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February 2020 Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Feb 6, 2020 · 36 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. February 2020 Investor Presentation – Baytex Energy Corp. – slide 1
    Investor Presentation February 2020
  2. February 2020 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 Reduced net debt by 394 Relentless focus on driving million in 2019 cost and capital efficiencies Enhanced…
  3. February 2020 Investor Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 10.7 million / US: 2.2 million Shares Outstanding (2) 558 million Market Capitalization / Enterprise Value (2) 804 million / 2,691…
  4. February 2020 Investor Presentation – Baytex Energy Corp. – slide 4
    2019 Highlights Capital expenditures of 552 million, which is the low end of Delivering on our original guidance Operating Plan Generated production of 97,680 boe/d, exceeding the high end of original guidance Free cash flow of 329…
  5. February 2020 Investor Presentation – Baytex Energy Corp. – slide 5
    2020 Outlook 2020 capital program designed to 2020 Guidance (1) deliver stable production and E&D CapEx 500 - 575 million maximize free cash flow Production 93,000 - 97,000 boe/d Oil and NGLs 84% Cash neutrality (capital program…
  6. February 2020 Investor Presentation – Baytex Energy Corp. – slide 6
    2020E Adjusted Funds Flow Matrix High netback light oil drives 2020 adjusted funds flow WTI (US/bbl) Adjusted Funds Flow ( millions) (1) 50 55 60 65 Differential (US/bbl) 14 / 4 660 756 867 985 WCS / MSW (2) 16 / 6…
  7. February 2020 Investor Presentation – Baytex Energy Corp. – slide 7
    Balance Sheet and Liquidity Balance Sheet (1) millions Strong financial liquidity Bank loan (2) 692 Credit facilities one-third Long-term notes (3) 1,167 undrawn Long-term debt 1,859 300 million of liquidity Working Capital…
  8. February 2020 Investor Presentation – Baytex Energy Corp. – slide 8
    Crude Oil Hedge Portfolio Q1/2020 2020 WTI Fixed Hedges Volumes (bbl/d) 8,000 3,500 Fixed Price (US/bbl) 56.95 57.40 WTI 3-Way Option Volumes (bbl/d) 24,500 24,500 Average Sold Put / Put / Sold Call (US/bbl) (1) 50/58/63…
  9. February 2020 Investor Presentation – Baytex Energy Corp. – slide 9
    2020E 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 21.6 Change of US1.00/bbl WCS heavy oil…
  10. February 2020 Investor Presentation – Baytex Energy Corp. – slide 10
    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 11% (MSW) blend WTI / MSW 28%…
  11. February 2020 Investor Presentation – Baytex Energy Corp. – slide 11
    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…
  12. February 2020 Investor Presentation – Baytex Energy Corp. – slide 12
    Asset Overview
  13. February 2020 Investor Presentation – Baytex Energy Corp. – slide 13
    Asset Highlights Geographic and play diversification with 10 or more years drilling inventory in each core area Eagle Ford Viking Heavy Oil East Duvernay Free Cash Flow Free Cash Flow Low Decline Early Stage Light Light Oil Light…
  14. February 2020 Investor Presentation – Baytex Energy Corp. – slide 14
    Eagle Ford: Core of Karnes County 19,900 net acres in the core of the Eagle Ford shale in south Texas Wilson Four AMIs (Longhorn, Sugarloaf, Ipanema and Excelsior) with average 25% W.I. Karnes 2019 production of 39,100…
  15. February 2020 Investor Presentation – Baytex Energy Corp. – slide 15
    Eagle Ford: Strong Free Cash Flow and Deep Drilling Inventory Production Asset Level Free Cash Drilling Inventory (2) (mboe/d) Flow (1) (C millions) (net locations) Stable production and 703MM cumulative free 10 year inventory at deep…
  16. February 2020 Investor Presentation – Baytex Energy Corp. – slide 16
    Enhanced Completions Drive Step Change in Well Performance 180 Day Cumulative Well Production 175 Well Economics (1) 17% increase 2019 over 2017 2019 150 5% increase 2019 over 2018 2018 WTI Oil Price 55/bbl 60/bbl Cumulative…
  17. February 2020 Investor Presentation – Baytex Energy Corp. – slide 17
    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 22,500 boe/d (92% oil) in 2019 Kerrobert…
  18. February 2020 Investor Presentation – Baytex Energy Corp. – slide 18
    Viking Shifting from Growth to Sustainable Free Cash Flow Successful Transition from Organic Growth to Stable Production and Free Cash Flow Generation in 2019 25,000 Viking Oil Production (bbl/d) 20,000 15,000…
  19. February 2020 Investor Presentation – Baytex Energy Corp. – slide 19
    High Netback Light Oil with Significant Running Room High Netback Light Oil Asset Level Free Cash Drilling Inventory (2) (/boe) Flow (1) ( millions) (Net locations) Strong Price Realizations 80 million Free Cash 10 year inventory at…
  20. February 2020 Investor Presentation – Baytex Energy Corp. – slide 20
    Technical Advancements Drive Productivity Improvement Shift to ERH(1) Wells Drives Productivity 95%+ of Viking Development now Improvements ERH Wells 400 100% Viking Wells by Vintage 350 90% 80 80% 300 70% 70 250 60% 60 200…
  21. February 2020 Investor Presentation – Baytex Energy Corp. – slide 21
    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…
  22. February 2020 Investor Presentation – Baytex Energy Corp. – slide 22
    Lloydminster: Significant Land Position and Drilling Inventory Performance Drivers Produced 12,600 boe/d in 2019 (98% oil) Ardmore/Cold Lake Strong capital efficiencies and economics at current oil prices Lindbergh Applying…
  23. February 2020 Investor Presentation – Baytex Energy Corp. – slide 23
    Strong Capital Efficiencies and Significant Torq to Higher Oil Prices Strong Capital Efficiencies (1) Asset Level Free Cash Drilling Inventory (3) (/boe/d) Flow (2) (C millions) (Net locations) Ability to Add Production Significant…
  24. February 2020 Investor Presentation – Baytex Energy Corp. – slide 24
    Heavy Oil: Innovation Enhances Economic Returns Peace River Lloydminster Multi-Lateral Horizontal Horizontal Well Economics (1) WTI Oil Price 55/bbl 60/bbl WTI Oil Price 55/bbl 60/bbl Payout: 1.9 years 1.2 years Payout: 1.6…
  25. February 2020 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 have delineated a minimum of 100- 125 sections Produced 1,700 boe/d (84% liquids) in 2019 Two…
  26. February 2020 Investor Presentation – Baytex Energy Corp. – slide 26
    High Quality Oil Development Eagle Ford Viking Peace River (1) Lloydminster (1) East Duvernay Formation Lower Eagle Ford Viking Bluesky Mannville Group Duvernay Upper Eagle Ford Austin Chalk Depth (metres) 3,300-3,900 700 600…
  27. February 2020 Investor Presentation – Baytex Energy Corp. – slide 27
    Corporate Sustainability
  28. February 2020 Investor Presentation – Baytex Energy Corp. – slide 28
    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…
  29. February 2020 Investor Presentation – Baytex Energy Corp. – slide 29
    GHG Emissions Reduction Target to reduce GHG emission intensity (tonnes of CO2 per boe) by 30% by 2021. Our emissions reduction strategy includes: Increasing gas conservation Reusing associated gas as fuel for field activities…
  30. February 2020 Investor Presentation – Baytex Energy Corp. – slide 30
    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…
  31. February 2020 Investor Presentation – Baytex Energy Corp. – slide 31
    Supplementary Information
  32. February 2020 Investor Presentation – Baytex Energy Corp. – slide 32
    Summary of Operating and Financial Metrics Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 2019 Benchmark Prices WTI crude oil (US/bbl) 62.87 67.88 69.50 58.81 64.77 54.90 59.81 56.45 56.96 57.03 NYMEX natural…
  33. February 2020 Investor Presentation – Baytex Energy Corp. – slide 33
    Reserves Summary (Gross) 2P Reserves Breakdown 2P Reserves by Asset 2P Reserves by Commodity East Other Duvernay Natural Gas PDP Heavy Eagle Probable Ford Oil Light Oil Heavy + NGL Oil PDNP + PUD Viking East BT…
  34. February 2020 Investor Presentation – Baytex Energy Corp. – slide 34
    2020 Guidance and Cost Assumptions Exploration and development expenditures ( millions) 500 - 575 Production (boe/d) 93,000 - 97,000 Expenses: Royalty rate (%) 18.0% - 18.5% Operating (/boe) 11.25 - 12.00 Transportation (/boe)…
  35. February 2020 Investor Presentation – Baytex Energy Corp. – slide 35
    Notes 39
  36. February 2020 Investor Presentation – Baytex Energy Corp. – slide 36
    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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