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3Q 2019 Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Nov 1, 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. 3Q 2019 Investor Presentation – Baytex Energy Corp. – slide 1
    Investor Presentation November 2019
  2. 3Q 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 Reduced net debt by 294 Relentless focus on driving million YTD efficiencies in…
  3. 3Q 2019 Investor Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 6.6 million / US: 1.7 million Shares Outstanding 558 million Market Capitalization / Enterprise Value 0.8 billion / 2.8 billion Net Debt…
  4. 3Q 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. 3Q 2019 Investor Presentation – Baytex Energy Corp. – slide 5
    YTD 2019 Highlights Production of 98,000 boe/d, exceeding annual guidance Capital expenditures of 399 million, consistent with full-year guidance Delivered free cash flow of 271 million Contributed to a 13% reduction in net debt…
  6. 3Q 2019 Investor Presentation – Baytex Energy Corp. – slide 6
    2019 Outlook Capital expenditures on pace for 2019 Guidance (1) 560 million in 2019, low end of original guidance range E&D CapEx 560 million Production 97,000 boe/d Strong operating performance with Oil and NGLs 83% production…
  7. 3Q 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 Adjusted funds 875 flow at the Differential (US/bbl) 14 / 4 684 814 939…
  8. 3Q 2019 Investor Presentation – Baytex Energy Corp. – slide 8
    Balance Sheet and Liquidity Balance Sheet (1) millions Strong financial liquidity Bank loan (2) 571 Credit facilities 50% Long-term notes (3) 1,359 undrawn Long-term debt 1,930 First long-term note maturity Working Capital…
  9. 3Q 2019 Investor Presentation – Baytex Energy Corp. – slide 9
    Crude Oil Hedge Portfolio Q4/2019 Q1/2020 2020 WTI Fixed Hedges Volumes (bbl/d) 12,000 4,000 1,000 Fixed Price (US/bbl) 62.35 55.90 55.90 WTI 3-Way Option Volumes (bbl/d) 14,000 18,000 18,000 Average Ceiling/Floor/Sold Floor…
  10. 3Q 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. 3Q 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. 3Q 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. 3Q 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. 3Q 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. 3Q 2019 Investor Presentation – Baytex Energy Corp. – slide 15
    Asset Overview
  16. 3Q 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 17% increase 2019 over 2017 2019 5% increase 2019 over 2018 2018 Increased lateral length,…
  17. 3Q 2019 Investor Presentation – Baytex Energy Corp. – slide 17
    Eagle Ford: Strong Q3/2019 Drilling Results Medina-Hoffman 4 well pad Average 30-day IP: 1,835 boe/d (87% oil) Wilson Karnes Moczygemba-Jauer-Pollok 4 well pad Average 30-day IP: 2,465 boe/d (76% oil) LONGHORN…
  18. 3Q 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 22,200 boe/d in Q3/2019 Kerrobert Inventory…
  19. 3Q 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. 3Q 2019 Investor Presentation – Baytex Energy Corp. – slide 20
    Peace River: Driving Production Growth and Cost Reductions North Seal Development 2018/2019 program (10 multi- lateral horizontal wells) generated 30-day IP rates of 700 boe/d per well Harmon Valley Performance Drivers Seal…
  21. 3Q 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. 3Q 2019 Investor Presentation – Baytex Energy Corp. – slide 22
    Lloydminster: Significant Land Position and Drilling Inventory Performance Drivers Produced 12,100 boe/d in Q3/2019 (98% oil) Ardmore/Cold Lake Strong capital efficiencies and economics at current oil prices Lindbergh Applying…
  23. 3Q 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. 3Q 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 446 net sections (285,000 acres) within the Duvernay Oil window, 60% Crown Moderate drilling depths 2,200 to…
  25. 3Q 2019 Investor Presentation – Baytex Energy Corp. – slide 25
    East Duvernay Shale Light Oil: Emerging Resource Play Pembina Region 275 sections of 100% WI lands Seven wells drilled to date confirm prospectivity of acreage Two wells on-stream in 2019 generated average 30-day IP rate of…
  26. 3Q 2019 Investor Presentation – Baytex Energy Corp. – slide 26
    Corporate Sustainability
  27. 3Q 2019 Investor Presentation – Baytex Energy Corp. – slide 27
    Corporate Sustainability At Baytex, we believe that commitment to corporate responsibility is just as important as delivering financial and operational targets. We publish a biennial Corporate Sustainability Report which provides…
  28. 3Q 2019 Investor Presentation – Baytex Energy Corp. – slide 28
    A Culture of Commitment How it contributes to Objective What weve done Result value creation Ensure our employees and 76% reduction in corporate spill ENVIRONMENT Reduces costs and maintains Responsibly develop contractors…
  29. 3Q 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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