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January 2018 Corporate Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Jan 3, 2018 · 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. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 1
    January Presentation
  2. January 2018 Corporate 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. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 5,600,000 / US: 2,000,000 Shares Outstanding 235.5 million Market Capitalization / Enterprise Value 0.8 billion / 2.5 billion Net Debt…
  4. January 2018 Corporate 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. January 2018 Corporate 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. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 6
    2018 Operating Budget Highlights Building on the Momentum Established in 2017 Capital Efficiency (/boe/d) of E&D CapEx: 325-375 million 2018 Program Production: 68,000 72,000 boe/d Funding of Capital Program o Targeting 2018…
  7. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 7
    2018 Free Cash Flow Scenarios Significant Free Cash Flow Potential Demonstrating sustaining capital efficiencies of 13,000 300 Flexibility to invest in per boe/d organic growth and/or 200 debt repayment Sustaining capital…
  8. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 8
    Strong Rates of Return Across Portfolio 175% 150% Internal Rate of Return (3) 125% 100% 75% Eagle Ford 50% Peace River 25% Lloydminster 0% 45 50 55 60 65 70 WTI (US/bbl) (1) Individual well economics are based on…
  9. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 9
    Crude Oil Hedge Portfolio Q4/2017 2018 WTI Fixed Hedges (1) Volumes (bbl/d) 3,500 13,000 Fixed Price (US/bbl) 54.46 51.64 WTI 3-Way Option Volumes (bbl/d) 14,500 2,000 Average Ceiling/Floor/Sold Floor (US/bbl)(2) 59/47/37…
  10. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 10
    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)…
  11. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 11
    The Eagle Ford
  12. January 2018 Corporate 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. January 2018 Corporate 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. January 2018 Corporate 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. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 15
    Heavy Oil Overview
  16. January 2018 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 18,400 boe/d Acquired properties producing 3,800 boe/d, up 26% due to well workovers and production…
  17. January 2018 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. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 18
    Lloydminster: Heavy Oil Significant Land Position and Drilling Inventory Performance Drivers Applying multi-lateral horizontal drilling and production techniques from Peace River 40% improvement in individual well capital…
  19. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 19
    Lloydminster Development Reservoir Characteristics (1) Formation Mannville Group Depth 350 800 metres Completion Horizontal Slotted Liner / Vertical Stacked Pays Oil Quality 10 16 API Average Porosity 30% Permeability 0.5…
  20. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 20
    Kerrobert Thermal SAGD Expansion Production Baytex Land Thermal Pad o Current (Nov 2017): 800 bbl/d Primary Pad o Target (2019): 2,500 bbl/d Expansion Capital o Total Project: 25 million Baytex Kerrobert o 2017 - 4 million;…
  21. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 21
    Summary Demonstrated Growth at US50-55/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…
  22. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 22
    Supplementary Information
  23. January 2018 Corporate 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 18.6 11.2 Change of US1.00/bbl WCS heavy oil…
  24. January 2018 Corporate Presentation – Baytex Energy Corp. – slide 24
    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)…
  25. January 2018 Corporate 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. January 2018 Corporate 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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