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August 2018 Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Aug 22, 2018 · 31 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. August 2018 Investor Presentation – Baytex Energy Corp. – slide 1
    Investor Presentation August 2018
  2. August 2018 Investor Presentation – Baytex Energy Corp. – slide 2
    Vision A Top Tier North American Oil Producer Focused on Per Share Value Creation Disciplined growth and return of capital to shareholders Production Growth 160 Target 10-15% annual total return to 150 shareholders Production…
  3. August 2018 Investor Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 7,000,000/ US: 1,900,000 Shares Outstanding 555 million Market Capitalization / Enterprise Value 2.2 billion / 4.3 billion Net Debt (2)…
  4. August 2018 Investor Presentation – Baytex Energy Corp. – slide 4
    Creating a Top-Tier Oil Producer With Exceptional Assets Enterprise value 4.3 billion Four high quality crude oil assets 100,000 boe/d (2019E) High margins and capital World Class High Return Oil 2P Reserves 539 mmboe efficiencies…
  5. August 2018 Investor Presentation – Baytex Energy Corp. – slide 5
    World Class Asset Base Production by Core Area (1) Operating Cash Flow (2) Other Lloyd. Other Lloyd. Peace Eagle River Eagle Ford Ford Peace River Viking PEACE RIVER Viking DUVERNAY LLOYDMINSTER VIKING 2019E…
  6. August 2018 Investor Presentation – Baytex Energy Corp. – slide 6
    Company Highlights: 2019 Annual Estimates Average annual production of 100,000 to 105,000 boe/d (85% oil and NGL) with an exploration and development capital program of 750 to 850 million, Debt adjusted production per share growth…
  7. August 2018 Investor Presentation – Baytex Energy Corp. – slide 7
    Preliminary 2019 Plans 2019 annual average production of 100,000 2019 Preliminary Plans to 105,000 boe/d E&D CapEx 750 - 850 million 8% production growth over 2018 Production 100,000 - 105,000 boe/d pro forma average annual…
  8. August 2018 Investor Presentation – Baytex Energy Corp. – slide 8
    Significant Free Cash Flow Profile Significant free cash flow to pursue organic growth, reduce debt, pursue strategic acquisitions and/or reinstate a dividend (1)(2) 900 (3) (4) 3.5x Free Cash Flow Net Debt / Adjusted Funds Flow…
  9. August 2018 Investor Presentation – Baytex Energy Corp. – slide 9
    High Rate of Return Oil Development 200% High quality oil assets 175% Eagle Ford Superior capability to Internal Rate of Return (1)(2)(3) 150% Peace River optimize capital allocation Lloydminster 125% Viking Strong oil…
  10. August 2018 Investor Presentation – Baytex Energy Corp. – slide 10
    High Return Oil Development Inventory 10+ years drilling inventory in each core area Viking Eagle Ford Peace River Lloydminster East Duvernay Light Oil Light Oil Heavy Oil Heavy Oil Light Oil Self-Funding Self-Funding Self-Funding…
  11. August 2018 Investor Presentation – Baytex Energy Corp. – slide 11
    Leverage Profile Bank Debt Covenants Covenant Pro Forma Senior Secured Debt (1) / Bank EBITDA (2) Max 3.5:1 0.5x (2019E) Interest Coverage (3) Min 2:1 9.2x (2019E) Debt Maturities in millions C500 Revolving Credit…
  12. August 2018 Investor Presentation – Baytex Energy Corp. – slide 12
    Asset Overview
  13. August 2018 Investor Presentation – Baytex Energy Corp. – slide 13
    Eagle Ford: Step Change in Well Performance Enhanced completions drive 180 Day Cumulative Well Production improved well performance 150 20% increase at 180 days 2017 2016 vs. 2017 Increased lateral length, proppant loading 125 and…
  14. August 2018 Investor Presentation – Baytex Energy Corp. – slide 14
    Eagle Ford: Strong Q2/2018 Karnes and Atascosa Drilling Results Karnes City NE Wilson 6 well pad 74% oil Karnes Average 30-day IP: 2,100 boe/d Franke May B Best Well: 3,300 boe/d 3 well pad 80% oil LONGHORN Average 30-day IP:…
  15. August 2018 Investor Presentation – Baytex Energy Corp. – slide 15
    Viking Light Oil: 460 Highly Prospective Sections Shallow (700 m), Light oil (36 API) resource play Strong netback estimate 46/boe field netback at US65/bbl Short cycle, fast pay- outs spud to producing oil 20 days…
  16. August 2018 Investor Presentation – Baytex Energy Corp. – slide 16
    Viking Light Oil Development Reservoir Characteristics (1) Individual Wells (1) Formation Viking Formation DCET Well Cost 900,000 Depth 700 metres 30-day IP 60-90 boe/d Completion Pin point coil Frac EUR 40-60 mboe Oil Quality 34-36API…
  17. August 2018 Investor Presentation – Baytex Energy Corp. – slide 17
    Peace River: Driving Production Growth and Cost Reductions North Seal Development First three wells on acquired lands generated 30-day IP rates of 800 boe/d per well Nine wells to be drilled in the area in 2018 Harmon Valley…
  18. August 2018 Investor Presentation – Baytex Energy Corp. – slide 18
    Peace River: 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…
  19. August 2018 Investor Presentation – Baytex Energy Corp. – slide 19
    Lloydminster: Significant Land Position and Drilling Inventory Ardmore/Cold Lake Performance Drivers Increased 2 rig drilling program to continue through Lindbergh 2019 Lloydminster Tangleflags Soda Lake 100 net wells per…
  20. August 2018 Investor 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 5.0…
  21. August 2018 Investor Presentation – Baytex Energy Corp. – slide 21
    East Duvernay Shale Light Oil: Emerging Resource Play Early stage, high netback light oil resource play FOX CREEK 430 net sections (275,000 acres) within the Duvernay Oil window, 57% Crown WEST SHALE BASIN Moderate drilling…
  22. August 2018 Investor Presentation – Baytex Energy Corp. – slide 22
    East Duvernay Shale Light Oil: Emerging Resource Play 14-36 Duvernay Well 4-11 Duvernay Well Significant Q1, 2018 light oil discovery (42 API) Initial Q4/2017 light oil discovery On production March 23, 2018 (38 API) Average…
  23. August 2018 Investor Presentation – Baytex Energy Corp. – slide 23
    Supplementary Information
  24. August 2018 Investor Presentation – Baytex Energy Corp. – slide 24
    Board of Directors Kevin Olson (1) (2) Edward D. LaFehr Neil Roszell Raymond T. Chan (2) (3) Dave Pearce (3) (4) President and Chief Chairman Lead Independent Executive Officer Director Gregory K. Melchin (1) (4) Gary Bugeaud…
  25. August 2018 Investor Presentation – Baytex Energy Corp. – slide 25
    Baytex Leadership Team Mr. LaFehr joined Baytex as President on July 18, 2016 and was appointed Chief Executive Officer on May 4, 2017. Mr. LaFehr has nearly 35 years of experience in the oil and gas industry working with Amoco, BP,…
  26. August 2018 Investor Presentation – Baytex Energy Corp. – slide 26
    Baytex Leadership Team Mr. Ramsay was appointed Executive Vice President and Chief Operating Officer of Baytex on August 22, 2018. He originally joined Baytex in January 2010 and has held the following positions: Vice President,…
  27. August 2018 Investor Presentation – Baytex Energy Corp. – slide 27
    Q2 2018 Results: Delivering on our Operational and Financial Targets Production of 70,664 boe/d Production Growth in line with guidance 80,000 70,000 Adjusted funds flow of 60,000 107 million exceeded capital 50,000 Boe/d…
  28. August 2018 Investor Presentation – Baytex Energy Corp. – slide 28
    2019E Adjusted Funds Flow Sensitivities Estimated Effect on Annual Adjusted Funds Flow (MM) (1) Sensitivities Excluding Hedges Including Hedges Change of US1.00/bbl WTI crude oil 28.1 25.8 Change of US1.00/bbl WCS heavy oil…
  29. August 2018 Investor Presentation – Baytex Energy Corp. – slide 29
    Crude Oil Hedge Portfolio Q3/18 Q4/18 2019 WTI Fixed Hedges Volumes (bbl/d) 14,833 16,500 7,000 (1) Fixed Price (US/bbl) 52.30 52.27 61.22 WTI 3-Way Option Volumes (bbl/d) 2,000 2,000 2,000 Average Ceiling/Floor/Sold Floor…
  30. August 2018 Investor Presentation – Baytex Energy Corp. – slide 30
    Natural Gas Hedge Portfolio Q3/18 Q4/18 2019 AECO Fixed Hedges Volumes (GJ/day) 5,000 5,000 --- Price (C/GJ) 2.67 2.67 --- NYMEX Fixed Hedges Volumes (mmbtu/d) 15,000 15,000 --- Price (US/mmbtu) 3.01 3.01 --- Total Hedge Volume…
  31. August 2018 Investor Presentation – Baytex Energy Corp. – slide 31
    Contact Information Baytex Energy Corp. Edward D. LaFehr President and Chief Executive Officer Suite 2800, Centennial Place 587.952.3000 520 3rd Avenue S.W. Calgary, Alberta T2P 0R3 Rodney D. Gray T 587.952.3000 Executive Vice…

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