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March 2019 Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Mar 6, 2019 · 29 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. March 2019 Investor Presentation – Baytex Energy Corp. – slide 1
    Investor Presentation March 2019
  2. March 2019 Investor Presentation – Baytex Energy Corp. – slide 2
    Investment Attributes Repositioned Baytex as a top-tier North American crude oil producer through the strategic combination with Raging River Self funded business model focused on per-share growth and targeting a 10-15% annual total…
  3. March 2019 Investor Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 8.3 million / US: 1.6 million Shares Outstanding 555 million Market Capitalization / Enterprise Value 1.3 billion / 3.6 billion Net Debt…
  4. March 2019 Investor Presentation – Baytex Energy Corp. – slide 4
    Strong 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. March 2019 Investor Presentation – Baytex Energy Corp. – slide 5
    2018 Highlights Generated production of 80,458 boe/d, exceeding high end of annual guidance Q4/2018 production of 98,890 boe/d Capital expenditures totaled 496 million, in line with annual guidance Delivered adjusted funds flow of…
  6. March 2019 Investor Presentation – Baytex Energy Corp. – slide 6
    2019 Outlook Capital expenditures on pace for 2019 Guidance 155 million in Q1/2019, consistent E&D CapEx (1) 550 - 650 million with mid-point of guidance Production 93,000 - 97,000 boe/d Oil and NGLs 83% Strong operating performance…
  7. March 2019 Investor Presentation – Baytex Energy Corp. – slide 7
    2019E Adjusted Funds Flow Matrix High netback light oil drives 2019 adjusted funds flow WTI (US/bbl) Adjusted funds Adjusted Funds Flow flow at the ( millions) (1) 45 50 55 60 65 forward strip (3) Differential (US/bbl) 16 / 6…
  8. March 2019 Investor Presentation – Baytex Energy Corp. – slide 8
    Crude Oil Hedges Q1 / 2019 Q2 / 2019 Q3 / 2019 Q4 / 2019 2019 WTI Fixed Hedges Volumes (bbl/d) 2,000 2,000 --- --- 1,000 Fixed Price (US/bbl) 62.85 62.85 --- --- 62.85 WTI 3-Way Option Volumes (bbl/d) 14,000 14,000 14,000 14,000…
  9. March 2019 Investor Presentation – Baytex Energy Corp. – slide 9
    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…
  10. March 2019 Investor Presentation – Baytex Energy Corp. – slide 10
    High Rate of Return Oil Development 200% 175% High quality oil assets Eagle Ford Peace River Superior capability to Internal Rate of Return (1)(2)(3) 150% Lloydminster optimize capital 125% allocation Viking 100%…
  11. March 2019 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 Priced off Canadian Mixed Sweet 12% (MSW) blend WTI / MSW 29% Crude…
  12. March 2019 Investor Presentation – Baytex Energy Corp. – slide 12
    Leverage Profile Bank Debt Covenants Covenant Current Senior Secured Debt (1) / Bank EBITDA (2) Max 3.5:1 0.64x Interest Coverage (3) Min 2:1 8.00x Debt Maturities in millions C548 Revolving Credit Facilities (4) Undrawn…
  13. March 2019 Investor 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. March 2019 Investor Presentation – Baytex Energy Corp. – slide 14
    Asset Overview
  15. March 2019 Investor 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. March 2019 Investor Presentation – Baytex Energy Corp. – slide 16
    Eagle Ford: Strong Q4/2018 Drilling Results Jordan / Fransen / GM Challenger B / Medina H. CRH / Fire Opal 5 well pad 3 well pad 3 well pad Average 30-day IP: 1,550 boe/d Average 30-day IP: 1,470 boe/d Average 30-day IP: 1,800 boe/d…
  17. March 2019 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 oil 20…
  18. March 2019 Investor 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. March 2019 Investor Presentation – Baytex Energy Corp. – slide 19
    Peace River: Driving Production Growth and Cost Reductions North Seal Development 2018 development (six wells) generated 30-day IP rates of 700 boe/d per well Deferred three Q4/2018 completions due to low heavy oil prices…
  20. March 2019 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. March 2019 Investor Presentation – Baytex Energy Corp. – slide 21
    Lloydminster: Significant Land Position and Drilling Inventory Performance Drivers Ardmore/Cold Lake Produced 12,000 boe/d in Q4/2018 (99% oil) Applying multi-lateral Lindbergh horizontal drilling and Lloydminster…
  22. March 2019 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 -…
  23. March 2019 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 450 net sections (288,000 acres) within the Duvernay Oil window, 57% Crown Moderate drilling depths 2,200 to…
  24. March 2019 Investor Presentation – Baytex Energy Corp. – slide 24
    East Duvernay Shale Light Oil: Emerging Resource Play Pembina Region 270 sections of 100% WI lands 5 wells on production generated 30-day IP rates of 575 boe/d (88% liquids) Delineated approximately 35 sections representing…
  25. March 2019 Investor Presentation – Baytex Energy Corp. – slide 25
    Supplementary Information
  26. March 2019 Investor Presentation – Baytex Energy Corp. – slide 26
    Natural Gas Hedge Portfolio Q1 / 2019 Q2 / 2019 Q3 / 2019 Q4 / 2019 2019 AECO Fixed Hedges Volumes (GJ/day) 5,000 --- --- --- 1,250 Price (C/GJ) 2.25 --- --- --- 2.25 NYMEX Fixed Hedges Volumes (mmbtu/d) 15,000 15,000 15,000…
  27. March 2019 Investor Presentation – Baytex Energy Corp. – slide 27
    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…
  28. March 2019 Investor Presentation – Baytex Energy Corp. – slide 28
    Notes 31
  29. March 2019 Investor Presentation – Baytex Energy Corp. – slide 29
    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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