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Q3 2017 Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Nov 2, 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. Q3 2017 Presentation – Baytex Energy Corp. – slide 1
    November Presentation
  2. Q3 2017 Presentation – Baytex Energy Corp. – slide 2
    Strategy to Sustain and Position Baytex for Growth 2/3 undrawn on US575 Eagle Ford well costs flat million credit facility Q3/2017 to Q2/2017 and First long-term note remain below budget maturity not until 2021 Operating expense…
  3. Q3 2017 Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 3,900,000 / US: 1,200,000 Shares Outstanding 235.5 million Market Capitalization / Enterprise Value 0.8 billion / 2.5 billion Net Debt…
  4. Q3 2017 Presentation – Baytex Energy Corp. – slide 4
    Capital Deployment Opportunities Texas 34% Eagle Ford Texas 34% Peace River IntegrationHeavy Oil of acquisition 51% continues with 35% Light Oil First call on capital 22% reduction in operating costs achieved to date…
  5. Q3 2017 Presentation – Baytex Energy Corp. – slide 5
    YTD 2017 Results Demonstrate Growth at US50/bbl Production growth of 9% (1) from 2017 Production Growth Q4/2016 80,000 70,000 o 8% Eagle Ford; 9% Canada 60,000 YTD FFO of 242 million 50,000 Boe/d 40,000 Canada o Capital…
  6. Q3 2017 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. Q3 2017 Presentation – Baytex Energy Corp. – slide 7
    Crude Oil Hedge Portfolio Q4/2017 2018 WTI Fixed Hedges Volumes (bbl/d) 3,500 6,500 Fixed Price (US/bbl) 54.46 51.18 WTI 3-Way Option Volumes (bbl/d) 14,500 2,000 Average Ceiling/Floor/Sold Floor (US/bbl)(2) 59/47/37 60/54/40…
  8. Q3 2017 Presentation – Baytex Energy Corp. – slide 8
    Balance Sheet / Debt Composition Significant Liquidity, No Near-Term Maturities and Financial Covenant Flexibility 0.6x Senior Secured Debt (1) to Bank EBITDA (2) (maximum 5.0x through March 2018) 4.2x Interest Coverage (3)…
  9. Q3 2017 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. Q3 2017 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. Q3 2017 Presentation – Baytex Energy Corp. – slide 11
    The Eagle Ford
  12. Q3 2017 Presentation – Baytex Energy Corp. – slide 12
    Improved Performance and Growth in the Eagle Ford Performance Drivers Production up 8% from Q4/2016 to 36,250 boe/d (1) Improved performance from higher intensity fracs in the northern oil window Q3/2017 activity 3-4 drilling…
  13. Q3 2017 Presentation – Baytex Energy Corp. – slide 13
    Eagle Ford Improved Performance 22 gross (5.8 net) wells in Production (30-day IP) Q3/2017 delivered 30-day IP rates of 1,500 boe/d Karnes City pads (11 wells) delivered 30-day IP rates of 2,150 boe/d per well in Q2/2017…
  14. Q3 2017 Presentation – Baytex Energy Corp. – slide 14
    Eagle Ford Q3/2017 Well Performance Oxford 6 well oil pad Davila LEF (5) / UEF (1) 5 well condensate pad Avg 30 day IP: 1,300 boe/d LEF (4) / AC (1) Karnes Best Well: 1,450 boe/d Avg 30 day IP: 1,600 boe/d Best Well: 1,800…
  15. Q3 2017 Presentation – Baytex Energy Corp. – slide 15
    Heavy Oil Overview
  16. Q3 2017 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 18,400 boe/d Acquired properties producing 3,800 boe/d, up 26% due to well workovers and production…
  17. Q3 2017 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. Q3 2017 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. Q3 2017 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. Q3 2017 Presentation – Baytex Energy Corp. – slide 20
    Summary Demonstrated Growth at US50/bbl o Production growth of 9% from Q4/2016 (1) o 8% Eagle Ford; 9% Canada Performance Drivers o Increased pace of development and strong drilling results in the Eagle Ford o Executed heavy…
  21. Q3 2017 Presentation – Baytex Energy Corp. – slide 21
    Supplementary Information
  22. Q3 2017 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. Q3 2017 Presentation – Baytex Energy Corp. – slide 23
    Natural Gas Hedge Portfolio Q4/17 2018 AECO Fixed Hedges Volumes (GJl/day) 22,500 5,000 Price (C/GJ) 2.85 2.67 NYMEX Fixed Hedges Volumes (mmbtu/d) 22,500 10,000 Price (US/mmbtu) 2.98 3.02 Total Hedge Volume (mmbtu/d)…
  24. Q3 2017 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. Q3 2017 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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