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March 2022 Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Mar 1, 2022 · 34 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. March 2022 Investor Presentation – Baytex Energy Corp. – slide 1
    Investor Presentation March 2022
  2. March 2022 Investor Presentation – Baytex Energy Corp. – slide 2
    Investment Highlights 10 or more years of projected drilling inventory in each of our High Quality and core areas (Viking, Eagle Ford and Canadian heavy oil) Diversified Oil Portfolio Strong capital efficiencies across portfolio…
  3. March 2022 Investor Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX: BTE Average Daily Volume (1) 11 million Shares Outstanding (2) 564 million Market Capitalization / Enterprise Value (2) 2.8 billion / 4.2 billion Operating Statistics…
  4. March 2022 Investor Presentation – Baytex Energy Corp. – slide 4
    2021 Highlights We delivered on our commitments with strong operational execution, record free cash flow and a significantly improved balance sheet 2021 Priorities 2021 Highlights Delivered production of 80,156 boe/d, above high…
  5. March 2022 Investor Presentation – Baytex Energy Corp. – slide 5
    ESG Highlights GHG Emission Reduction Safety 52% reduction in GHG 25% reduction in total emissions intensity through recordable injury frequency in 2021, relative to 2018 5 years baseline; 65% target in place Gas Conservation…
  6. March 2022 Investor Presentation – Baytex Energy Corp. – slide 6
    2022 Capital Program Cash neutrality (capital program fully 2022 Guidance (1) funded) at US45/bbl WTI E&D Expenditures 400 450 million Production 80,000 - 83,000 boe/d Capital efficiencies of approximately Oil and NGLs 83% 15,000…
  7. March 2022 Investor Presentation – Baytex Energy Corp. – slide 7
    2022 Uses of Free Cash Flow Debt reduction remains top priority Allocation of Free Cash Flow We expect to hit our initial 1.2 billon net 100% debt(1) target in Q2/2022 Share Shareholder Buybacks Returns Introducing direct…
  8. March 2022 Investor Presentation – Baytex Energy Corp. – slide 8
    2022 Free Cash Flow Generation and Shareholder Return Potential 2022 Free Cash Flow ( millions) (1)(2) Target 25% of Free Cash Flow(1) 22% Yield to Share Buybacks 18% Yield 1,200 12% Yield 600 Buybacks 500 1,000 340…
  9. March 2022 Investor Presentation – Baytex Energy Corp. – slide 9
    Committed to Maintaining Strong Financial Flexibility Net Debt(1) (December 31, 2021) millions Credit Facilities 50% Undrawn Credit facilities (2) 507 Long-term notes 886 Liquidity of 500 million Long-term debt 1,393 Working…
  10. March 2022 Investor Presentation – Baytex Energy Corp. – slide 10
    5-Year Outlook (2021 to 2025) at US65 WTI Free Cash Flow(1) Profile Highlights of 5-Year Outlook 2,500 Cumulative Free Cash Flow ( millions) 2,000 2.1 billion cumulative free cash flow(1) Target exploration and development…
  11. March 2022 Investor Presentation – Baytex Energy Corp. – slide 11
    5-Year Outlook Free Cash Flow Profile US65 WTI US75 WTI US85 WTI 2.1 Billion 2.8 Billion 3.4 Billion Cumulative FCF(1) Cumulative FCF (1) Cumulative FCF (1) 1,000 1.8x 900 1.6x 800 1.4x Net Debt to EBITDA ratio Free Cash…
  12. March 2022 Investor Presentation – Baytex Energy Corp. – slide 12
    Crude Oil Hedge Portfolio Full-Year H1/2022 H2/2022 2023 2022 WTI Fixed Hedges Volumes (bbl/d) 10,000 10,000 10,000 --- Fixed Price (US/bbl) 53.50 53.50 53.50 --- WTI 3-Way Option (1) Volumes (bbl/d) 10,500 10,500 10,500…
  13. March 2022 Investor Presentation – Baytex Energy Corp. – slide 13
    2022E Adjusted Funds Flow Sensitivities Estimated Effect on Annual Adjusted Funds Flow(1) (MM) Sensitivities Excluding Hedges Including Hedges Change of US1.00/bbl WTI crude oil 24.1 15.1 Change of US1.00/bbl WCS heavy oil…
  14. March 2022 Investor Presentation – Baytex Energy Corp. – slide 14
    Asset Overview
  15. March 2022 Investor Presentation – Baytex Energy Corp. – slide 15
    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 30,700 boe/d 17,300 boe/d 24,400 boe/d 2,000 boe/d (Gross;…
  16. March 2022 Investor Presentation – Baytex Energy Corp. – slide 16
    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 an average 25% W.I. Karnes Produced 30,700 boe/d LONGHORN…
  17. March 2022 Investor Presentation – Baytex Energy Corp. – slide 17
    Eagle Ford: Strong Free Cash Flow and Deep Drilling Inventory 10 year drilling inventory (2) Free Cash Flow (1) (C millions) 224 net 250 locations 1.1 billion cumulative asset level free cash flow since 2016 200 150 100 14…
  18. March 2022 Investor Presentation – Baytex Energy Corp. – slide 18
    Viking Light Oil: 460 Highly Prospective Sections Shallow (700 m), light oil (36 API) resource play Produced 17,300 boe/d (89% oil) in 2021 Strong operating netbacks(1) 48/boe at US65 WTI Kerrobert Plenty 211 million of…
  19. March 2022 Investor Presentation – Baytex Energy Corp. – slide 19
    Viking: High Netback Light Oil High Operating Netback (1) Light Oil (/boe) 10 year drilling inventory (2) Strong price realizations, low cost structure and high free cash flow (1) 1,650 net 1,800 locations 1,600 1,400 100.00 260MM…
  20. March 2022 Investor Presentation – Baytex Energy Corp. – slide 20
    Peace River: Innovative Multi-Lateral Development Produced 13,100 boe/d in 2021 (86% oil) Dominant 560 net sections Nine net Bluesky multi-lateral wells planned for 2022 Long life polymer flood at Seal Seal Clearwater Lands…
  21. March 2022 Investor Presentation – Baytex Energy Corp. – slide 21
    Northwest Clearwater: Extending the Trend Peavine 8 5-33 Pad 14-36 Pad 7 5 4 6 1 2 3 500 net sections in the NW 4-25 Pad Clearwater fairway with 125 prospective for Spirit River (Clearwater equivalent) Executed two…
  22. March 2022 Investor Presentation – Baytex Energy Corp. – slide 22
    Northwest Clearwater Promising Early Results with Strong Economics Operations Update Top 10 Clearwater Wells (1) Eight producing wells at Peavine Peak Calendar Rate Successful Clearwater exploration well on No. UWI Current Operator…
  23. March 2022 Investor Presentation – Baytex Energy Corp. – slide 23
    Lloydminster: Significant Land Position and Drilling Inventory Produced 10,400 boe/d in 2021 (98% oil) Strong capital efficiencies Ardmore/Cold Lake Applying multi-lateral horizontal drilling and production techniques…
  24. March 2022 Investor Presentation – Baytex Energy Corp. – slide 24
    Heavy Oil Innovation Peace River Lloydminster Multi-Lateral Horizontal Horizontal Well Economics (1) WTI Oil Price 65/bbl 75/bbl WTI Oil Price 65/bbl 75/bbl Payout: 1.0 year 8 months Payout: 8 months 6 months IRR: 120% 223% IRR:…
  25. March 2022 Investor Presentation – Baytex Energy Corp. – slide 25
    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 2,000 boe/d (82% liquids) in 2021 Two…
  26. March 2022 Investor Presentation – Baytex Energy Corp. – slide 26
    High Quality Oil Development Eagle Ford Viking Peace River Lloydminster Pembina Duvernay Formation Lower Eagle Ford Viking Bluesky Mannville Group Duvernay Upper Eagle Ford Clearwater Austin Chalk 550-800 (Bluesky) Depth (metres)…
  27. March 2022 Investor Presentation – Baytex Energy Corp. – slide 27
    Environment, Social and Governance (ESG)
  28. March 2022 Investor Presentation – Baytex Energy Corp. – slide 28
    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. 32
  29. March 2022 Investor Presentation – Baytex Energy Corp. – slide 29
    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…
  30. March 2022 Investor Presentation – Baytex Energy Corp. – slide 30
    Our ESG Targets 34
  31. March 2022 Investor Presentation – Baytex Energy Corp. – slide 31
    Supplementary Information
  32. March 2022 Investor Presentation – Baytex Energy Corp. – slide 32
    2022 Guidance and Cost Assumptions Exploration and development expenditures ( millions) 400 - 450 Production (boe/d) 80,000 83,000 Expenses: Average royalty rate (%) (1) 18.5% - 19.0% Operating (/boe) (2) 12.25 - 13.00…
  33. March 2022 Investor Presentation – Baytex Energy Corp. – slide 33
    Summary of Operating and Financial Metrics Q1 2020 Q2 2020 Q3 2020 Q4 2020 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 2021 Benchmark Prices WTI crude oil (US/bbl) 46.17 27.85 40.93 42.66 39.40 57.84 66.07 70.56 77.19 67.92 NYMEX natural…
  34. March 2022 Investor Presentation – Baytex Energy Corp. – slide 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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