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Acquisition of Ranger Oil – Baytex Energy Corp.

Baytex Energy Corp. · Feb 28, 2023 · 23 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. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 1
    Baytex + Ranger Quality North American Oil-Weighted E&P ____________ Quality Scale February 28, 2023 Significant Accretion Broadens & Extends Inventory More Resilient Business Enhances Shareholder Return Introducing a Dividend
  2. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 2
    Quality Scale and Resiliency Baytex has a high quality and diversified oil portfolio in both Canada and the Eagle Ford in Texas. With more than 10 years of projected development inventory in each of our core areas, our objective is to…
  3. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 3
    Baytex + Ranger - A Diversified North American E&P Operator Acquisition Overview Pro forma Market Summary 70% Stock Ticker Symbol TSX & NYSE BTE 30% Cash Shares Outstanding 864 million Assumed Debt Market Capitalization / Enterprise…
  4. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 4
    Compelling Strategic Rationale Materially increases Eagle Ford scale Building Quality Scale Creates a quality operating platform in a capital efficient basin 67-70 Mboe/d (87% liquids), 43 API crude oil 24% accretion to adjusted…
  5. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 5
    Acquisition Overview Ranger Oil is listed on the NASDAQ exchange (ROCC) Transaction Size and Value(1) 42.5 million fully diluted shares outstanding Canadian U.S. Total transaction value of US2.5 billion (C3.4 Transaction Value 3.4…
  6. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 6
    Building a Strong Operating Platform in the Eagle Ford Materially Increases Eagle Ford Scale while Building a Quality Operating Platform in a Premier Basin Eagle Ford Metrics Baytex Ranger Pro Forma Gross Acreage 78,212 188,900…
  7. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 7
    Deep, High-Quality Inventory 741 net undrilled locations 523 quality Lower Eagle Ford opportunities 218 additional Upper Eagle Ford and Austin Chalk opportunities 12-15 years of sustaining development Inventory immediately…
  8. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 8
    Creating a More Resilient and Sustainable Business Baytexs asset level free cash flow break-even price(1) improves US7/bbl to US41/bbl WTI Provides increased flexibility for capital allocation across portfolio Defensive inventory at…
  9. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 9
    Enhances Free Cash Flow and Shareholder Returns Increasing per-share value directly to our shareholders 20% accretion to free cash flow per share(1) 20% accretion to return of capital per share(2) Direct shareholder return expected…
  10. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 10
    Free Cash Flow Accretion to 5-Year Plan In addition to near-term value accretion, the Ranger acquisition is 23% accretive to free cash flow per share during our 5-year plan period(1) Cumulative free cash flow(2) of 5.00 per share…
  11. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 11
    Maintaining Financial Strength Pro forma Net Debt USMM CMM On a pro forma basis: Credit Facilities 659 890 Maintaining strong liquidity Term Loan 250 337 Total debt to EBITDA ratio 1.0x Bridge Loan 500 675 Revolving credit…
  12. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 12
    Improves GHG Intensity Metrics We are committed to monitoring greenhouse gas (GHG) emissions from our operations, setting targets to reduce our GHG emissions intensity, and pursuing cost-effective strategies to produce energy for…
  13. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 13
    Pro forma Adjusted Funds Flow Sensitivities Estimated Effect on Annual Sensitivities Adjusted Funds Flow(1) (MM) Change of US5.00/bbl WTI crude oil 218 Change of US1.00/bbl WCS heavy oil differential 17 Change of US0.50/MMbtu…
  14. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 14
    Supplementary Information
  15. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 15
    Baytex Industry Ranking by Market Capitalization and Production Market Capitalization 10.0 8.9 8.4 8.4 8.0 7.7 8.0 6.5 6.5 6.0 5.3 5.0 5.0 4.9 CB 4.2 4.0 3.3 3.2 3.1 2.6 2.4 2.0 1.2 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5…
  16. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 16
    Pro Forma Production and Reserves Baytex Stand-Alone(1) Baytex Pro Forma Ranger(1) Production: 88-90 Mboe/d Production: 155-160 Mboe/d Natural Natural Eagle Ford Gas Gas Light Oil NGLs NGLs Eagle Ford Light Oil Canada Light…
  17. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 17
    Board of Directors Efficient and Independent Board with Complementary Skills Suited to Govern the Combined Business Eric T. Greager Mark R. Bly President and Chair of the CEO Board Trudy M. Don G. Angela Jennifer A. Gregory…
  18. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 18
    Leadership Team A Passionate, Shareholder-Aligned Leadership Team Committed to Creating Value Chad E. Lundberg Eric T. Greager Chad L. Kalmakoff Chief Operating and President and Chief Financial Officer Sustainability Officer…
  19. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 19
    Specified Financial Measures Advisory In this presentation, we refer to certain specified financial measures (such as free cash flow, operating netback, operating netback per boe, total debt, total debt to EBITDA ratio and asset level…
  20. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 20
    Capital Management Measures Advisory This presentation contains the terms adjusted funds flow and net debt, which are capital management measures. We believe that the inclusion of these capital management measures provides useful…
  21. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 21
    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…
  22. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 22
    Important Information for Shareholders and Where to Find It No Offer or Solicitation This communication relates to the proposed merger transaction between Baytex Energy Corp. (Baytex) and Ranger Oil Corporation (Ranger and such…
  23. Acquisition of Ranger Oil – Baytex Energy Corp. – slide 23
    Contact Information Eric T. Greager Baytex Energy Corp. President and Chief Executive Officer Suite 2800, Centennial Place Chad L. Kalmakoff 520 3rd Avenue S.W. Chief Financial Officer Calgary, Alberta T2P 0R3 Toll Free…

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