide 16
    Eagle Ford Performance Increasing Performance and Efficiency Improvements in drilling and completion design have increased 30-day IP rates by approximately 80% since Q4/2011 with 180-day cumulative recovery increasing 74% over the…
  17. March 2016 Investor Presentation – Baytex Energy Corp. – slide 17
    Completion Improvements Increasing Lateral Length, Frac Stages and Proppant Since 2011, the average lateral length per well has increased 19% to approximately 5,700 feet, the number of frac stages per well has increased 38% to 22…
  18. March 2016 Investor Presentation – Baytex Energy Corp. – slide 18
    Pricing Exposure The Eagle Ford Significantly Enhances Our Operating Netback Our light oil and condensate production in the Eagle Ford is priced primarily off a Louisiana Light Sweet (LLS) benchmark, which typically trades at a…
  19. March 2016 Investor Presentation – Baytex Energy Corp. – slide 19
    Heavy Oil Overview 22
  20. March 2016 Investor Presentation – Baytex Energy Corp. – slide 20
    Peace River Oil Sands Multi-Lateral Drilling Drives Strong Capital Efficiencies Area Statistics Land Holdings 310 net sections Production (Q4/2015) 19,600 boe/d 2P Reserves (YE15) (1) 73.6 mmboe Drilling Inventory (2) 7.5…
  21. March 2016 Investor Presentation – Baytex Energy Corp. – slide 21
    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 -…
  22. March 2016 Investor Presentation – Baytex Energy Corp. – slide 22
    Lloydminster Lloydminster Heavy Oil Heavy Oil Shift to Horizontal Drilling Expands Inventory Area Statistics Land Position 652 net sections Production (Q4/2015) 13,400 boe/d 2P Reserves (YE15) (1) 33.2 mmboe Drilling…
  23. March 2016 Investor Presentation – Baytex Energy Corp. – slide 23
    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…
  24. March 2016 Investor Presentation – Baytex Energy Corp. – slide 24
    The Value Proposition We have recalibrated our business to the current oil price environment Retain significant leverage to a rising crude oil price environment Exceptional asset base focused on crude oil & liquids Significant…
  25. March 2016 Investor Presentation – Baytex Energy Corp. – slide 25
    Supplementary Information 28
  26. March 2016 Investor Presentation – Baytex Energy Corp. – slide 26
    2016 Funds from Operations Sensitivities Estimated Effect on Annual Funds from Operations ( Millions) Sensitivities Excluding Hedges Including Hedges Change of US1.00/bbl WTI crude oil 17.7 14.9 Change of US1.00/bbl WCS heavy…
  27. March 2016 Investor Presentation – Baytex Energy Corp. – slide 27
    Crude Oil Hedge Portfolio Q1/2016 Q2/2016 Q3/2016 Q4/2016 2016 2017 WTI Fixed Hedges Volumes (bbl/d) 9,000 8,000 5,000 5,000 6,750 --- Fixed Price (US/bbl) 60.45 59.84 63.79 63.79 61.50 --- WTI 3-Way Option Volumes (bbl/d) 9,500…
  28. March 2016 Investor Presentation – Baytex Energy Corp. – slide 28
    Natural Gas Hedge Portfolio Q1/2016 Q2/2016 Q3/2016 Q4/2016 2016 2017 AECO Fixed Hedges Volumes (GJ/day) 18,333 20,000 20,000 20,000 19,583 5,000 Price (C/GJ) 2.88 2.85 2.85 2.85 2.86 2.81 NYMEX Fixed Hedges Volumes (mmbtu/d) 13,333…
  29. March 2016 Investor Presentation – Baytex Energy Corp. – slide 29
    Share Ownership Breakdown Ownership Breakdown Institutional 60% Institutional - Institutional - Retail 40% U.S. Retail - Canada Europe / Asia 15% 100% 26% 4% Canada 67% Retail - U.S. Institutional - 14% U.S. 29% Canada…
  30. March 2016 Investor Presentation – Baytex Energy Corp. – slide 30
    Capital Program Efficiency 3-Year Total / 2013 2014 2015 Average 2013-15 Capital Expenditures (millions) Exploration and development 550.9 766.1 521.0 1,838.0 Acquisitions (net of dispositions) (39.1) 2,545.1 1.6 2,507.7 Total 511.8…
  31. March 2016 Investor Presentation – Baytex Energy Corp. – slide 31
    Contact Information Suite 2800, Centennial Place James L. Bowzer 520 3rd Avenue S.W. President & Chief Executive Officer Calgary, Alberta T2P 0R3 (587) 952-3000 T: (587) 952-3000 1-800-524-5521 Rodney D. Gray www.baytexenergy.com…

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