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2Q 2017 Earnings Update – Baytex Energy Corp.

Baytex Energy Corp. · Aug 1, 2017 · 24 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. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 1
    August Presentation
  2. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 2
    Strategy to Sustain and Position Baytex for Growth 2/3 undrawn on US575 Eagle Ford well costs in million credit facility H1/2017 below budget at First meaningful long-term US4.7-4.9 million note maturity not until 2021 Operating…
  3. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 5,400,000 / US: 1,200,000 Shares Outstanding 234.2 million Market Capitalization / Enterprise Value 0.8 billion / 2.6 billion Net Debt…
  4. 2Q 2017 Earnings Update – 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. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 5
    H1/2017 Results Demonstrate Growth at US50/bbl 2017 Production Growth Production growth of 12% from 80,000 Q4/2016 70,000 o 15% Eagle Ford; 8% Canada 60,000 50,000 FFO of 165 million in H1/2017 Boe/d 40,000 Canada…
  6. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 6
    2017 Sustaining Capital and Free Cash Flow Scenarios Strong Capital Efficiencies Drive Low Sustaining Capital Requirements Significant Free Cash Flow Potential Total Sustaining Capital 300 million Conventional Flexibility to…
  7. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 7
    Crude Oil Hedge Portfolio Q3/17 Q4/17 H2/2017 2018 WTI Fixed Hedges Volumes (bbl/d) 3,500 3,500 3,500 5,500 Fixed Price (US/bbl) 54.46 54.46 54.46 51.28 WTI 3-Way Option Volumes (bbl/d) 14,500 14,500 14,500 2,000 Average…
  8. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 8
    Balance Sheet / Debt Composition Significant Liquidity, No Near-Term Maturities and Financial Covenant Flexibility 0.7x Senior Secured Debt (1) to Bank EBITDA (2) (maximum 5.0x through March 2018) 4.0x Interest Coverage (3)…
  9. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 9
    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…
  10. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 10
    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…
  11. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 11
    The Eagle Ford
  12. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 12
    Improved Performance and Growth in the Eagle Ford Performance Drivers Production up 15% from Q4/2016 to 38,500 boe/d Improved performance from higher intensity fracs in the northern oil window Steady 4-5 drilling rigs and…
  13. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 13
    Eagle Ford Improved Performance Most recent Karnes City pads (11 Production (30-day IP) wells) delivered 30-day IP rates of 2,150 boe/d per well Improvements in drilling and completion design have increased 30-day IP rates by…
  14. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 14
    Eagle Ford Q2/2017 Well Performance Karnes City NW 5 well oil pad Kimble Gilley LEF (2) / UEF (3) 4 well oil pad Avg 30 day IP: 2,152 boe/d LEF (2) / UEF (2) Best Well: 2,601 boe/d Avg 30 day IP: 992 boe/d Best Well: 1,231 boe/d…
  15. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 15
    Heavy Oil Overview
  16. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 16
    Peace River: Driving Production Growth and Cost Reductions Performance Drivers Peace River production up 22% from Q4/2016 to 18,300 boe/d Acquired properties producing 3,500 boe/d, up 17% due to well workovers and production…
  17. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 17
    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 -…
  18. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 18
    Lloydminster: Heavy Oil Significant Land Position and Drilling Inventory Multi-Lateral Drilling Applying multi-lateral horizontal drilling and production techniques from Peace River 25% improvement in individual well capital…
  19. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 19
    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…
  20. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 20
    Summary Demonstrated Growth at US50/bbl o Production of 72,500 boe/d in Q2/2017, up 12% from Q4/2016 o Eagle Ford - 38,500 boe/d in Q2/2017, up 15% from Q4/2016 o Canada - 34,000 boe/d in Q2/2017, up 8% from Q4/2016 Performance…
  21. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 21
    Supplementary Information
  22. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 22
    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 18.6 16.9 Change of US1.00/bbl WCS heavy oil…
  23. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 23
    Natural Gas Hedge Portfolio Q3/17 Q4/17 H2/17 2018 AECO Fixed Hedges Volumes (GJl/day) 22,500 22,500 22,500 5,000 Price (C/GJ) 2.85 2.85 2.85 2.67 NYMEX Fixed Hedges Volumes (mmbtu/d) 22,500 22,500 22,500 7,500 Price…
  24. 2Q 2017 Earnings Update – Baytex Energy Corp. – slide 24
    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…

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