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July 2022 Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Jul 1, 2022 · 41 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. July 2022 Investor Presentation – Baytex Energy Corp. – slide 1
    Investor Presentation July 2022
  2. July 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. July 2022 Investor Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX: BTE Average Daily Volume (1) 19 million Shares Outstanding (2) 569 million Market Capitalization / Enterprise Value (2) 3.6 billion / 4.9 billion Operating Statistics…
  4. July 2022 Investor Presentation – Baytex Energy Corp. – slide 4
    Q1 2022 Highlights Strong Peavine Drilling Results, Increased Guidance and Planned Share Buyback Program Q1/2022 Highlights Generated production of 80,867 boe/d, a 3% increase over Q1/2021 Q1 2022 Highlights Generated free cash…
  5. July 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. July 2022 Investor Presentation – Baytex Energy Corp. – slide 6
    Maintaining Capital Discipline and Driving Meaningful Free Cash Flow Production guidance of 83,000 to 85,000 2022 Guidance boe/d (up 3% at mid-point) reflects: E&D Expenditures 450 500 million Strong operating momentum and…
  7. July 2022 Investor Presentation – Baytex Energy Corp. – slide 7
    2022 Uses of Free Cash Flow Direct shareholder returns Allocation of Free Cash Flow Target allocation of 2022 free cash flow: 100% 25% to share buybacks Share 75% to debt repayment Shareholder Buybacks Returns 75% Share…
  8. July 2022 Investor Presentation – Baytex Energy Corp. – slide 8
    2022 Free Cash Flow Generation and Shareholder Return Potential 2022 Free Cash Flow ( millions) (1)(3) (1)(2) 19% Target 25% of Free Cash Flow Yield to Share Buybacks 17% Yield 1,400 14% Yield 1,200 Buybacks 700 600 500…
  9. July 2022 Investor Presentation – Baytex Energy Corp. – slide 9
    Committed to Maintaining Strong Financial Flexibility Strong liquidity Net Debt(1) (March 31, 2022) millions Credit facilities (2) 427 Credit facilities extended to 2026 Long-term notes 874 and increased to US850 million Long-term…
  10. July 2022 Investor Presentation – Baytex Energy Corp. – slide 10
    5-Year Plan Generates 3.0 billion Cumulative Free Cash Flow Free Cash Flow(1) Profile (after-tax) Highlights of 5-Year Plan 3,500 Cumulative Free Cash Flow ( millions) 3,000 3.0 billion cumulative free cash flow (1) 2,500…
  11. July 2022 Investor Presentation – Baytex Energy Corp. – slide 11
    5-Year Plan Free Cash Flow Profile (after-tax) US75 WTI US85 WTI US95 WTI 3.0 Billion 3.8 Billion 4.4 Billion Cumulative FCF (1) Cumulative FCF (1) Cumulative FCF (1) 1,000 0.8x 900 0.7x 800 0.6x Net Debt to EBITDA ratio…
  12. July 2022 Investor Presentation – Baytex Energy Corp. – slide 12
    Crude Oil Hedge Portfolio 9 Months Q2/2022 Q3/2022 Q4/2022 2023 2022 WTI Fixed Hedges Volumes (bbl/d) 10,000 10,000 10,000 10,000 --- Fixed Price (US/bbl) 53.50 53.50 53.50 53.50 --- WTI 3-Way Option (1) Volumes (bbl/d) 10,500…
  13. July 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. July 2022 Investor Presentation – Baytex Energy Corp. – slide 14
    Asset Overview
  15. July 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 27,500 boe/d 17,900 boe/d 27,400 boe/d 2,200 boe/d (Gross;…
  16. July 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 27,500 boe/d LONGHORN…
  17. July 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 1.2 billion cumulative asset level free cash flow since 2016 200 150 105 100 17…
  18. July 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 17,900 boe/d (89% oil) in Q1/2022 Strong operating netback(1) 68/boe at US85 WTI Kerrobert Plenty 211 million of…
  19. July 2022 Investor Presentation – Baytex Energy Corp. – slide 19
    Viking: High Netback Light Oil High Operating Netback (1) Light Oil (/boe) 10 year drilling inventory (3) Strong price realizations, low cost structure and high free cash flow (1)(2) 1,650 net 1,800 locations 1,600 1,400 1,200…
  20. July 2022 Investor Presentation – Baytex Energy Corp. – slide 20
    Peace River: Innovative Multi-Lateral Development Produced 13,500 boe/d in Q1/2022 (87% oil) Dominant 560 net sections 9 net Bluesky multi-lateral wells planned for 2022 Long life polymer flood at Seal Seal Clearwater Lands…
  21. July 2022 Investor Presentation – Baytex Energy Corp. – slide 21
    Clearwater: Superior Well Performance and Economics Clearwater Lands Top 10 Clearwater Wells (1) 500 net sections in the NW Clearwater fairway with 125 prospective for Spirit Peak Calendar Rate River (Clearwater equivalent) No. UWI…
  22. July 2022 Investor Presentation – Baytex Energy Corp. – slide 22
    Clearwater: Q1/2022 Program Accelerates Development Peavine 5-33 Pad 14-36 Pad 5-33 Pad 13-25 Pad Q1/2022 4 new wells onstream in March/April, with estimated IP30s of 300-400 bbl/d per well Current production capacity 2,000…
  23. July 2022 Investor Presentation – Baytex Energy Corp. – slide 23
    Top Oil Wells in Alberta April 2022 Baytex Clearwater wells at Peavine Rank 1, 3 and 4 in all of Alberta Calendar-Day Production Rate (boe/d) Source: Peters & Co. April New Well Update, May 25, 2022 24
  24. July 2022 Investor Presentation – Baytex Energy Corp. – slide 24
    Lloydminster: Significant Land Position and Drilling Inventory Produced 10,800 boe/d in Q1/2022 (97% oil) Strong capital efficiencies Ardmore/Cold Lake Applying multi-lateral horizontal drilling and production techniques…
  25. July 2022 Investor Presentation – Baytex Energy Corp. – slide 25
    Heavy Oil Innovation Peace River Lloydminster Multi-Lateral Horizontal Horizontal Well Economics (1) WTI Oil Price 75/bbl 85/bbl WTI Oil Price 75/bbl 85/bbl Payout: 1.0 year 9 months Payout: 9 months 7 months IRR: 110% 170% IRR:…
  26. July 2022 Investor Presentation – Baytex Energy Corp. – slide 26
    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 2,200 boe/d (82% liquids) in Q1/2022…
  27. July 2022 Investor Presentation – Baytex Energy Corp. – slide 27
    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)…
  28. July 2022 Investor Presentation – Baytex Energy Corp. – slide 28
    Environment, Social and Governance (ESG)
  29. July 2022 Investor Presentation – Baytex Energy Corp. – slide 29
    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. 30
  30. July 2022 Investor Presentation – Baytex Energy Corp. – slide 30
    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…
  31. July 2022 Investor Presentation – Baytex Energy Corp. – slide 31
    Our ESG Targets Our Targets Our Progress Emissions By 2025, reduce our emissions A 52% decrease in emissions intensity to intensity 65% from our 2018 date or 54 kg CO2e/boe in 2021 baseline 1.7 million tonnes CO2e reduction or…
  32. July 2022 Investor Presentation – Baytex Energy Corp. – slide 32
    Supplementary Information
  33. July 2022 Investor Presentation – Baytex Energy Corp. – slide 33
    2022 Guidance and Cost Assumptions Exploration and development expenditures ( millions) 450 - 500 Production (boe/d) 83,000 85,000 Expenses: Average royalty rate (%) (1) 20.0% - 20.5% Operating (/boe) (2) 13.00 - 13.50…
  34. July 2022 Investor Presentation – Baytex Energy Corp. – slide 34
    Summary of Operating and Financial Metrics Q1 2020 Q2 2020 Q3 2020 Q4 2020 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 2021 Q1 2022 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 94.29…
  35. July 2022 Investor Presentation – Baytex Energy Corp. – slide 35
    Specified Financial Measures Advisory In this presentation, we refer to certain specified financial measures (such as free cash flow, operating netback, total sales, net of blending and other expense, heavy oil sales, net of blending and…
  36. July 2022 Investor Presentation – Baytex Energy Corp. – slide 36
    Capital Management Measures Advisory This presentation contains the terms adjusted funds flow, net debt, net debt to adjusted funds flow ratio and net debt to EBITDA which are capital management measures. We believe that inclusion of…
  37. July 2022 Investor Presentation – Baytex Energy Corp. – slide 37
    Advisory Regarding Oil and Gas Information The reserves information contained in this presentation has been prepared in accordance with National Instrument 51-101 -Standards of Disclosure for Oil and Gas Activities of the Canadian…
  38. July 2022 Investor Presentation – Baytex Energy Corp. – slide 38
    Notes 41
  39. July 2022 Investor Presentation – Baytex Energy Corp. – slide 39
    Notes 42
  40. July 2022 Investor Presentation – Baytex Energy Corp. – slide 40
    Notes 43
  41. July 2022 Investor Presentation – Baytex Energy Corp. – slide 41
    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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