Skip to main content 2Q 2021 Earnings Presentation – Baytex Energy Corp. | Shale Experts
Loading...
Pm

2Q 2021 Earnings Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Jul 29, 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. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 1
    Investor Presentation July 2021
  2. 2Q 2021 Earnings 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. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX: BTE Average Daily Volume (1) 9.3 million Shares Outstanding (2) 564 million Market Capitalization / Enterprise Value (2) 1,348 million / 3,107 million Operating Statistics…
  4. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 4
    Q1 2021 Highlights Operational Execution Production of 78,800 boe/d, up 12% from Q4/2020 E&D capital of 84 million, consistent with full-year plan Successful exploration well on our Peace River Clearwater play Free Cash Flow…
  5. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 5
    ESG Highlights GHG Emission Reduction Safety 46% reduction in GHG 25% reduction in total emissions intensity through recordable injury year-end 2020, relative to frequency in 5 years 2018 baseline Gas Conservation Indigenous…
  6. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 6
    2021 Capital Program Cash neutrality (capital program fully 2021 Guidance (1) funded) at US35/bbl WTI E&D CapEx 285 - 315 million Capital efficiencies of approximately Production 77,000 - 79,000 boe/d 12,000 per boe/d across the…
  7. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 7
    5-Year Plan (2021 to 2025) at US55 WTI 1. Disciplined and Returns Based Capital Allocation Target capital spending at < 70% of adjusted funds flow Optimize production in the 80,000 to 85,000 boe/d range Capital efficiencies during…
  8. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 8
    5-Year Plan Generates 1 Billion Cumulative Free Cash Flow 90,000 1 Billion Cumulative Free Cash Flow 80,000 1,200 70,000 Cumulative Free Cash Flow ( millions) 1,000 60,000 Production (boe/d) 800 50,000 40,000 600…
  9. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 9
    5-Year Plan with Upside WTI Scenarios Significant Free Cash Flow and Accelerated De-leveraging Base Case Upside WTI Scenarios 500 3.0x 450 2.5x 400 350 2.0x Free Cash Flow ( millions) Net Debt to Bank EBITDA ratio 300…
  10. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 10
    Financial Liquidity Balance Sheet (2) millions Credit Facilities 40% Credit facilities 607 Undrawn Long-term notes 1,131 401 million of undrawn credit Long-term debt 1,738 capacity and liquidity, net of Working Capital deficiency…
  11. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 11
    Crude Oil Hedge Portfolio 9 Months Q2/2021 Q3/2021 Q4/2021 2022 2021 WTI Fixed Hedges (1) Volumes (bbl/d) 4,000 4,000 4,000 4,000 10,000 Fixed Price (US/bbl) 45.00 45.00 45.00 45.00 53.50 WTI 3-Way Option (2) Volumes (bbl/d)…
  12. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 12
    2021E Adjusted Funds Flow Sensitivities Estimated Effect on Annual Adjusted Funds Flow (MM) Sensitivities Excluding Hedges Including Hedges Change of US1.00/bbl WTI crude oil 22.7 13.0 Change of US1.00/bbl WCS heavy oil…
  13. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 13
    Asset Overview
  14. 2Q 2021 Earnings Presentation – 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 26,740 boe/d 19,400 boe/d 24,400 boe/d 2,100 boe/d (Gross; Q1…
  15. 2Q 2021 Earnings Presentation – 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 Q1/2021 production of LONGHORN…
  16. 2Q 2021 Earnings Presentation – 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 842 million cumulative asset level 250 free cash flow since 2016 200…
  17. 2Q 2021 Earnings Presentation – 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 19,400 boe/d (91% oil) in Q1/2021 Drilling activity resumed in December with two rigs mobilized…
  18. 2Q 2021 Earnings Presentation – 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. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 19
    Peace River: Innovative Multi-Lateral Development Performance Drivers Produced 14,300 boe/d in Q1/2021 (85% oil) Golden Dominant 560 net sections 4 net wells planned for H2/2021 Seal Harmon Valley Peavine Lands Q1/2020…
  20. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 20
    Northwest Clearwater: Extending the Trend Peavine 500 net sections in the NW Clearwater fairway with 100 prospective for Spirit River (Clearwater equivalent) Promising exploration well result with 30-day initial production rate…
  21. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 21
    Lloydminster: Significant Land Position and Drilling Inventory Performance Drivers Produced 10,100 boe/d in Q1/2021 (97% oil) Ardmore/Cold Lake Strong capital efficiencies Applying multi-lateral horizontal drilling and…
  22. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 22
    Heavy Oil Innovation Peace River Lloydminster Multi-Lateral Horizontal 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%…
  23. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 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 2,100 boe/d (84% liquids) in Q1/2021…
  24. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 24
    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…
  25. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 25
    Corporate Sustainability
  26. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 26
    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…
  27. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 27
    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…
  28. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 28
    A Culture of Commitment How it contributes to Objective What weve done Result value creation Ensure our employees and 59% reduction in reportable spill Reduces costs and maintains ENVIRONMENT Responsibly develop contractors…
  29. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 29
    Supplementary Information
  30. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 30
    Summary of Operating and Financial Metrics Q1 2019 Q2 2019 Q3 2019 Q4 2019 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 2020 Q1 2021 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…
  31. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 31
    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…
  32. 2Q 2021 Earnings Presentation – Baytex Energy Corp. – slide 32
    2021 Guidance and Cost Assumptions Exploration and development expenditures ( millions) 285 - 315 Production (boe/d) 77,000 79,000 Expenses: Royalty rate (%) 18% - 18.5% Operating (/boe) 11.25 - 12.00 Transportation (/boe) 1.15 -…
  33. 2Q 2021 Earnings Presentation – 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…

From the store

Browse maps, data & reports in the Shale Experts store