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March 2017 Corporate Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Mar 1, 2017 · 30 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 2017 Corporate Presentation – Baytex Energy Corp. – slide 1
    March Presentation
  2. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 2
    Baytex Key Attributes Strategy to Sustain and Position Baytex for Growth 67% undrawn on revolving DC&E costs 45% in the credit facility Eagle Ford Net debt reduced 13% to Operating expenses per 1.8 billion in 2016 boe 23% No…
  3. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 6,600,000 / US: 2,200,000 Shares Outstanding 234.2 million Market Capitalization / Enterprise Value 1.1 billion / 2.9 billion Net Debt…
  4. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 4
    Capital Deployment Opportunities Texas 34% Eagle Ford Texas 34% Peace River Heavy Oil First call on capital Strategic Light Oil 65 51% million acquisition 22% adds 3,000 Represents 70% of boe/d of production 2017…
  5. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 5
    2016 Highlights Generated production of 69,509 boe/d (79% oil and NGL), in line with guidance Delivered funds from operations of 276 million, which exceeded capital expenditures by 51 million Decreased cash costs (operating,…
  6. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 6
    2017 Operating Budget 2017 Budget Capital Efficiency (/boe/d) of 2017 Program Exploration and development capital 300-350 million 15,000 Production 66,000 70,000 boe/d 14,000 Expenses 13,000 Royalty rate 23% 12,000 Operating 11.00…
  7. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 7
    2017 Sustaining Capital and Free Cash Flow Scenarios Strong Capital Efficiencies Drive Low Sustaining Capital Requirements Significant Free Cash Flow Potential Total Sustaining Capital (1) 300 million Conventional 34,000 boe/d…
  8. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 8
    Crude Oil Hedge Portfolio Q1/17 Q2/17 Q3/17 Q4/17 2017 2018 WTI Fixed Hedges Volumes (bbl/d) 3,500 3,500 3,500 3,500 3,500 2,000 Fixed Price (US/bbl) 54.46 54.46 54.46 54.46 54.46 54.40 WTI 3-Way Option Volumes (bbl/d) 14,500…
  9. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 9
    Balance Sheet / Debt Composition Significant Liquidity, No Near-Term Maturities and Financial Covenant Flexibility 0.55x Senior Secured Debt (2) to Bank EBITDA (3) (maximum 5.0x through March 2018) 3.59x Interest Coverage (4)…
  10. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 10
    Reduced Cost Structure We continue to emphasize cost reductions across all facets of our organization Operating and transportation expenses down 25% on a boe basis from Q4/2014. G&A expenses down 27% from Q4/2014 to 12 million per…
  11. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 11
    Strong Rates of Return Across Portfolio 175% 150% Internal Rate of Return (3) 125% Break-Even WTI (4) 100% 75% Eagle Ford - US5.0M/well 50% Peace River - C2.5M/well 25% Lloydminster - C700K/well 0% 45 50 55 60 65…
  12. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 12
    Individual Well Economics Sensitivity to WTI IRR (3) NPV (C000s) 10% discount rate Eagle Ford Peace River Lloydminster Eagle Ford Peace River Lloydminster US45 58% 25% 35% US45 5,943 716 262 US50 76% 50% 67% US50 7,502 1,611…
  13. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 13
    The Eagle Ford
  14. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 14
    Eagle Ford Development Concentrated Land Position 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…
  15. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 15
    Eagle Ford New Well Highlights Chapman Rogers - Q4 2015 5 well pad 2016 Development Avg 30 day IPs 1,164 boepd Commenced production from 123 (36 net) wells 44% Lower Eagle Ford, 37% Foster Q1 2016 5 well pad Upper Eagle Ford,…
  16. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 16
    Eagle Ford Performance Improved Performance and Efficiency Improvements in drilling and completion design have increased 30-day IP rates by approximately 105% since Q4/2011 with 180-day cumulative recovery increasing 60% over the…
  17. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 17
    Completion Improvements Increased Lateral Length, Frac Stages and Proppant Lateral Length and Total Depth Per Well Frac Stages and Proppant Per Well 20
  18. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 18
    Strong Netback Contribution The Eagle Ford Significantly Enhances Our Operating Netback Our light oil and condensate production in the Eagle Ford is priced primarily off a Eagle Ford Operating Netback Sensitivity to WTI Prices…
  19. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 19
    Heavy Oil Overview
  20. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 20
    Peace River Heavy Oil Strategic Acquisition More than Doubles Land Base and Increases Inventory by 75% Peace River Operating Netback Sensitivity to WTI Prices 150 125 100 Millions 75 50 25 0 45 50 55 60 65 WTI…
  21. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 21
    Peace River Acquisition Highlights Acquisition Highlights (1) Purchase Price 65 million Consistent with our strategy to enhance asset base Closing January 2017 Increases our drilling inventory for future growth Land Position 392…
  22. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 22
    Multi-Lateral 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. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 23
    Lloydminster Heavy Oil Significant Land Position and Drilling Inventory Lloydminster Operating Netback Sensitivity to WTI Prices 100 75 Millions 50 25 0 45 50 55 60 65 WTI (US/bbl) Notes: (1) Operating netback…
  24. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 24
    Lloydminster Development Increased Multi-Lateral Drilling at Lloydminster is Leading to a 25% Improvement in Capital Efficiencies Reservoir Characteristics (1) Formation Mannville Group Depth 350 800 metres Completion…
  25. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 25
    Summary High Quality Assets with Strong Capital Efficiencies 2017 development program reflects capital efficiencies on an annual basis of 11,500 per boe/d (13,500 per boe/d including facilities) 50% internal rate of return across…
  26. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 26
    Supplementary Information
  27. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 27
    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 18.0 18.0 Change of US1.00/bbl WCS heavy oil…
  28. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 28
    Natural Gas Hedge Portfolio Q1/17 Q2/17 Q3/17 Q4/17 2017 2018 AECO Fixed Hedges Volumes (GJl/day) 22,500 22,500 22,500 22,500 22,500 5,000 Price (C/GJ) 2.85 2.85 2.85 2.85 2.85 2.67 NYMEX Fixed Hedges Volumes (mmbtu/d) 22,500…
  29. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 29
    Capital Program Efficiency 3-Year 2014 2015 2016 Total / Average 2014-16 Capital Expenditures (millions) Exploration and development 766.1 521.0 224.8 1511.9 Acquisitions (net of dispositions) 2,545.1 1.6 (63.6) 2483.1 Total 3,311.2…
  30. March 2017 Corporate Presentation – Baytex Energy Corp. – slide 30
    Contact Information James L. Bowzer Chief Executive Officer (587) 952-3000 Suite 2800, Centennial Place Edward D. LaFehr 520 3rd Avenue S.W. President Calgary, Alberta T2P 0R3 (587) 952-3000 T: (587) 952-3000 1-800-524-5521…

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