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September Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Sep 1, 2014 · 38 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 Presentation – Baytex Energy Corp. – slide 1
    September Presentation
  2. September Presentation – Baytex Energy Corp. – slide 2
    Investment Highlights Focus on per share growth in production and reserves Organic Oil Growth Long-term, Low-Cost Inventory Sector-leading capital efficiency Operational excellence Meaningful Dividend Focus on dividend growth…
  3. September Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Summary of Securities Trading Symbol TSX / NYSE: BTE Average Daily Volume (1) Canada: 568,791 / U.S.: 231,771 Shares Outstanding (Current) 166.1 million Market Capitalization / Enterprise Value 7.9 billion / 10.1…
  4. September Presentation – Baytex Energy Corp. – slide 4
    Operating Areas Production (H2/2014 Guidance) Company Total = 86,000 88,000 boe/d NGLs Gas 13% 14% Heavy Oil 51% Light Oil 22% 2P Reserves (1) (2) Company Total = 432 MMboe NGLs Gas 17% 14% Heavy Oil 53% Light Oil…
  5. September Presentation – Baytex Energy Corp. – slide 5
    Oil-Equivalent Production Growth 80,000 60,000 boe / d 40,000 75,000 57,196 50,132 53,986 20,000 40,239 41,382 44,341 34,022 34,647 34,292 36,222 0 (1) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Percent…
  6. September Presentation – Baytex Energy Corp. – slide 6
    Reserve Growth / Contingent Resources Proved Probable 350 Oil-Equivalent Reserves (MMboe) 318 300 292 252 250 229 159 200 187 197 96 148 168 89 150 141 146 61 68 52 107 123 39 43 100 37 30 159 140 156 144 116 126…
  7. September Presentation – Baytex Energy Corp. – slide 7
    Baytex Three Key Oil Resource Plays 80% of Baytexs pro forma production comes from three oil plays Single Well Economics (excluding acreage acquisition costs) (1) Eagle Ford Peace River Heavy Oil Lloydminster Heavy Oil…
  8. September Presentation – Baytex Energy Corp. – slide 8
    Profit Investment Ratio 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x Seal Cold Heavy Multi-Lateral - Hz SE Sask Viewfield Bakken - Hz Ante Creek Montney (75% oil) - Hz Marcellus (dry gas) - Hz Kaybob Montney Oil - Tier 1 - Hz…
  9. September Presentation – Baytex Energy Corp. – slide 9
    The Eagle Ford 12
  10. September Presentation – Baytex Energy Corp. – slide 10
    Strategic Entry into the Eagle Ford The Eagle Ford Provides Baytex With Exposure to a World Class Oil Resource Play Overview of Acreage - 22,350 net contiguous acres in the Sugarkane Field in the core of the liquids-rich Eagle Ford…
  11. September Presentation – Baytex Energy Corp. – slide 11
    Eagle Ford Gas/Liquids Window Map Nine Eagle Ford Sub-Play Areas Eagle Ford Play Eagle Ford Play Study based on production information received from the Texas Railroad Commission as of April 2014 Over 8,500 wells included in the…
  12. September Presentation – Baytex Energy Corp. – slide 12
    Eagle Ford - Wells Completed 2009 to 2014 Wood Mackenzie breaks the Eagle Ford into nine distinct sub-play areas: (1) Northeast Oil, (2) Black Oil, (3) Karnes Trough Condensate, (4) Edwards Condensate, (5) Southeast Gas, (6) Southwest…
  13. September Presentation – Baytex Energy Corp. – slide 13
    Eagle Ford Sub-Play Risking Sub-Play Analysis Type Well Breakeven Source: Wood Mackenzie. Wood Mackenzie breaks the Eagle Ford into nine distinct sub-play areas: (1) Northeast Oil, (2) Black Oil, (3) Karnes Trough Condensate, (4)…
  14. September Presentation – Baytex Energy Corp. – slide 14
    Eagle Ford Opportunity Summary Eagle Ford Type Log Current Development - Lower Eagle Ford originally developed at 80-acre spacing; current development is now 60-acre spacing (volatile oil) and 40-acre spacing (condensate gas)…
  15. September Presentation – Baytex Energy Corp. – slide 15
    Eagle Ford Improving Performance Increasing Development Performance and Recovery - A subsidiary of Marathon Oil Corporation is the operator of the majority of Baytexs Eagle Ford position - Continuous improvements in drilling and…
  16. September Presentation – Baytex Energy Corp. – slide 16
    Eagle Ford - Key Attributes - Material Production and High Quality Reserve Base - Substantial inventory of potential well locations to support future production growth - Reserve upside exists through additional horizons in the Austin…
  17. September Presentation – Baytex Energy Corp. – slide 17
    Heavy Oil Overview 20
  18. September Presentation – Baytex Energy Corp. – slide 18
    Peace River Oil Sands 306 net sections of oil sands leases 553 million barrels of economic contingent resource * Area Statistics Production (Q2/2014) 26,100 bbl/d 2P Reserves (YE13) (1) 114 mmbbls Drilling Inventory (2) 5 years…
  19. September Presentation – Baytex Energy Corp. – slide 19
    Multi-Lateral Cold Horizontal Wells Reservoir Characteristics (1) Formation Bluesky Depth 600 700 metres Oil Quality 11 API Average Porosity 28% Permeability 0.5 5.0 darcies Oil Saturation 70% Recovery Factor 5 7% Well…
  20. September Presentation – Baytex Energy Corp. – slide 20
    Lloydminster Lloydminster Heavy Oil Heavy Oil 730 net sections; 212 million barrels of economic contingent resource * Area Statistics Production (Q2/2014) 19,900 bbl/d 2P Reserves (YE13) (1) 114 mmbbls Drilling Inventory (2)…
  21. September Presentation – Baytex Energy Corp. – slide 21
    Lloydminster Development Vertical Wells Completed Well Cost 450,000 Production (30-day IP) 30-50 bbl/d EUR 30-50 mbbl Capital Efficiency 11,250 per bbl/d Development Cost 11.25/bbl Horizontal Wells Completed Well Cost…
  22. September Presentation – Baytex Energy Corp. – slide 22
    Corporate Growth Strategy
  23. September Presentation – Baytex Energy Corp. – slide 23
    Updated 2014 Operating Plans Q1/2014 Q2/2014 H1/2014 H2/2014 FY 2014 2014 Guidance Summary Actual Actual Actual Guidance Guidance (1) Production (boe/d) 59,502 66,934 63,239 86,000-88,000 74,000-76,000 Capital Expenditures (…
  24. September Presentation – Baytex Energy Corp. – slide 24
    Why Invest in Baytex Superior Asset Base Income Payout Proven Track Record - Low cost development - Committed to paying a - Strong balance sheet inventory oil focus meaningful dividend - Sophisticated risk - Sector leading capital -…
  25. September Presentation – Baytex Energy Corp. – slide 25
    Appendix: Crude Oil Marketing
  26. September Presentation – Baytex Energy Corp. – slide 26
    2014: A Break Out Year for Canadian Heavy - Market conditions remain positive with the forward market indicating a WCS differential of 19% for the remainder of this year (last four months) - Positive catalysts unfolding in 2014…
  27. September Presentation – Baytex Energy Corp. – slide 27
    Heavy Oil Differential WCS and Maya 30
  28. September Presentation – Baytex Energy Corp. – slide 28
    Crude by Rail in Western Canada Industry Outlook Major Loading Terminals - Rail is playing a meaningful role in the transportation of crude oil in Western Canada as major pipeline expansions are unlikely to be in place for many…
  29. September Presentation – Baytex Energy Corp. – slide 29
    Marketing - Crude by Rail Rail a Key Component of Market Access - Trucking flexibility helps optimize value of production - Rail has become an effective vehicle for management of heavy oil differentials - Undiluted heavy oil sales…
  30. September Presentation – Baytex Energy Corp. – slide 30
    Oil Marketing Portfolio Q3 2014 Heavy Oil Sales Portfolio WTI Financial Hedging Q3 / 2014 % Hedged 51% Fixed Price US96.45/bbl Q4 / 2014 % Hedged 50% Fixed Price US95.43/bbl FY 2015 % Hedged 19% Fixed Price US94.60/bbl…
  31. September Presentation – Baytex Energy Corp. – slide 31
    Heavy Oil Hedge Coverage Q3/2014 Q4/2014 Term Pipeline Blended WCS (bbl/d) 5,000 5,000 Equivalent Heavy Production (bbl/d) 3,850 3,850 % of Gross Heavy Production 9% 9% Financial Derivatives Financial Blended WCS index (bbl/d) 2,325…
  32. September Presentation – Baytex Energy Corp. – slide 32
    Midstream Heavy Oil Fundamentals Infrastructure Development Source: Canadian Association of Petroleum Producers Crude Oil Forecast, Markets and Pipelines Report, June 2012. 35
  33. September Presentation – Baytex Energy Corp. – slide 33
    U.S. Gulf Coast HeavyUS OilGulf Coast Heavy Oil Demand Demand U.S. imports of Canadian heavy oil rose Total U.S. heavy oil imports averaged to 1.69 million bbl/d in December 2013, 3.99 million bbl/d in 2013, 39% and averaged 1.55…
  34. September Presentation – Baytex Energy Corp. – slide 34
    Supplementary Information - Financial 37
  35. September Presentation – Baytex Energy Corp. – slide 35
    Baytex Liquidity (C millions) Principal Principal Due Monetary Debt (C) (1) Long Term Debt: 9.875% notes US7.9 Feb-2017 8.4 7.500% notes US6.4 Apr-2020 6.8 6.750% notes US150 Feb-2021 160.1 6.625% notes C300 Jul-2022 300.0 5.125%…
  36. September Presentation – Baytex Energy Corp. – slide 36
    Other Commodities / FOREX Hedge Coverage Q3/2014 Q4/2014 FY 2015 Natural Gas % of Volumes Hedged at Fixed Price (1) 42% 42% 12% Average Fixed Price (US/mmBtu) 4.15 4.15 4.19 % of Volumes Hedged Using Collars (1) 12% 12% 0% Average…
  37. September Presentation – Baytex Energy Corp. – slide 37
    Share Ownership Breakdown Institutional - Retail - U.S. Institutional - Ownership Breakdown Europe / Asia 7% U.S. 4% 11% Institutional 57% Insiders 2% Retail 41% Insiders 2% 100% Retail - Institutional - Canada 76% Canada…
  38. September Presentation – Baytex Energy Corp. – slide 38
    Capital Program Efficiency 3-Year 2011 2012 2013 Average 2011-13 Capital Expenditures (millions) Exploration and development 367.9 418.6 550.9 1,337.4 Acquisitions (net of dispositions) 148.8 (170.9) (39.1) (61.2) Total 516.6 247.7…

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