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3Q 2021 Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Nov 5, 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. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 1
    Investor Presentation November 2021
  2. 3Q 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. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX: BTE Average Daily Volume (1) 10.9 million Shares Outstanding (2) 564 million Market Capitalization / Enterprise Value (2) 2.3 billion / 3.9 billion Operating Statistics…
  4. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 4
    YTD 2021 Highlights Operational Execution Production of 79,900 boe/d, toward high end of guidance range E&D capital of 239 million, consistent with full-year plan Continue to advance our Peace River Clearwater play with 5 wells on…
  5. 3Q 2021 Investor 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 frequency in 2020, relative to 2018 5 years baseline; 65% target in place Gas Conservation…
  6. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 6
    5-Year Plan (2021 to 2025) 1. Disciplined and Returns Based Capital Allocation Target capital spending at < 70% of adjusted funds flow at US55/bbl WTI Optimize production in the 80,000 to 85,000 boe/d range Capital efficiencies…
  7. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 7
    5-Year Plan Generates 1 Billion Cumulative Free Cash Flow 90,000 1 Billion Cumulative Free Cash Flow 80,000 1,400 at US55 WTI 70,000 Cumulative Free Cash Flow ( millions) 1,200 60,000 1,000 Production (boe/d) 50,000…
  8. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 8
    5-Year Plan with Upside WTI Scenarios US55 WTI US65 WTI US75 WTI 1.2 Billion 2.0 Billion 2.6 Billion Cumulative FCF Cumulative FCF Cumulative FCF 700 2.0x 1.8x 600 1.6x Net Debt to Bank EBITDA ratio Free Cash Flow (…
  9. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 9
    Financial Liquidity Credit Facilities 50% Balance Sheet (1) millions Undrawn Credit facilities 547 471 million of undrawn credit Long-term notes 1,000 capacity and liquidity, net of Long-term debt 1,547 working capital, of 454…
  10. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 10
    Crude Oil Hedge Portfolio Q4/2021 2022 2023 WTI Fixed Hedges (1) Volumes (bbl/d) 4,000 10,000 --- Fixed Price (US/bbl) 45.00 53.50 --- WTI 3-Way Option (2) Volumes (bbl/d) 17,500 10,500 2,000 Average Sold Put / Put / Sold Call…
  11. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 11
    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…
  12. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 12
    Asset Overview
  13. 3Q 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 30,800 boe/d 17,600 boe/d 23,900 boe/d 1,800 boe/d (Gross; 9…
  14. 3Q 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 YTD 2021 production of LONGHORN…
  15. 3Q 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 1.0 billion cumulative asset level 250 free cash flow since 2016 200…
  16. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 16
    Viking Light Oil: 460 Highly Prospective Sections Shallow (700 m), light oil (36 API) resource play Produced 17,600 boe/d (90% oil) in first nine months of 2021 Strong netbacks 48/boe at US65 WTI Kerrobert Plenty YTD 2021 -…
  17. 3Q 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. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 18
    Peace River: Innovative Multi-Lateral Development Performance Drivers Produced 13,100 boe/d in first nine months of 2021 (85% oil) Golden Dominant 560 net sections Three net Bluesky multi-lateral wells planned for 2021 Seal…
  19. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 19
    Northwest Clearwater: Extending the Trend Peavine 8 14-36 Pad 5-33 Pad 7 5 4 6 1 2 3 500 net sections in the NW Clearwater fairway with 120 prospective for Spirit River (Clearwater equivalent) Executed second…
  20. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 20
    Northwest Clearwater Promising Early Results with Strong Economics Operations Update Top 10 Clearwater Wells (1) Five producing wells Peak Calendar Rate No. UWI Current Operator Production increased from zero at the (bbl/day)…
  21. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 21
    Lloydminster: Significant Land Position and Drilling Inventory Performance Drivers Produced 10,300 boe/d in first nine months of 2021 (98% oil) Ardmore/Cold Lake Strong capital efficiencies Applying multi-lateral Lindbergh…
  22. 3Q 2021 Investor 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. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 23
    Pembina Area Duvernay Light Oil: Emerging Resource Play Pembina Duvernay 200 sections of 100% WI lands Eleven wells drilled to date have delineated a minimum of 100-125 sections Produced 1,800 boe/d (82% liquids) in first nine…
  24. 3Q 2021 Investor 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. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 25
    Environment, Social and Governance (ESG)
  26. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 26
    ESG at Baytex As a responsible energy company, we take a sustainable approach to managing and developing our business into the future. We aspire to create an organization that future generations will be proud to be a part of. 29
  27. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 27
    How Focusing on ESG Creates Value By incorporating environmental, social and governance factors into our business and reporting on our performance, we create value for shareholders and remain focused on advancing a responsible energy…
  28. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 28
    Our ESG Targets 31
  29. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 29
    Supplementary Information
  30. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 30
    2021 Guidance and Cost Assumptions Exploration and development expenditures ( millions) 300 - 315 Production (boe/d) 79,500 80,000 Expenses: Royalty rate (%) 18.5% - 19.0% Operating (/boe) 11.25 - 11.75 Transportation (/boe) 1.10…
  31. 3Q 2021 Investor Presentation – Baytex Energy Corp. – slide 31
    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 Q2 2021 Q3 2021 Benchmark Prices WTI crude oil (US/bbl) 54.90 59.81 56.45 56.96 57.03 46.17 27.85 40.93…
  32. 3Q 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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