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April 2021 Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Apr 1, 2021 · 32 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. April 2021 Investor Presentation – Baytex Energy Corp. – slide 1
    Investor Presentation April 2021
  2. April 2021 Investor Presentation – 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. April 2021 Investor Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX: BTE Average Daily Volume (1) 11 million Shares Outstanding (2) 561 million Market Capitalization / Enterprise Value (2) 735 million / 2,583 million Operating Statistics…
  4. April 2021 Investor Presentation – Baytex Energy Corp. – slide 4
    ESG Highlights GHG Emission Reduction Safety 46% reduction in GHG 41% reduction in lost time emissions intensity through incident frequency in 5 year-end 2020, relative to years 2018 baseline Gas Conservation Indigenous Relations…
  5. April 2021 Investor Presentation – Baytex Energy Corp. – slide 5
    2020 Highlights We responded aggressively to the downturn brought on by Covid-19, improved our cost structure and capital efficiencies, and enhanced our overall sustainability Action 2020 Highlights Extended maturity of credit…
  6. April 2021 Investor Presentation – Baytex Energy Corp. – slide 6
    2021 Priorities and Free Cash Flow Profile 2021 Priorities Free Cash Flow Profile (1) (2) Invest at sustaining capital levels 700 of 225 to 275 million 600 500 Deliver stable production of 400 millions 73,000 to 77,000…
  7. April 2021 Investor Presentation – Baytex Energy Corp. – slide 7
    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…
  8. April 2021 Investor Presentation – Baytex Energy Corp. – slide 8
    2021 Capital Program 2021 Guidance (1) Cash neutrality (capital program fully funded) at US35/bbl WTI E&D CapEx 225 - 275 million Production 73,000 - 77,000 boe/d Capital efficiencies of approximately Oil and NGLs 81% 12,000 per…
  9. April 2021 Investor Presentation – Baytex Energy Corp. – slide 9
    Financial Liquidity Balance Sheet (2) millions Credit Facilities 35% Credit facilities 651 Undrawn Long-term notes 1,148 367 million of undrawn credit Long-term debt 1,799 capacity and liquidity, net of Working Capital deficiency…
  10. April 2021 Investor Presentation – Baytex Energy Corp. – slide 10
    Crude Oil Hedge Portfolio H1/2021 H2/2021 2021 2022 WTI Fixed Hedges (1) Volumes (bbl/d) 4,000 4,000 4,000 10,000 Fixed Price (US/bbl) 45.00 45.00 45.00 53.50 WTI 3-Way Option (2) Volumes (bbl/d) 17,500 17,500 17,500 3,500…
  11. April 2021 Investor Presentation – Baytex Energy Corp. – slide 11
    2021E Adjusted Funds Flow Sensitivities Estimated Effect on Annual Adjusted Funds Flow (MM) (1) Including Including Sensitivities Hedges when Excluding Hedges when WTI is between Hedges WTI is US45/bbl and US52.40/bbl…
  12. April 2021 Investor Presentation – Baytex Energy Corp. – slide 12
    Asset Overview
  13. April 2021 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 Pembina Duvernay Production 31,200 boe/d 19,600 boe/d 23,300 boe/d 1,500 boe/d (Gross;…
  14. April 2021 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 2020 production of 31,179…
  15. April 2021 Investor Presentation – Baytex Energy Corp. – slide 15
    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 800 million cumulative asset level 250 free cash flow since 2016 200…
  16. April 2021 Investor Presentation – Baytex Energy Corp. – slide 16
    Viking Light Oil: 460 Highly Prospective Sections Shallow (700 m), light oil (36 API) resource play with strong netbacks Produced 19,600 boe/d (91% oil) in 2020 Drilling activity resumed in December with two rigs mobilized…
  17. April 2021 Investor Presentation – Baytex Energy Corp. – slide 17
    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…
  18. April 2021 Investor Presentation – Baytex Energy Corp. – slide 18
    Peace River: Innovative Multi-Lateral Development Performance Drivers Produced 11,800 boe/d in 2020 (84% oil) Golden Dominant 560 net sections 6 net wells planned for H2/2021 Seal Harmon Valley Peavine Lands Q1/2020…
  19. April 2021 Investor Presentation – Baytex Energy Corp. – slide 19
    Lloydminster: Significant Land Position and Drilling Inventory Performance Drivers Produced 11,500 boe/d in 2020 (98% oil) Ardmore/Cold Lake Strong capital efficiencies Applying multi-lateral horizontal drilling and Lindbergh…
  20. April 2021 Investor Presentation – Baytex Energy Corp. – slide 20
    Heavy Oil Innovation Lloydminster Peace River Horizontal Multi-Lateral Horizontal Well Economics (1) WTI Oil Price 50/bbl 60/bbl WTI Oil Price 50/bbl 60/bbl Payout: 1.7 years 0.9 years Payout: 1.4 years 0.9 years IRR: 51% 129%…
  21. April 2021 Investor Presentation – Baytex Energy Corp. – slide 21
    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 (82% liquids) in 2020 Two…
  22. April 2021 Investor Presentation – Baytex Energy Corp. – slide 22
    High Quality Oil Development Eagle Ford Viking Peace River Lloydminster Pembina Duvernay Formation Lower Eagle Ford Viking Bluesky Mannville Group Duvernay Upper Eagle Ford Austin Chalk Depth (metres) 3,300-3,900 700 600 350-800…
  23. April 2021 Investor Presentation – Baytex Energy Corp. – slide 23
    Corporate Sustainability
  24. April 2021 Investor Presentation – Baytex Energy Corp. – slide 24
    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…
  25. April 2021 Investor Presentation – Baytex Energy Corp. – slide 25
    GHG Emissions Reduction Target to reduce GHG emission intensity (tonnes of CO2 per boe) by 65% by 2025. GHG Intensity Improvement and Target 0.120 65% reduction Our emissions reduction strategy Tonnes of CO2 per boe from…
  26. April 2021 Investor Presentation – Baytex Energy Corp. – slide 26
    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…
  27. April 2021 Investor Presentation – Baytex Energy Corp. – slide 27
    Supplementary Information
  28. April 2021 Investor Presentation – Baytex Energy Corp. – slide 28
    Summary of Operating and Financial Metrics Q1 2019 Q2 2019 Q3 2019 Q4 2019 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 2020 Benchmark Prices WTI crude oil (US/bbl) 54.90 59.81 56.45 56.96 57.03 46.17 27.85 40.93 42.66 39.40 NYMEX…
  29. April 2021 Investor Presentation – Baytex Energy Corp. – slide 29
    Reserves Summary (Gross) 2P Reserves Breakdown 2P Reserves by Asset 2P Reserves by Commodity Pembina Other Duvernay Natural Gas PDP Probable Eagle Heavy Oil Ford Light Oil Heavy & NGL Oil PDNP + PUD Viking Pembina…
  30. April 2021 Investor Presentation – Baytex Energy Corp. – slide 30
    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 -…
  31. April 2021 Investor Presentation – Baytex Energy Corp. – slide 31
    Notes 34
  32. April 2021 Investor Presentation – Baytex Energy Corp. – slide 32
    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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