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June 2019 Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Jun 3, 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. June 2019 Investor Presentation – Baytex Energy Corp. – slide 1
    Investor Presentation June 2019
  2. June 2019 Investor Presentation – Baytex Energy Corp. – slide 2
    Our Strategy for Value Creation Vision: Top Tier North American Oil Producer Targeting 10-15% Annual Shareholder Returns 50% undrawn credit facility Relentless focus on driving First long-term note maturity efficiencies in our…
  3. June 2019 Investor Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 9.1 million / US: 2.1 million Shares Outstanding 556 million Market Capitalization / Enterprise Value 1.2 billion / 3.4 billion Net Debt…
  4. June 2019 Investor Presentation – Baytex Energy Corp. – slide 4
    Strong Asset Base Production by Core Area (1) Operating Cash Flow (2) Other Other Heavy Oil Heavy Eagle Eagle Oil Ford Ford Viking PEACE RIVER Viking DUVERNAY LLOYDMINSTER VIKING Production by Commodity (1)…
  5. June 2019 Investor Presentation – Baytex Energy Corp. – slide 5
    Q1/2019 Highlights Production of 101,100 boe/d, exceeding high end of annual guidance Capital expenditures of 154 million, consistent with full-year guidance Delivered adjusted funds flow of 221 million, a 100% increase over…
  6. June 2019 Investor Presentation – Baytex Energy Corp. – slide 6
    2019 Outlook Capital expenditures on pace for 2019 Guidance 600 million in 2019, consistent E&D CapEx (1) 575 - 625 million with mid-point of guidance Production 95,000 - 97,000 boe/d Oil and NGLs 83% Strong operating performance with…
  7. June 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 Flow ( millions) (1) 45 50 55 60 65 Differential (US/bbl) 16 / 6 635 725 808 Adjusted funds 863 882 954 flow…
  8. June 2019 Investor Presentation – Baytex Energy Corp. – slide 8
    Balance Sheet and Liquidity Balance Sheet (as at March 31, 2019) millions Strong financial liquidity Bank loan (1) 551 Credit facilities 50% Long-term notes (2) 1,569 undrawn Long-term debt 2,120 First long-term note maturity…
  9. June 2019 Investor Presentation – Baytex Energy Corp. – slide 9
    Crude Oil Hedge Portfolio Balance of Q2 / 2019 Q3 / 2019 Q4 / 2019 2020 2019 WTI Fixed Hedges Volumes (bbl/d) 10,333 10,000 10,000 10,111 --- Fixed Price (US/bbl) 62.53 62.82 62.82 62.72 --- WTI 3-Way Option Volumes (bbl/d)…
  10. June 2019 Investor 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 29.1 21.9 Change of US1.00/bbl WCS heavy oil…
  11. June 2019 Investor Presentation – Baytex Energy Corp. – slide 11
    High Rate of Return Oil Development 200% 175% High quality oil assets Eagle Ford 150% Superior capability to optimize capital Internal Rate of Return (3) Heavy Oil 125% allocation Viking 100% Heavy oil competes for…
  12. June 2019 Investor Presentation – Baytex Energy Corp. – slide 12
    Top Quartile Capital Efficiencies 45,000 40,000 2018 All-In Capital Efficiencies, excl. A&D (/boe/d) Weighted Average (/boe/d) Oil 25,000 35,000 Gas 12,800 30,000 Mixed 21,600 All 19,500 25,000 20,000 15,000…
  13. June 2019 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 Priced off Canadian Mixed Sweet 12% (MSW) blend WTI / MSW 29% Crude…
  14. June 2019 Investor Presentation – Baytex Energy Corp. – slide 14
    High Quality Oil Development Inventory 10+ years drilling inventory in each core area Viking Eagle Ford Heavy Oil East Duvernay Free Cash Flow Free Cash Flow Free Cash Flow Early Stage Light Light Oil Light Oil Growth Potential…
  15. June 2019 Investor Presentation – Baytex Energy Corp. – slide 15
    Asset Overview
  16. June 2019 Investor Presentation – Baytex Energy Corp. – slide 16
    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…
  17. June 2019 Investor Presentation – Baytex Energy Corp. – slide 17
    Eagle Ford: Strong Q1/2019 Drilling Results Henke Wilhelm/Smith Challenger C/PSA Trial-Jauer Pollok 4 well pad 5 well pad 5 well pad Average 30-day IP: 1,230 boe/d Average 30-day IP: 1,285 boe/d Average 30-day IP: 1,060 boe/d (82%…
  18. June 2019 Investor Presentation – Baytex Energy Corp. – slide 18
    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…
  19. June 2019 Investor Presentation – Baytex Energy Corp. – slide 19
    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…
  20. June 2019 Investor Presentation – Baytex Energy Corp. – slide 20
    Peace River: Driving Production Growth and Cost Reductions North Seal Development 2018 program (8 wells, including 2 wells deferred to Q1/2019) generated 30-day IP rates of 700 boe/d per well Harmon Valley Performance…
  21. June 2019 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. June 2019 Investor Presentation – Baytex Energy Corp. – slide 22
    Lloydminster: Significant Land Position and Drilling Inventory Performance Drivers Produced 12,000 boe/d in Q4/2018 (99% oil) Ardmore/Cold Lake Strong capital efficiencies and economics at current oil prices Lindbergh Applying…
  23. June 2019 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 -…
  24. June 2019 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 450 net sections (288,000 acres) within the Duvernay Oil window, 57% Crown Moderate drilling depths 2,200 to…
  25. June 2019 Investor Presentation – Baytex Energy Corp. – slide 25
    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…
  26. June 2019 Investor Presentation – Baytex Energy Corp. – slide 26
    Supplementary Information
  27. June 2019 Investor Presentation – Baytex Energy Corp. – slide 27
    Natural Gas Hedge Portfolio Balance Q2 / 2019 Q3 / 2019 Q4 / 2019 2020 of 2019 AECO Fixed Hedges Volumes (GJ/day) --- --- --- --- --- Price (C/GJ) --- --- --- --- --- NYMEX Fixed Hedges Volumes (mmbtu/d) 15,000 15,000 15,000…
  28. June 2019 Investor Presentation – Baytex Energy Corp. – slide 28
    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…
  29. June 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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