Investment Highlights High Quality and 10 or more years of projected drilling inventory in each of our Diversified Oil Portfolio core areas (Viking, Eagle Ford and Canadian heavy oil) Across Multiple Plays Strong capital efficiencies…
Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 15.4 million / US: 2.6 million Shares Outstanding (2) 558 million Market Capitalization / Enterprise Value (2) 187 million / 2,074…
ESG Highlights GHG Emission Reduction Safety Established target to 55% reduction in lost reduce GHG emissions time incident frequency intensity by 30% by 2021 in 5 years Gas Conservation Indigenous Relations 99.1% routine gas 32…
2019 Highlights Exploration and development expenditures of 552 million, Delivered on our which is the low end of original guidance Operating Plan Generated production of 97,680 boe/d, exceeding the high end of original guidance…
2020 Outlook Revised capital program 2020 Guidance (1) designed to preserve financial liquidity E&D CapEx 260 - 290 million Production 85,000 - 89,000 boe/d 50% reduction in capital spending Oil and NGLs 83% announced on March 18…
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…
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…
2020E Adjusted Funds Flow Sensitivities Estimated Effect on Annual Adjusted Funds Flow (MM) (1) Sensitivities Excluding Hedges Including Hedges (2) Change of US1.00/bbl WTI crude oil 27.3 26.0 Change of US1.00/bbl WCS heavy oil…
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 27%…
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…
Asset Overview
Asset Highlights Geographic and play diversification with 10 or more years drilling inventory in each core area Eagle Ford Viking Heavy Oil East Duvernay Production 39,055 boe/d 22,546 boe/d 29,377 boe/d 1,688 boe/d (Gross; FY…
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…
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…
Enhanced Completions Drive Step Change in Well Performance 180 Day Cumulative Well Production Completion Activity 175 Stage Hz Length Proppant of 17% increase 2019 over 2017 2019 Spacing (ft) (lbs/ft) Stages 150 5% increase 2019…
Viking Light Oil: 460 Highly Prospective Sections Shallow (700 m), light oil (36 API) resource play with strong netbacks Produced 22,500 boe/d (92% oil) in 2019 Added 229 net unbooked drilling opportunities in 2019 through…
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…
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…
Lloydminster: Significant Land Position and Drilling Inventory Performance Drivers Produced 12,600 boe/d in 2019 (98% oil) Ardmore/Cold Lake Strong capital efficiencies Applying multi-lateral horizontal drilling and Lindbergh…
Heavy Oil Innovation Lloydminster Peace River Horizontal Multi-Lateral Horizontal 24
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…
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…
Corporate Sustainability
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…
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…
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…
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 Category (1)…
2020 Guidance and Cost Assumptions Exploration and development expenditures ( millions) 260 - 290 Production (boe/d) 85,000 - 89,000 Expenses: Royalty rate (%) 19.0% - 19.5% Operating (/boe) 11.75 - 12.50 Transportation (/boe)…
Notes 35
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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