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September 2019 Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Sep 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. September 2019 Investor Presentation – Baytex Energy Corp. – slide 1
    Investor Presentation September 2019
  2. September 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 60% undrawn credit facility Intend to redeem US150 Relentless focus on driving million 6.75% notes at par in…
  3. September 2019 Investor Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 7.0 million / US: 1.7 million Shares Outstanding 557 million Market Capitalization / Enterprise Value 1.0 billion / 3.0 billion Net Debt…
  4. September 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 Eagle Ford Oil Ford PEACE RIVER Viking Viking DUVERNAY LLOYDMINSTER VIKING Production by Commodity (1)…
  5. September 2019 Investor Presentation – Baytex Energy Corp. – slide 5
    H1/2019 Highlights Production of 99,800 boe/d, exceeding high end of annual guidance Capital expenditures of 261 million, consistent with full-year guidance Delivered adjusted funds flow of 457 million (0.82 per basic share)…
  6. September 2019 Investor Presentation – Baytex Energy Corp. – slide 6
    2019 Outlook Capital expenditures on pace for Current 2019 Guidance (1) 575 million in 2019, consistent E&D CapEx 550 - 600 million with mid-point of guidance Production 96,000 - 97,000 boe/d Oil and NGLs 83% Strong operating…
  7. September 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) 50 55 60 65 Differential (US/bbl) 14 / 4 684 814 939 1,062 Adjusted funds WCS / MSW…
  8. September 2019 Investor Presentation – Baytex Energy Corp. – slide 8
    Balance Sheet and Liquidity Balance Sheet (as at June 30, 2019) millions Strong financial liquidity Bank loan (1) 415 Credit facilities 60% Long-term notes (2) 1,544 undrawn Long-term debt 1,959 First long-term note maturity…
  9. September 2019 Investor Presentation – Baytex Energy Corp. – slide 9
    Crude Oil Hedge Portfolio Q3 / 2019 Q4 / 2019 H2 / 2019 2020 WTI Fixed Hedges Volumes (bbl/d) 10,000 10,000 10,000 --- Fixed Price (US/bbl) 62.82 62.82 62.82 --- WTI 3-Way Option Volumes (bbl/d) 14,000 14,000 14,000 9,000…
  10. September 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 28.3 18.2 Change of US1.00/bbl WCS heavy oil…
  11. September 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. September 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. September 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 Priced off Canadian Mixed Sweet NGLs 13% (MSW) blend WTI / MSW 28%…
  14. September 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. September 2019 Investor Presentation – Baytex Energy Corp. – slide 15
    Asset Overview
  16. September 2019 Investor Presentation – Baytex Energy Corp. – slide 16
    Eagle Ford: Step Change in Well Performance 180 Day Cumulative Well Production Enhanced completions drive 175 improved well performance 15% increase at 180 days 2018 150 2017 vs. 2018 Increased lateral length, proppant Cumulative…
  17. September 2019 Investor Presentation – Baytex Energy Corp. – slide 17
    Eagle Ford: Strong Q2/2019 Drilling Results Retzloff-Tom May Chapman Pfeil 3 well pad 5 well pad Average 30-day IP: 1,585 boe/d Average 30-day IP: 975 boe/d (85% oil) (85% oil) Wilson Karnes May-Ryan 5 well pad Average…
  18. September 2019 Investor Presentation – Baytex Energy Corp. – slide 18
    Viking Light Oil: 460 Highly Prospective Sections Shallow (700 m), light oil (36 API) resource play with strong netbacks Extended Reach Horizontals are enhancing returns Produced 23,000 boe/d in H1/2019 Kerrobert Inventory…
  19. September 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. September 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. September 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. September 2019 Investor Presentation – Baytex Energy Corp. – slide 22
    Lloydminster: Significant Land Position and Drilling Inventory Performance Drivers Produced 12,000 boe/d in H1/2019 (99% oil) Ardmore/Cold Lake Strong capital efficiencies and economics at current oil prices Lindbergh Applying…
  23. September 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. September 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. September 2019 Investor Presentation – Baytex Energy Corp. – slide 25
    East Duvernay Shale Light Oil: Emerging Resource Play Pembina Region 268 sections of 100% WI lands First 2019 well (14-31) on- stream June 27 - 30-day IP rate of 1,360 boe/d (76% liquids); second well (3-19) on-stream July 26…
  26. September 2019 Investor Presentation – Baytex Energy Corp. – slide 26
    Supplementary Information
  27. September 2019 Investor Presentation – Baytex Energy Corp. – slide 27
    Natural Gas Hedge Portfolio Q3 / 2019 Q4 / 2019 H2 / 2019 2020 AECO Fixed Hedges Volumes (GJ/day) --- --- --- --- Price (C/GJ) --- --- --- --- NYMEX Fixed Hedges Volumes (mmbtu/d) 15,000 15,000 15,000 --- Price (US/mmbtu) 2.91…
  28. September 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. September 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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