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January 2019 Corporate Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Jan 9, 2019 · 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. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 1
    Investor Presentation January 2019
  2. January 2019 Corporate 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. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 13.9 million / US: 3.0 million Shares Outstanding 555 million Market Capitalization / Enterprise Value 1.4 billion / 3.5 billion Net…
  4. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 4
    World Class Asset Base Production by Core Area (1) Operating Cash Flow (2) Other Other Heavy Oil Eagle Heavy Ford Eagle Viking Oil Ford PEACE RIVER Viking DUVERNAY LLOYDMINSTER VIKING Production by Commodity (1)…
  5. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 5
    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…
  6. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 6
    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…
  7. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 7
    2019 Operating Budget Highlights Funding of Capital Program 2019 Guidance 2019 capital expenditures to approximate E&D CapEx (1)(2) 550 - 650 million adjusted funds flow Production 93,000 - 97,000 boe/d Oil and NGLs 83% Capital…
  8. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 8
    2019E Adjusted Funds Flow Matrix High netback light oil drives 2019 adjusted funds flow WTI (US/bbl) Adjusted Funds Flow ( millions) (1) 45 50 55 60 65 Differential (US/bbl) 18 / 8 475 621 756 877 993 WCS / MSW (2) 20 /…
  9. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 9
    Crude Oil Hedges Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 WTI Fixed Hedges Volumes (bbl/d) 16,500 2,000 2,000 --- --- Fixed Price (US/bbl) 52.28 62.85 62.85 --- --- WTI 3-Way Option Volumes (bbl/d) 2,000 14,000 14,000 14,000 14,000…
  10. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 10
    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 30.1 24.2 Change of US1.00/bbl WCS heavy oil…
  11. January 2019 Corporate 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 Priced off Canadian Mixed Sweet 12% (MSW) blend WTI / MSW 29% Crude…
  12. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 12
    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…
  13. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 13
    High Quality Oil Development Inventory 10+ years drilling inventory in each core area Viking Eagle Ford Peace River Lloydminster East Duvernay Free Cash Flow Free Cash Flow Early Stage Light Heavy Oil Heavy Oil Light Oil Light…
  14. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 14
    Asset Overview
  15. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 15
    Eagle Ford: Step Change in Well Performance 180 Day Cumulative Well Production Enhanced completions drive improved well performance 175 15% increase at 180 days 2018 Increased lateral length, proppant loading 150 2017 vs. 2018…
  16. January 2019 Corporate 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. January 2019 Corporate 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 oil 20…
  18. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 18
    Viking Light Oil Development Reservoir Characteristics (1) Individual Wells (1) Formation Viking Formation DCET Well Cost 950,000 Depth 700 metres 30-day IP 60-90 boe/d Completion Pin point coil Frac EUR 40-60 mboe Oil Quality 36API…
  19. January 2019 Corporate 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. January 2019 Corporate 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. January 2019 Corporate 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. January 2019 Corporate 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 -…
  23. January 2019 Corporate 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 the Duvernay Oil window, 57% Crown Moderate drilling depths 2,200 to…
  24. January 2019 Corporate 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. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 25
    Supplementary Information
  26. January 2019 Corporate 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. January 2019 Corporate 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. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 28
    Baytex Leadership Team Mr. Jaskela was appointed Executive Vice President, Shale Oil of Baytex on December 14, 2018. He joined Baytex on August 22, 2018 and served as Vice President, Duvernay and Eagle Ford Business Units from…
  29. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 29
    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 15,000 15,000 15,000 15,000…
  30. January 2019 Corporate Presentation – Baytex Energy Corp. – slide 30
    Corporate Responsibility At Baytex, we believe that commitment to corporate responsibility is just as important as delivering financial and operational targets. We publish a biennial Corporate Responsibility Report which provides…
  31. January 2019 Corporate 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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