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October 2018 Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Oct 5, 2018 · 33 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. October 2018 Investor Presentation – Baytex Energy Corp. – slide 1
    Investor Presentation October 2018
  2. October 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. October 2018 Investor Presentation – Baytex Energy Corp. – slide 3
    Strategic Combination with Raging River Strategic combination with Raging River is a transformational step forward Snapshot of the new Baytex for Baytex 25 years as a public company Announced on June 18; closed on August 22 with…
  4. October 2018 Investor Presentation – Baytex Energy Corp. – slide 4
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 12,700,000/ US: 2,600,000 Shares Outstanding 555 million Market Capitalization / Enterprise Value 2.1 billion / 4.2 billion Net Debt (2)…
  5. October 2018 Investor Presentation – Baytex Energy Corp. – slide 5
    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…
  6. October 2018 Investor Presentation – Baytex Energy Corp. – slide 6
    Powerful Combination of Free Cash Flow and Production Growth Free Cash Flow Yield 25% 20% BTE 15% Average = 8% 10% 5% 0% -5% -10% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 (1) Source: CIBC Capital Markets, as at…
  7. October 2018 Investor Presentation – Baytex Energy Corp. – slide 7
    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…
  8. October 2018 Investor Presentation – Baytex Energy Corp. – slide 8
    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…
  9. October 2018 Investor Presentation – Baytex Energy Corp. – slide 9
    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…
  10. October 2018 Investor Presentation – Baytex Energy Corp. – slide 10
    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…
  11. October 2018 Investor Presentation – Baytex Energy Corp. – slide 11
    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…
  12. October 2018 Investor Presentation – Baytex Energy Corp. – slide 12
    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 Free Cash…
  13. October 2018 Investor Presentation – Baytex Energy Corp. – slide 13
    Diversified Crude Oil Marketing Portfolio Viking Light Oil Crude Oil and NGL Sales Portfolio (1) 36 API light oil contributes to top quartile field netbacks NGLs (% of WTI) 11% Priced off Canadian Mixed Sweet (MSW) blend Crude by…
  14. October 2018 Investor Presentation – Baytex Energy Corp. – slide 14
    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…
  15. October 2018 Investor Presentation – Baytex Energy Corp. – slide 15
    Asset Overview
  16. October 2018 Investor Presentation – Baytex Energy Corp. – slide 16
    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…
  17. October 2018 Investor Presentation – Baytex Energy Corp. – slide 17
    Eagle Ford: Strong Q2/2018 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: 1,600 boe/d Egbert…
  18. October 2018 Investor Presentation – Baytex Energy Corp. – slide 18
    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…
  19. October 2018 Investor Presentation – Baytex Energy Corp. – slide 19
    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…
  20. October 2018 Investor Presentation – Baytex Energy Corp. – slide 20
    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…
  21. October 2018 Investor Presentation – Baytex Energy Corp. – slide 21
    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…
  22. October 2018 Investor Presentation – Baytex Energy Corp. – slide 22
    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…
  23. October 2018 Investor Presentation – Baytex Energy Corp. – slide 23
    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…
  24. October 2018 Investor Presentation – Baytex Energy Corp. – slide 24
    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 WEST SHALE BASIN the Duvernay Oil window, 57% Crown Moderate drilling…
  25. October 2018 Investor Presentation – Baytex Energy Corp. – slide 25
    East Duvernay Shale Light Oil: Emerging Resource Play Pembina Activity Anticipate four wells on flow- back in Q4/2018 Two-well development pad (follow-up to the 14-36 discovery) spud mid-September Completion operations underway…
  26. October 2018 Investor Presentation – Baytex Energy Corp. – slide 26
    Supplementary Information
  27. October 2018 Investor Presentation – Baytex Energy Corp. – slide 27
    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…
  28. October 2018 Investor Presentation – Baytex Energy Corp. – slide 28
    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,…
  29. October 2018 Investor Presentation – Baytex Energy Corp. – slide 29
    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,…
  30. October 2018 Investor Presentation – Baytex Energy Corp. – slide 30
    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…
  31. October 2018 Investor Presentation – Baytex Energy Corp. – slide 31
    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 11,000 Average Ceiling/Floor/Sold Floor…
  32. October 2018 Investor Presentation – Baytex Energy Corp. – slide 32
    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…
  33. October 2018 Investor Presentation – Baytex Energy Corp. – slide 33
    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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