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: BTE; NYSE: BTE.BC Average Daily Volume (1) CAN: 5 million / US: 1 million Shares Outstanding (2) 561 million Market Capitalization / Enterprise Value (2) 227 million / 2,133…
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…
2020 Highlights We have re-set our business in the face of extremely volatile crude oil markets Action 2020 Highlights Negotiated bank credit facility Extended maturity of credit facilities to April 2024 extension and refinanced…
2020 Capital and Production Capital outlays minimized to preserve financial liquidity 2020 Capital Spending ( millions) 2020 Production (boe/d) Annual Guidance 260-290 Annual Guidance 80,000 Production Capex base re-set…
Capital Allocation Priorities Improved capital efficiencies and high graded inventory increases sustainability at lower prices US40/bbl US45/bbl US50/bbl US55/bbl Economic drilling 300 locations with high- 400 locations with 1,300…
Financial Liquidity Credit Facilities 40% Balance Sheet (1) millions Undrawn Credit facilities 625 426 million of undrawn credit Long-term notes 1,199 capacity and liquidity, net of Long-term debt 1,824 working capital, of 344…
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 22.5 18.9 Change of US1.00/bbl WCS heavy oil…
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 28,650 boe/d 18,774 boe/d 24,791 boe/d 1,474 boe/d (Gross; Q3…
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 Q3/2020 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 787MM cumulative asset 10 year inventory at…
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 5% increase 2019…
Viking Light Oil: 460 Highly Prospective Sections Shallow (700 m), light oil (36 API) resource play with strong netbacks Produced 18,800 boe/d (91% oil) in Q3/2020 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 12,100 boe/d in Q3/2020 (80% 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 12,700 boe/d in Q3/2020 (98% oil) Ardmore/Cold Lake Strong capital efficiencies Applying multi-lateral horizontal drilling and…
Heavy Oil Innovation Lloydminster Peace River Horizontal Multi-Lateral Horizontal 23
Pembina Area Duvernay Light Oil: Emerging Resource Play Pembina Duvernay 232 sections of 100% WI lands Nine wells drilled to date have delineated a minimum of 100- 125 sections Produced 1,500 boe/d (79% liquids) in Q3/2020…
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 Reduces costs and maintains ENVIRONMENT 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) 80,000 Expenses: Royalty rate (%) 18% Operating (/boe) 11.20 - 11.40 Transportation (/boe) 0.95 - 1.05 General…
Notes 34
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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