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October 2016 Company Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Oct 26, 2016 · 27 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. October 2016 Company Presentation – Baytex Energy Corp. – slide 1
    October Presentation
  2. October 2016 Company 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. October 2016 Company Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 10,600,000 / US: 2,800,000 Shares Outstanding 211.5 million Market Capitalization / Enterprise Value 1.2 billion / 3.1 billion Net Debt…
  4. October 2016 Company Presentation – Baytex Energy Corp. – slide 4
    Capital Deployment Opportunities Texas 34% Eagle Ford Texas 34% Peace River / Lloydminster Heavy Oil First call on capital 2016 51% Light Oilmulti-lateral development 22% at Peace Highest rate of return River and…
  5. October 2016 Company 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. October 2016 Company Presentation – Baytex Energy Corp. – slide 6
    Balance Sheet / Debt Composition Significant Liquidity, No Near-Term Maturities and Financial Covenant Flexibility 0.86x Senior Secured Debt (2) to Bank EBITDA (3) (maximum 5.0x through March 2018) 4.05x Interest Coverage (4)…
  7. October 2016 Company Presentation – Baytex Energy Corp. – slide 7
    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 13,500 ---…
  8. October 2016 Company Presentation – Baytex Energy Corp. – slide 8
    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 2.67 NYMEX Fixed Hedges Volumes (mmbtu/d)…
  9. October 2016 Company Presentation – Baytex Energy Corp. – slide 9
    Eagle Ford Provides Highest Rate of Return at Current Commodity Prices 175% Well costs reflect the most recent results achieved. No 150% heavy oil wells have been drilled at Peace River and Lloydminster 125% since mid-2015.…
  10. October 2016 Company Presentation – Baytex Energy Corp. – slide 10
    Cost Targets Drive Return Improvement in Canada 175% With further cost savings in 150% Canada, heavy oil economics are competitive with the Eagle Ford at US50-US55/bbl 125% At US50/bbl, all three assets Rate of Return would…
  11. October 2016 Company Presentation – Baytex Energy Corp. – slide 11
    Individual Well Economics Sensitivity to WTI IRR (3) NPV (C000s) 10% discount rate Eagle Ford Peace River Lloydminster Eagle Ford Peace River Lloydminster US45 53% 25% 35% US45 5,688 716 262 US50 69% 50% 67% US50 7,247 1,611 581…
  12. October 2016 Company Presentation – Baytex Energy Corp. – slide 12
    The Eagle Ford
  13. October 2016 Company Presentation – Baytex Energy Corp. – slide 13
    Eagle Ford Development Concentrated Land Positon in Core of the Eagle Ford Advancements Since Late 2014 Significant advancements have been made to delineate the multi- zone potential of our Sugarkane acreage DC&E costs reduced…
  14. October 2016 Company Presentation – Baytex Energy Corp. – slide 14
    Eagle Ford 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 Foster Q1…
  15. October 2016 Company Presentation – Baytex Energy Corp. – slide 15
    Eagle Ford Performance Improved 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…
  16. October 2016 Company Presentation – Baytex Energy Corp. – slide 16
    Completion Improvements Increased Lateral Length, Frac Stages and Proppant Lateral Length and Total Depth Per Well Frac Stages and Proppant Per Well 19
  17. October 2016 Company Presentation – Baytex Energy Corp. – slide 17
    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…
  18. October 2016 Company Presentation – Baytex Energy Corp. – slide 18
    Heavy Oil Overview 21
  19. October 2016 Company Presentation – Baytex Energy Corp. – slide 19
    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…
  20. October 2016 Company Presentation – Baytex Energy Corp. – slide 20
    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 -…
  21. October 2016 Company Presentation – Baytex Energy Corp. – slide 21
    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…
  22. October 2016 Company Presentation – Baytex Energy Corp. – slide 22
    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…
  23. October 2016 Company Presentation – Baytex Energy Corp. – slide 23
    Free Cash Flow Scenarios Free Cash Flow(1) Positive at US55/bbl As funds from operations increase: 250 150 E&D capital deployed to offset production declines Millions 50 Invest in organic growth once -50 free cash flow…
  24. October 2016 Company Presentation – Baytex Energy Corp. – slide 24
    Summary We are well positioned to benefit from an oil price recovery First call on capital the Eagle Ford Cost targets drive return improvements in Canada Retain significant leverage to a rising crude oil price environment…
  25. October 2016 Company Presentation – Baytex Energy Corp. – slide 25
    Supplementary Information 28
  26. October 2016 Company Presentation – Baytex Energy Corp. – slide 26
    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 16.4 16.4 Change of US1.00/bbl WCS heavy oil…
  27. October 2016 Company Presentation – Baytex Energy Corp. – slide 27
    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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