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March 2018 Corporate Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Mar 7, 2018 · 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. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 1
    March Presentation
  2. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 2
    Baytex Key Attributes 70% undrawn on US575 D&C costs remain at or million credit facility near all-time lows First long-term note Operating expenses maturity not until 2021 reduced to 10.50/boe Expect stable liquidity G&A reduced…
  3. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 4,900,000 / US: 1,700,000 Shares Outstanding 236.6 million Market Capitalization / Enterprise Value 0.8 billion / 2.5 billion Net Debt…
  4. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 4
    Capital Deployment Opportunities Texas 34% Eagle Ford Texas 34% Peace River 35% reductionHeavy Oil in acquired 51% property operating costs Light Oil First call on capital 22% 18 multi-lateral wells in Represents 55% of…
  5. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 5
    YE 2017 Results Demonstrate Growth at US50/bbl 2017 Production Growth Production of 70,242 boe/d above high end of guidance range Adjusted funds flow of 348 million exceeded capital expenditures by 21 million Operational…
  6. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 6
    2018 Operating Budget Highlights Building on the Momentum Established in 2017 2018 Budget E&D CapEx ( millions) 325 - 375 million Production (boe/d) 68,000 - 72,000 boe/d Operating Expense (/boe) 10.50 - 11.25/boe G&A Expense…
  7. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 7
    2018 Free Cash Flow Scenarios Significant Free Cash Flow Potential Free cash flow provides flexibility to invest in organic 300 growth and/or debt repayment Excluding Hedges Including Hedges 200 Free cash flow positive WTI…
  8. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 8
    Strong Rates of Return Across Portfolio 175% 150% Eagle Ford Internal Rate of Return (3) Peace River 125% Lloydminster 100% 75% 50% 25% 0% 50 55 60 65 70 WTI (US/bbl) (1) Individual well economics for the chart…
  9. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 9
    Crude Oil Hedge Portfolio Q1/18 Q2/18 Q3/18 Q4/18 2018 WTI Fixed Hedges Volumes (bbl/d) 13,667 14,000 14,000 14,000 13,917 Fixed Price (US/bbl) 52.10 52.31 52.31 52.31 52.26 WTI 3-Way Option Volumes (bbl/d) 2,000 2,000 2,000 2,000…
  10. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 10
    Balance Sheet / Debt Composition Significant Liquidity, No Near-Term Maturities and Financial Covenant Flexibility Senior Secured Debt (1) to 0.5x (maximum permitted ratio of 5.0:1.0, Bank EBITDA (2) steps down to 3.5:1.0 after…
  11. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 11
    2018E Adjusted Funds Flow Sensitivities Estimated Effect on Annual Adjusted Funds Flow ( Millions) Sensitivities Excluding Hedges Including Hedges Change of US1.00/bbl WTI crude oil 17.1 8.7 Change of US1.00/bbl WCS heavy…
  12. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 12
    The Eagle Ford
  13. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 13
    Improved Performance and Growth in the Eagle Ford Performance Drivers Q4/2017 production up 12% from Q4/2016 to 37,000 boe/d Improved performance from higher intensity fracs in the northern oil window Q4/2017 activity 3-4…
  14. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 14
    Eagle Ford Improved Performance Q4/2017 delivered some of the highest productivity wells drilled to- date on our lands Production (30-day IP) o 5 pads (total 25 wells) delivered average 30-day IP rates of 1,700 boe/d per well o…
  15. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 15
    Eagle Ford Q4/2017 Well Performance Labus Pittman Challenger C 4 well oil pad 7 well oil pad LEF(2) / ULEF (2) Karnes LEF (4) / ULEF (1) / AC (2) Avg 30 day IP: 1,850 boe/d Avg 30 day IP: 1,600 boe/d Best Well: 2,000 boe/d Best Well:…
  16. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 16
    Heavy Oil Overview
  17. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 17
    Peace River: Driving Production Growth and Cost Reductions Performance Drivers Peace River production averaged 17,550 boe/d for 2017 Acquired properties producing 3,800 boe/d, up 26% due to well workovers and production…
  18. March 2018 Corporate 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. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 19
    Lloydminster: 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 efficiencies…
  20. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 20
    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…
  21. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 21
    Kerrobert Thermal SAGD Expansion Production o Current (Nov 2017): 800 bbl/d o Target (2019): 2,500 bbl/d Expansion Capital o Total Project: 25 million o 2017 - 4 million; 2018 - 14 million; 2019 - 7 million Baytex Kerrobert…
  22. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 22
    Summary Allocating capital to high quality assets o 50% - 85% RORs (1) across our three core assets o 2018 capital efficiencies of 12,000 per boe/d (14,000 per boe/d including facilities) o Generating production growth of 6% (to…
  23. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 23
    Supplementary Information
  24. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 24
    Natural Gas Hedge Portfolio Q1/18 Q2/18 Q3/18 Q4/18 2018 AECO Fixed Hedges Volumes (GJ/day) 5,000 5,000 5,000 5,000 5,000 Price (C/GJ) 2.67 2.67 2.67 2.67 2.67 NYMEX Fixed Hedges Volumes (mmbtu/d) 13,333 15,000 15,000 15,000…
  25. March 2018 Corporate Presentation – Baytex Energy Corp. – slide 25
    Capital Program Efficiency 3-Year 2015 2016 2017 Total / Average 2014-16 Capital Expenditures (millions) Exploration and development 521.0 224.8 326.3 1,072.1 Acquisitions (net of dispositions) 1.6 (63.6) 59.9 (2.1) Total 522.7…

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