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Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Nov 9, 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. Investor Presentation – Baytex Energy Corp. – slide 1
    Investor Presentation November 2018
  2. 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. Investor Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 13,300,000/ US: 2,800,000 Shares Outstanding 555 million Market Capitalization / Enterprise Value 1.5 billion / 3.6 billion Net Debt (2)…
  4. Investor Presentation – Baytex Energy Corp. – slide 4
    Creating a Top-Tier Oil Producer With Exceptional Assets Enterprise value 3.6 billion Strong oil price diversification 97,000 boe/d (Oct. 2018) World Class High Return Light 80% of operating netback derived 2P Reserves 539 mmboe…
  5. Investor Presentation – Baytex Energy Corp. – slide 5
    World Class Asset Base Production by Core Area (1) Operating Cash Flow (2) Other Lloyd. Other Peace Lloyd. River Eagle Ford Eagle Peace Ford River Viking PEACE RIVER Viking DUVERNAY LLOYDMINSTER VIKING Production by…
  6. Investor Presentation – Baytex Energy Corp. – slide 6
    Q3 2018 Financial Highlights Completed the strategic combination with Raging River on August 22, 2018. Q3/2018 results reflect a 40 day contribution from the Raging River assets Generated adjusted funds flow of 171 million (0.46 per…
  7. Investor Presentation – Baytex Energy Corp. – slide 7
    Q3 2018 Operating Highlights Delivered production of 82,412 boe/d (81% oil and NGL) during Q3/2018 Raging River averaged 23,750 boe/d (Q3/2018 impact of 10,327 boe/d) Legacy Baytex production averaged 72,085 boe/d October production…
  8. Investor Presentation – Baytex Energy Corp. – slide 8
    Preliminary 2019 Plans Our top priority will be disciplined 2019 Preliminary Plans capital allocation to drive meaningful E&D CapEx 650 - 750 million free cash flow and a strengthened Production 95,000 - 100,000 boe/d balance sheet…
  9. Investor Presentation – Baytex Energy Corp. – slide 9
    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) 600 (3) (4) 3.5x Free Cash Flow Net Debt / Adjusted Funds…
  10. Investor Presentation – Baytex Energy Corp. – slide 10
    High Quality 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…
  11. Investor Presentation – Baytex Energy Corp. – slide 11
    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 13% Priced off Canadian Mixed Sweet WTI / MSW (MSW) blend 30% Crude…
  12. Investor Presentation – Baytex Energy Corp. – slide 12
    Crude Oil Hedges Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 WTI Fixed Hedges Volumes (bbl/d) (1) 16,500 8,000 8,000 6,000 6,000 Fixed Price (US/bbl) 52.28 61.50 61.50 61.00 61.00 WTI 3-Way Option Volumes (bbl/d) 2,000 12,000 12,000 12,000…
  13. Investor Presentation – Baytex Energy Corp. – slide 13
    Leverage Profile Bank Debt Covenants Covenant Current Senior Secured Debt (1) / Bank EBITDA (2) Max 3.5:1 0.55x Interest Coverage (3) Min 2:1 9.00x Debt Maturities in millions C550 Revolving Credit Facilities (4) Undrawn…
  14. Investor Presentation – Baytex Energy Corp. – slide 14
    Asset Overview
  15. Investor Presentation – Baytex Energy Corp. – slide 15
    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…
  16. Investor Presentation – Baytex Energy Corp. – slide 16
    Eagle Ford: Strong Q3/2018 Drilling Results K-Laubach / M-Witte Wilson 4 well pad Karnes Average 30-day IP: 1,700 boe/d Best Well: 2,060 boe/d Wilhelm Smith B 3 well pad LONGHORN Average 30-day IP: 1,250 boe/d May B Best Well:…
  17. Investor Presentation – Baytex Energy Corp. – slide 17
    Viking Light Oil: 460 Highly Prospective Sections Shallow (700 m), Light oil (36 API) resource play Extended Reach Horizontals are enhancing returns and extending the runway Short cycle, fast pay- outs spud to producing…
  18. Investor Presentation – Baytex Energy Corp. – slide 18
    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…
  19. Investor Presentation – Baytex Energy Corp. – slide 19
    Peace River: Driving Production Growth and Cost Reductions North Seal Development First six wells on acquired lands generated 30-day IP rates of 700 boe/d per well Deferred three Q4/2018 completions due to low heavy oil prices…
  20. Investor Presentation – Baytex Energy Corp. – slide 20
    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…
  21. Investor Presentation – Baytex Energy Corp. – slide 21
    Lloydminster: Significant Land Position and Drilling Inventory Performance Drivers Ardmore/Cold Lake Produced 11,500 boe/d in Q3/2018 (99% oil) Applying multi-lateral Lindbergh horizontal drilling and Lloydminster…
  22. Investor Presentation – Baytex Energy Corp. – slide 22
    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…
  23. Investor Presentation – Baytex Energy Corp. – slide 23
    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…
  24. Investor Presentation – Baytex Energy Corp. – slide 24
    East Duvernay Shale Light Oil: Emerging Resource Play Pembina Region 256 sections of 100% WI lands Focus for 2019 development and delineation drilling Q4/2018 Activity Four wells on flow-back in Q4/2018 Pembina Drilled and…
  25. Investor Presentation – Baytex Energy Corp. – slide 25
    Supplementary Information
  26. Investor Presentation – Baytex Energy Corp. – slide 26
    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…
  27. Investor Presentation – Baytex Energy Corp. – slide 27
    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,…
  28. Investor Presentation – Baytex Energy Corp. – slide 28
    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,…
  29. Investor Presentation – Baytex Energy Corp. – slide 29
    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 26.0 20.4 Change of US1.00/bbl WCS heavy oil…
  30. Investor Presentation – Baytex Energy Corp. – slide 30
    Natural Gas Hedge Portfolio Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 AECO Fixed Hedges Volumes (GJ/day) 8,333 5,000 --- --- --- Price (C/GJ) 2.50 2.25 --- --- --- NYMEX Fixed Hedges Volumes (mmbtu/d) 15,000 --- --- --- --- Price (US/mmbtu)…
  31. 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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