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September 2017 Corporate Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Sep 14, 2017 · 25 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. September 2017 Corporate Presentation – Baytex Energy Corp. – slide 1
    September Presentation
  2. September 2017 Corporate Presentation – 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. September 2017 Corporate Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 3,800,000 / US: 1,400,000 Shares Outstanding 235.5 million Market Capitalization / Enterprise Value 0.7 billion / 2.5 billion Net Debt…
  4. September 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. September 2017 Corporate Presentation – 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. September 2017 Corporate Presentation – Baytex Energy Corp. – slide 6
    2017 Free Cash Flow Scenarios Significant Free Cash Flow Potential Demonstrating sustaining capital efficiencies of 13,000 Flexibility to invest in per boe/d 200 organic growth and/or debt repayment Sustaining capital…
  7. September 2017 Corporate Presentation – 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 6,500 Fixed Price (US/bbl) 54.46 54.46 54.46 51.18 WTI 3-Way Option Volumes (bbl/d) 14,500 14,500 14,500 2,000 Average…
  8. September 2017 Corporate 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. September 2017 Corporate 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. September 2017 Corporate 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. September 2017 Corporate Presentation – Baytex Energy Corp. – slide 11
    The Eagle Ford
  12. September 2017 Corporate Presentation – 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. September 2017 Corporate Presentation – 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. September 2017 Corporate Presentation – 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. September 2017 Corporate Presentation – Baytex Energy Corp. – slide 15
    Heavy Oil Overview
  16. September 2017 Corporate Presentation – 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. September 2017 Corporate Presentation – 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. September 2017 Corporate Presentation – 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. September 2017 Corporate Presentation – 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. September 2017 Corporate Presentation – 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. September 2017 Corporate Presentation – Baytex Energy Corp. – slide 21
    Supplementary Information
  22. September 2017 Corporate Presentation – 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. September 2017 Corporate Presentation – 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. September 2017 Corporate Presentation – 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…
  25. September 2017 Corporate Presentation – Baytex Energy Corp. – slide 25
    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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