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July 2017 Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Jul 31, 2017 · 26 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. July 2017 Investor Presentation – Baytex Energy Corp. – slide 1
    July Presentation
  2. July 2017 Investor Presentation – Baytex Energy Corp. – slide 2
    Strategy to Sustain and Position Baytex for Growth 2/3 undrawn on US575 DC&E costs 45% in the million credit facility Eagle Ford First meaningful long-term Operating expenses per note maturity not until 2021 boe 21% Expect…
  3. July 2017 Investor Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 6,500,000 / US: 2,000,000 Shares Outstanding 234.2 million Market Capitalization / Enterprise Value 0.7 billion / 2.6 billion Net Debt…
  4. July 2017 Investor 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. July 2017 Investor Presentation – Baytex Energy Corp. – slide 5
    H1/2017 Results Demonstrate Growth at US50/bbl 2017 Production Growth Production growth of 11% from Q4/16 80,000 o 15% Eagle Ford; 7% Canada 70,000 FFO of 81 million in Q1/17 60,000 50,000 Operational Momentum Boe/d…
  6. July 2017 Investor Presentation – 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. July 2017 Investor Presentation – Baytex Energy Corp. – slide 7
    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 1,000 Fixed Price (US/bbl) 54.46 54.46 54.46 54.46 54.46 54.00 WTI 3-Way Option Volumes (bbl/d) 14,500…
  8. July 2017 Investor Presentation – 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. July 2017 Investor Presentation – 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. July 2017 Investor Presentation – 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. July 2017 Investor Presentation – Baytex Energy Corp. – slide 11
    The Eagle Ford
  12. July 2017 Investor Presentation – Baytex Energy Corp. – slide 12
    Improved Performance and Growth in the Eagle Ford Performance Drivers Production up 15% from Q4/16 to 38,500 boe/d Improved performance from higher intensity fracs in the northern oil window ( 1,300 boe/d IPs) Steady 4-5…
  13. July 2017 Investor Presentation – Baytex Energy Corp. – slide 13
    Eagle Ford Q1/2017 Well Performance Franke May A Medina Jonas A 3 well oil pad 3 well oil pad LEF (3) LEF (3) Avg 30 day IP: 1,107 BOED Avg 30 day IP: 1,448 boe/d Best Well: 1,362 BOED Best Well: 1,551 boe/d Direct Assets Culberson…
  14. July 2017 Investor Presentation – Baytex Energy Corp. – slide 14
    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 63% over the…
  15. July 2017 Investor Presentation – Baytex Energy Corp. – slide 15
    Completion Improvements Increased Lateral Length, Frac Stages and Proppant Lateral Length and Total Depth Per Well Frac Stages and Proppant Per Well 18
  16. July 2017 Investor Presentation – Baytex Energy Corp. – slide 16
    Heavy Oil Overview
  17. July 2017 Investor Presentation – Baytex Energy Corp. – slide 17
    Peace River: Driving Production Growth and Cost Reductions Performance Drivers Peace River production up 23% from Q4/16 to 18,500 boe/d Acquired properties producing 3,500 boe/d, up 17% due to well workovers and production…
  18. July 2017 Investor Presentation – Baytex Energy Corp. – slide 18
    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 -…
  19. July 2017 Investor Presentation – Baytex Energy Corp. – slide 19
    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…
  20. July 2017 Investor Presentation – Baytex Energy Corp. – slide 20
    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…
  21. July 2017 Investor Presentation – Baytex Energy Corp. – slide 21
    Summary Demonstrated Growth at US50/bbl o Production 72,500 boe/d in Q2/17, up 11% from Q4/16 o Eagle Ford 38,500 boe/d in Q2/17, up 15% from Q4/16 o Canada 34,000 boe/d in Q2/17, up 7% from Q4/16 Performance Drivers o Increased…
  22. July 2017 Investor Presentation – Baytex Energy Corp. – slide 22
    Supplementary Information
  23. July 2017 Investor Presentation – Baytex Energy Corp. – slide 23
    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…
  24. July 2017 Investor Presentation – Baytex Energy Corp. – slide 24
    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…
  25. July 2017 Investor Presentation – Baytex Energy Corp. – slide 25
    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…
  26. July 2017 Investor Presentation – Baytex Energy Corp. – slide 26
    Contact Information Edward D. LaFehr President and Chief Executive Officer (587) 952-3000 Suite 2800, Centennial Place Rodney D. Gray 520 3rd Avenue S.W. Chief Financial Officer Calgary, Alberta T2P 0R3 (587) 952-3160 T: (587)…

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