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August 2016 Corporate Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Aug 1, 2016 · 28 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. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 1
    August Presentation
  2. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 2
    Baytex Key Attributes Making the Right Choices In a Low Oil Price Environment Pro-actively worked with our bank lending Cost reduction focus syndicate to provide across all facets of our increased financial organization while…
  3. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 8,500,000 / US: 2,600,000 Shares Outstanding 210.7 million Market Capitalization / Enterprise Value 1.3 billion / 3.2 billion Net Debt…
  4. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 4
    Three Key Resource Plays Texas 34% Eagle Ford Texas 34% Peace River Heavy Oil Q2/16 production of 13,100 Q2/16 production of boe/d Light Oil 51% 38,300 boe/d 22% Developed via multi-lateral Expect to bring 30 net…
  5. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 5
    H1 2016 Highlights Generated production of 72,902 boe/d (78% oil and NGL) Curtailed capital spending, focusing all development activity in the Eagle Ford, our highest rate of return and highest netback asset Reinitiated production…
  6. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 6
    Balance Sheet / Debt Composition At June 30, 2016, long-term debt (bank loan and long-term notes) totaled 1.9 billion and we were 46% drawn on our credit facilities. Credit Capacity 2.3 Billion Long-Term Notes Maturity Schedule (…
  7. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 7
    Financial Covenant Flexibility Baytex Position as at June 30, 2016 Senior Secured Debt (1) to Bank EBITDA (2) 0.86 : 1.00 Interest Coverage (3) 4.05 : 1.00 Ratio for the Quarter(s) ending: March 31, 2016 to June 30, 2018 to…
  8. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 8
    Crude Oil Hedge Portfolio Q3/2016 Q4/2016 H2 2016 2017 2018 WTI Fixed Hedges Volumes (bbl/d) 5,000 5,000 5,000 --- --- Fixed Price (US/bbl) 63.79 63.79 63.79 --- --- WTI 3-Way Option Volumes (bbl/d) 10,000 10,000 10,000 10,000 ---…
  9. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 9
    Natural Gas Hedge Portfolio Full-Year Full-Year Q3/2016 Q4/2016 H2 2016 2017 2018 AECO Fixed Hedges Volumes (GJ/day) 32,500 32,500 32,500 12,500 5,000 Price (C/GJ) 2.39 2.39 2.39 2.65 2.17 NYMEX Fixed Hedges Volumes (mmbtu/d)…
  10. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 10
    Strong Capital Efficiencies Driving Down Costs Costs in the Eagle Ford have continued to decrease with wells now being drilled, completed and equipped for approximately US5.4 million, as compared to US8.2 million in late 2014…
  11. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 11
    Attractive Rates of Return 175% 150% Eagle Ford - US5.4M/well Rate of Return (1) (2) (3) Peace River - C2.8M/well 125% Lloydminster - C750K/well Break-Even WTI (4) 100% 75% 50% 25% 0% 45 50 55 60 65 70 WTI…
  12. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 12
    High Quality Investment Opportunities Single Well Economics Eagle Ford Peace River Lloydminster Well Costs DC&E (1) ( millions) US5.4 2.8 0.75 Production (boe/d) IP30 1,000 - 1,200 300 - 500 70 - 80 % Liquids 60% - 70% 100%…
  13. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 13
    The Eagle Ford
  14. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 14
    Baytex Acreage Position The Eagle Ford Provides Baytex With Exposure to a World Class Oil Resource Play Overview of Acreage 20,200 net contiguous acres in the Sugarkane Field in the core of the liquids-rich Eagle Ford shale The…
  15. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 15
    Eagle Ford Development Significant advancements have been made to delineate the multi-zone development potential of our Sugarkane acreage Commenced production from 20 wells in Q2/2016 (10% Upper Eagle Ford, 50% Lower Eagle Ford,…
  16. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 16
    Eagle Ford Stack and Frac Highlights Chapman Rogers - Q4 2015 Sienkiewicz - Q2 2015 5 well pad 5 well pad Avg 30 day IPs Avg 30 day IPs 1,164 boepd 1,575 boepd 13 Multi-Zone Projects in Various Stages of Execution and Development…
  17. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 17
    Eagle Ford Performance Increasing Performance and Efficiency Improvements in drilling and completion design have increased 30-day IP rates by approximately 100% since Q4/2011 with 180-day cumulative recovery increasing 74% over the…
  18. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 18
    Completion Improvements Increasing Lateral Length, Frac Stages and Proppant Lateral Length and Total Depth Per Well Frac Stages and Proppant Per Well 21
  19. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 19
    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…
  20. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 20
    Heavy Oil Overview 23
  21. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 21
    Peace River Oil Sands Multi-Lateral Drilling Drives Strong Capital Efficiencies Area Statistics Land Holdings 338 net sections Production (Q2/2016) 13,100 boe/d 2P Reserves (YE15) (1) 73.6 mmboe Drilling Inventory (2) 7.5…
  22. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 22
    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 -…
  23. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 23
    Lloydminster Lloydminster Heavy Oil Heavy Oil Shift to Horizontal Drilling Expands Inventory Area Statistics Land Position 652 net sections Production (Q2/2016) 10,200 boe/d 2P Reserves (YE15) (1) 33.2 mmboe Drilling…
  24. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 24
    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…
  25. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 25
    Summary We are well positioned to benefit from an oil price recovery Retain significant leverage to a rising crude oil price environment Exceptional asset base focused on crude oil & liquids Significant inventory of development…
  26. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 26
    Supplementary Information 29
  27. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 27
    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 17.8 15.1 Change of US1.00/bbl WCS heavy…
  28. August 2016 Corporate Presentation – Baytex Energy Corp. – slide 28
    Capital Program Efficiency 3-Year 2013 2014 2015 Total / 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…

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