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Investor Presentation January 2021 – Baytex Energy Corp.

Baytex Energy Corp. · Jan 1, 2021 · 33 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. Investor Presentation January 2021 – Baytex Energy Corp. – slide 1
    Investor Presentation January 2021
  2. Investor Presentation January 2021 – Baytex Energy Corp. – slide 2
    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…
  3. Investor Presentation January 2021 – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX: BTE Average Daily Volume (1) 8.5 million (Canada) Shares Outstanding (2) 561 million Market Capitalization / Enterprise Value (2) 387 million / 2,294 million Operating…
  4. Investor Presentation January 2021 – Baytex Energy Corp. – slide 4
    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…
  5. Investor Presentation January 2021 – Baytex Energy Corp. – slide 5
    2020 Highlights We have re-set our business in the face of extremely volatile crude oil markets Action 2020 Highlights Extended maturity of credit facilities to April 2024 Negotiated bank credit facility extension and refinanced…
  6. Investor Presentation January 2021 – Baytex Energy Corp. – slide 6
    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…
  7. Investor Presentation January 2021 – Baytex Energy Corp. – slide 7
    2021 Priorities and Free Cash Flow Profile 2021 Priorities Free Cash Flow Profile (1) (2) 500 Invest at sustaining capital levels 450 of 225 to 275 million 400 350 300 millions 250 Deliver stable production of 73,000…
  8. Investor Presentation January 2021 – Baytex Energy Corp. – slide 8
    High Graded Portfolio with Strong Capital Efficiencies Improved capital efficiencies and high graded inventory increases sustainability at lower prices Economic Drilling Locations (1) Capital Efficiency (2) 3,000 17,000 2,500…
  9. Investor Presentation January 2021 – Baytex Energy Corp. – slide 9
    2021 Capital Program We have reset our business to 2021 Guidance (1) deliver free cash flow in a US40 E&D CapEx 225 - 275 million to US45 WTI environment Production 73,000 - 77,000 boe/d Oil and NGLs 81% Cash neutrality (capital…
  10. Investor Presentation January 2021 – Baytex Energy Corp. – slide 10
    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…
  11. Investor Presentation January 2021 – Baytex Energy Corp. – slide 11
    Crude Oil Hedge Portfolio Full-Year Q4/2020 H1/2021 H2/2021 2021 WTI Fixed Hedges Volumes (bbl/d) 8,000 4,000 4,000 4,000 Fixed Price (US/bbl) 42.78 45.00 45.00 45.00 WTI 3-Way Option Volumes (bbl/d) 24,500 17,500 17,500…
  12. Investor Presentation January 2021 – Baytex Energy Corp. – slide 12
    2021E Adjusted Funds Flow Sensitivities Estimated Effect on Annual Adjusted Funds Flow (MM) (1) Including Including Sensitivities Hedges when Hedges when Excluding Hedges WTI is between WTI is between US35/bbl and US45/bbl and…
  13. Investor Presentation January 2021 – Baytex Energy Corp. – slide 13
    Asset Overview
  14. Investor Presentation January 2021 – Baytex Energy Corp. – slide 14
    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…
  15. Investor Presentation January 2021 – Baytex Energy Corp. – slide 15
    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…
  16. Investor Presentation January 2021 – Baytex Energy Corp. – slide 16
    Eagle Ford: Strong Free Cash Flow and Deep Drilling Inventory 10 year drilling inventory (2) Asset Level Free Cash Flow (1) (C millions) 300 250 net locations 787MM cumulative asset level free cash flow 250 since 2016 200 150…
  17. Investor Presentation January 2021 – Baytex Energy Corp. – slide 17
    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…
  18. Investor Presentation January 2021 – Baytex Energy Corp. – slide 18
    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…
  19. Investor Presentation January 2021 – Baytex Energy Corp. – slide 19
    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…
  20. Investor Presentation January 2021 – Baytex Energy Corp. – slide 20
    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…
  21. Investor Presentation January 2021 – Baytex Energy Corp. – slide 21
    Heavy Oil Innovation Lloydminster Peace River Horizontal Multi-Lateral Horizontal Well Economics (1) WTI Oil Price 45/bbl 50/bbl WTI Oil Price 45/bbl 50/bbl Payout: 3.1 years 1.8 years Payout: 2.1 years 1.4 years IRR: 22% 48%…
  22. Investor Presentation January 2021 – Baytex Energy Corp. – slide 22
    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…
  23. Investor Presentation January 2021 – Baytex Energy Corp. – slide 23
    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…
  24. Investor Presentation January 2021 – Baytex Energy Corp. – slide 24
    Corporate Sustainability
  25. Investor Presentation January 2021 – Baytex Energy Corp. – slide 25
    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…
  26. Investor Presentation January 2021 – Baytex Energy Corp. – slide 26
    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:…
  27. Investor Presentation January 2021 – Baytex Energy Corp. – slide 27
    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…
  28. Investor Presentation January 2021 – Baytex Energy Corp. – slide 28
    Supplementary Information
  29. Investor Presentation January 2021 – Baytex Energy Corp. – slide 29
    Summary of Operating and Financial Metrics Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 2019 Q1 2020 Q2 2020 Q3 2020 Benchmark Prices WTI crude oil (US/bbl) 62.87 67.88 69.50 58.81 64.77 54.90 59.81 56.45…
  30. Investor Presentation January 2021 – Baytex Energy Corp. – slide 30
    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…
  31. Investor Presentation January 2021 – Baytex Energy Corp. – slide 31
    2021 Guidance and Cost Assumptions Exploration and development expenditures ( millions) 225 - 275 Production (boe/d) 73,000 77,000 Expenses: Royalty rate (%) 18% - 18.5% Operating (/boe) 11.50 - 12.25 Transportation (/boe) 1.00 -…
  32. Investor Presentation January 2021 – Baytex Energy Corp. – slide 32
    Notes 35
  33. Investor Presentation January 2021 – Baytex Energy Corp. – slide 33
    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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