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1Q 2018 Earnings Presentation – Baytex Energy Corp.

Baytex Energy Corp. · May 10, 2018 · 25 slides

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Slides

  1. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 1
    May Presentation
  2. 1Q 2018 Earnings 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. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 9,400,000 / US: 2,400,000 Shares Outstanding 236.6 million Market Capitalization / Enterprise Value 1.4 billion / 3.2 billion Net Debt…
  4. 1Q 2018 Earnings 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. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 5
    2017 Results Delivering on our Operational and Financial Targets 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…
  6. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 6
    Q1/2018 Highlights Building on the Momentum Established in 2017 Production of 69,522 boe/d and adjusted funds flow of 84 million o On track to deliver 2018 guidance Strongest operating netback in the Eagle Ford since 2014 o…
  7. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 7
    2018 Free Cash Flow Scenarios Free cash flow provides Significant Free Cash Flow (1) Potential flexibility to invest in organic growth and/or debt repayment 450 400 Excluding Free cash flow positive WTI 350 Hedges US55/bbl…
  8. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 8
    Strong Rates of Return Across Portfolio 200% 175% Eagle Ford Internal Rate of Return (3) 150% Peace River 125% Lloydminster 100% 75% 50% 25% 0% 55 60 65 70 75 80 WTI (US/bbl) (1) Individual well economics for…
  9. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 9
    Crude Oil Hedge Portfolio 9 Months Q2/18 Q3/18 Q4/18 2018 2019 WTI Fixed Hedges Volumes (bbl/d) 14,000 14,000 14,000 14,000 3,000 Fixed Price (US/bbl) 52.31 52.31 52.31 52.31 61.99 WTI 3-Way Option Volumes (bbl/d) 2,000 2,000…
  10. 1Q 2018 Earnings 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 Bank EBITDA (2) (maximum permitted ratio of 3.5:1.0) 4.6x Interest Coverage (3)…
  11. 1Q 2018 Earnings 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. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 12
    The Eagle Ford
  13. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 13
    Eagle Ford Step Change in Well Performance Enhanced completions drive improved 180 Day Cumulative Well Production well performance 150 20% increase at 180 days 2017 o Increased lateral length, proppant 2016 vs. 2017…
  14. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 14
    Strong Q1/2018 Karnes and Atascosa Drilling Results Labus Pittman Zaeske Eckols 3 well pad 2 well pad 75% oil 70% oil Average 30-day IP: 1,450 boe/d Average 30-day IP: 1,450 boe/d Best Well: 1,700 boe/d Best Well: 1,835 boe/d…
  15. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 15
    Heavy Oil Overview
  16. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 16
    Peace River: Driving Production Growth and Cost Reductions Performance Drivers Peace River production averaged 16,500 boe/d for Q1/2018 3 multi-lateral horizontal wells drilled in Q1/2018; initial production deferred until…
  17. 1Q 2018 Earnings 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. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 18
    Lloydminster: Significant Land Position and Drilling Inventory Performance Drivers Lloydminster production averaged 10,000 boe/d for Q1/2018 Applying multi-lateral horizontal drilling and production techniques from Peace…
  19. 1Q 2018 Earnings 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. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 20
    Kerrobert Thermal SAGD Expansion Production o Q1/2018: 700 bbl/d o 2018 Exit Rate: 2,000 bbl/d Expansion Capital o Total Project: 25 million o 2017 - 4 million; 2018 - 14 million; 2019 - 7 million Kerrobert Plant Timeline…
  21. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 21
    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…
  22. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 22
    Supplementary Information
  23. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 23
    Natural Gas Hedge Portfolio 9 Months Q2/18 Q3/18 Q4/18 2018 2019 AECO Fixed Hedges Volumes (GJ/day) 5,000 5,000 5,000 5,000 --- Price (C/GJ) 2.67 2.67 2.67 2.67 --- NYMEX Fixed Hedges Volumes (mmbtu/d) 15,000 15,000 15,000…
  24. 1Q 2018 Earnings Presentation – Baytex Energy Corp. – slide 24
    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…
  25. 1Q 2018 Earnings 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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