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: 8 million / US: 2 million Shares Outstanding (2) 561 million Market Capitalization / Enterprise Value (2) 376 million / 2,371 million…
ESG Highlights GHG Emission Reduction Safety 15% reduction in GHG 41% reduction in lost time emissions intensity in 2019; incident frequency in 5 target 30% by 2021 years Gas Conservation Indigenous Relations 99.5% routine gas…
H1 2020 Highlights Generated production of 85,479 boe/d (82% oil and NGL) Delivered adjusted funds flow of 151 million (0.27 per basic share) Issued US500 million principal amount of 8.75% senior unsecured notes due April 2027…
Responding Decisively to COVID-19 The oil and gas industry is facing an unprecedented challenge due to significant degradation and volatility in global crude oil prices We are focused on protecting the health and safety of our…
Maintain Financial Liquidity Credit Facilities 35% Balance Sheet (1) millions Undrawn Bank loan 704 363 million of undrawn credit Long-term notes 1,226 capacity and liquidity, net of Long-term debt 1,930 working capital, of 300…
Minimize Capital Outlays 50% reduction in capital spending 2020 Guidance (1) 260 to 290 million, from 500 to E&D CapEx 260 - 290 million 575 million, previously Production 78,000 - 82,000 boe/d Drilling operations in Canada Oil…
Emphasize Cost Reductions Total Cost Reductions of 98 million Intensely focused on driving further efficiencies to capture or Discretionary spending eliminated; sustain cost reductions G&A reduced salaries and annual retainers paid…
2020E Adjusted Funds Flow Sensitivities Estimated Effect on Annual Adjusted Funds Flow (MM) (1) (2) Sensitivities Excluding Hedges Including Hedges (3) Change of US1.00/bbl WTI crude oil 24.3 15.9 Change of US1.00/bbl WCS heavy…
Asset Overview
Asset Highlights Geographic and play diversification with 10 or more years drilling inventory in each core area Eagle Ford Viking Heavy Oil Pembina Duvernay Production 35,504 boe/d 22,206 boe/d 22,147 boe/d 1,258 boe/d (Gross;…
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 H1/2020 production of LONGHORN…
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 749MM cumulative 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 22,200 boe/d (91% oil) in H1/2020 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: Innovative Multi-Lateral Development Performance Drivers Produced 11,000 boe/d in H1/2020 (86% oil) Golden Dominant 560 net sections Strong capital efficiencies Seal Harmon Valley Peavine Lands Q1/2020…
Lloydminster: Significant Land Position and Drilling Inventory Performance Drivers Produced 11,200 boe/d in H1/2020 (98% oil) Ardmore/Cold Lake Strong capital efficiencies Applying multi-lateral horizontal drilling and…
Heavy Oil Innovation Lloydminster Peace River Horizontal Multi-Lateral Horizontal 24
Pembina Area Duvernay Light Oil: Emerging Resource Play Pembina Duvernay 275 sections of 100% WI lands Nine wells drilled to date have delineated a minimum of 100- 125 sections Produced 1,300 boe/d (82% liquids) in H1/2020…
High Quality Oil Development Eagle Ford Viking Peace River (1) Lloydminster (1) Pembina 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. GHG Intensity Target 0.120 30% reduction Our emissions reduction strategy Tonnes of CO2 per boe from baseline includes:…
A Culture of Commitment How it contributes to Objective What weve done Result value creation Ensure our employees and 42% 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 Pembina Other Duvernay Natural Gas PDP Heavy Eagle Probable Ford Oil Light Oil Heavy + NGL Oil PDNP + PUD Viking Pembina…
2020 Guidance and Cost Assumptions Exploration and development expenditures ( millions) 260 - 290 Production (boe/d) 78,000 - 82,000 Expenses: Royalty rate (%) 18.5% Operating (/boe) 11.75 - 12.50 Transportation (/boe) 0.95 -…
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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