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Investor Presentation – Baytex Energy Corp.

Baytex Energy Corp. · Feb 1, 2015 · 35 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. Investor Presentation – Baytex Energy Corp. – slide 1
    February Presentation
  2. Investor Presentation – Baytex Energy Corp. – slide 2
    Baytex Key Attributes North American Oil Focused Producer Operating for Over 20 Years - Focus on per share growth in production, cash flow and reserves Exceptional - Production growth focused on crude oil and liquids Growth…
  3. Investor Presentation – Baytex Energy Corp. – slide 3
    Corporate Profile Market Summary Ticker Symbol TSX / NYSE: BTE Average Daily Volume (1) CAN: 1,622,348 / US: 917,234 Shares Outstanding (Current) 168 million Market Capitalization / Enterprise Value 3.3 billion / 5.7 billion…
  4. Investor Presentation – Baytex Energy Corp. – slide 4
    Three Key Resource Plays Texas Eagle Ford 34% Peace River Texas - Q3/14 production 34,000 34%- Q3/14 production 26,000 boe/d boe/d Heavy Oil 51% - 14 net wells planned Light Oil for 2015 - 45-52 net wells planned for 22% 2015…
  5. Investor Presentation – Baytex Energy Corp. – slide 5
    2015 Capital Budget & Commentary Capital Budget Amount Wells Drilled Operating Area ( millions) (net) United States 450 - 500 45 52 Canada (1) 125 - 150 56 65 Total 575 - 650 101 - 117 Commentary - In response to the…
  6. Investor Presentation – Baytex Energy Corp. – slide 6
    Production Growth Production CAGR = 15% (per share CAGR = 6%) Production Breakdown 100,000 550 532 2015 Guidance 521 88,000 92,000 boe/d 80,000 500 NGLs 9% boe/d per thousand shares Gas Heavy Oil 462 18% 40% Heavy Oil…
  7. Investor Presentation – Baytex Energy Corp. – slide 7
    Reserves Growth / Contingent Resources Reserve CAGR = 17% (per share CAGR = 8%) 2P Reserve Breakdown (1) 500 3.0 Company Total = 432 MMboe 2.59 Gas NGLs 2.54 Heavy Oil 14% Gas 17% 2.40 2.5 53% 15% NGLs 400 NGLsLight17% 2.14…
  8. Investor Presentation – Baytex Energy Corp. – slide 8
    High Quality Investment Opportunities Eagle Ford Peace River Lloydminster Well Cost ( millions) US8.0 3.4 1.0 Production (boe/d) IP30 1,000 1,200 300 - 500 70 - 80 % Liquids 60% - 70% 100% 100% Annual Capital Efficiencies (1)…
  9. Investor Presentation – Baytex Energy Corp. – slide 9
    Balance Sheet Strength Debt Composition Long-Term Debt Maturity Schedule ( millions) ( millions) Credit Capacity 2.6 billion No material repayments required until 2021 616 Unutilized Capacity, 448 500 Long Term Debt, 1,381…
  10. Investor Presentation – Baytex Energy Corp. – slide 10
    2015 Funds from Operations Sensitivities Estimated Effect on Estimated Effect on Annual Funds Flow Annual Funds Flow Sensitivities (including effect of hedging) ( Millions) (Per Share) Change of US1.00/bbl WTI crude oil 15.0 0.09…
  11. Investor Presentation – Baytex Energy Corp. – slide 11
    Crude Oil Hedge Portfolio H1 2015 H2 2015 2015 Fixed Hedges Volumes (bbl/d) 14,000 4,000 9,000 Hedge (%) (1) 29% 8% 18% Fixed Price (US/bbl) 96.47 95.98 96.36 Floating Hedges Volumes (bbl/d) 5,822 1,656 3,739 Hedge (%) (1) 12%…
  12. Investor Presentation – Baytex Energy Corp. – slide 12
    The Eagle Ford 15
  13. Investor Presentation – Baytex Energy Corp. – slide 13
    Eagle Ford Acreage Position The Eagle Ford Provides Baytex With Exposure to a World Class Oil Resource Play Overview of Acreage - 23,000 net contiguous acres in the Sugarkane Field in the core of the liquids-rich Eagle Ford shale.…
  14. Investor Presentation – Baytex Energy Corp. – slide 14
    Eagle Ford Gas/Liquids Window Map Nine Eagle Ford Sub-Play Areas Eagle Ford Play Eagle Ford Play Study based on production information received from the Texas Railroad Commission as of April 2014 Over 8,500 wells included in…
  15. Investor Presentation – Baytex Energy Corp. – slide 15
    Eagle Ford - Wells Completed 2009 to 2014 Wood Mackenzie breaks the Eagle Ford into nine distinct sub-play areas: (1) Northeast Oil, (2) Black Oil, (3) Karnes Trough Condensate, (4) Edwards Condensate, (5) Southeast Gas, (6)…
  16. Investor Presentation – Baytex Energy Corp. – slide 16
    Eagle Ford Sub Play Economics Sub-Play Analysis Type Well Breakeven Source: Wood Mackenzie. Wood Mackenzie breaks the Eagle Ford into nine distinct sub-play areas: (1) Northeast Oil, (2) Black Oil, (3) Karnes Trough Condensate,…
  17. Investor Presentation – Baytex Energy Corp. – slide 17
    Eagle Ford Development Development to date has targeted the Lower Eagle Ford - Originally developed at 80-acre spacing; current development is now 60-acre spacing (volatile oil) and 40-acre spacing (condensate gas) Extending Lower…
  18. Investor Presentation – Baytex Energy Corp. – slide 18
    Eagle Ford Performance Increasing Development Performance and Recovery - Continuous improvements in drilling and completion design have increased 30-day IP rates by approximately 97% since Q4/2011 with 180-day cumulative recovery…
  19. Investor Presentation – Baytex Energy Corp. – slide 19
    Heavy Oil Overview 22
  20. Investor Presentation – Baytex Energy Corp. – slide 20
    Peace River Oil Sands Multi-Lateral Drilling Drives Strong Capital Efficiencies Area Statistics Land Holdings 308 net sections Production (Q3/2014) 26,000 bbl/d 2P Reserves (YE13) (1) 114 mmbbls Drilling Inventory (2) 5 years…
  21. Investor Presentation – Baytex Energy Corp. – slide 21
    Multi-Lateral Cold Horizontal Wells Reservoir Characteristics (1) Formation Bluesky Depth 600 metres Completion Open Hole Oil Quality 11 API Average Porosity 28% Permeability 1 - 5 darcies Oil Saturation 70% Recovery Factor 5 -…
  22. Investor Presentation – Baytex Energy Corp. – slide 22
    Lloydminster Lloydminster Heavy Oil Heavy Oil Shift to Horizontal Drilling Expands Inventory Area Statistics Land Position 730 net sections Production (Q3/2014) 20,000 boe/d 2P Reserves (YE13) (1) 114 mmbbls Drilling…
  23. Investor Presentation – Baytex Energy Corp. – slide 23
    Lloydminster Development Reservoir Characteristics (1) Formation Mannville Group Depth 350 800 metres Completion Horizontal Slotted Liner / Vertical Stacked Pays Oil Quality 11 18 API Average Porosity 30% Permeability 0.5 5.0…
  24. Investor Presentation – Baytex Energy Corp. – slide 24
    Why Invest in Baytex Superior Asset Base Total Return Focus Proven Track Record Significant inventory of high Value creation via Long-term track record of quality, low risk, oil- profitable growth and value creation and focused…
  25. Investor Presentation – Baytex Energy Corp. – slide 25
    Appendix: Crude Oil Marketing
  26. Investor Presentation – Baytex Energy Corp. – slide 26
    WCS Heavy Oil Differentials - Forward market for 2015 suggests a WCS differential US15.25/bbl - Positive catalysts in 2014 have contributed to lower differentials and stronger heavy oil pricing - BP Whiting repositioning adds 250,000…
  27. Investor Presentation – Baytex Energy Corp. – slide 27
    Heavy Oil Differential WCS and Maya 30
  28. Investor Presentation – Baytex Energy Corp. – slide 28
    Crude by Rail in Western Canada Industry Outlook Major Loading Terminals - Rail is playing a meaningful role in the transportation of crude oil in Western Canada as major pipeline expansions are unlikely to be in place for many…
  29. Investor Presentation – Baytex Energy Corp. – slide 29
    Marketing - Crude by Rail Rail a Key Component of Market Access - Trucking flexibility helps optimize value of production - Rail has become an effective vehicle for management of heavy oil differentials - Undiluted heavy oil sales…
  30. Investor Presentation – Baytex Energy Corp. – slide 30
    Midstream Heavy Oil Fundamentals Infrastructure Development Longer-Term Pipeline Initiatives Capacity Targeted In- Pipeline (mbbl/d) Service Date Enbridge AB Clipper Expansion 350 Q3/15 Trans Mountain Expansion 590 Q4/17…
  31. Investor Presentation – Baytex Energy Corp. – slide 31
    U.S. Gulf Coast HeavyUS OilGulf Coast Heavy Oil Demand Demand U.S. imports of Canadian heavy oil rose Total U.S. heavy oil imports averaged to 1.93 mb/d in July 2014, and has 3.94 million bbl/d over 2014 YTD, 43% averaged 1.71 mb/d…
  32. Investor Presentation – Baytex Energy Corp. – slide 32
    Supplementary Information - Financial 35
  33. Investor Presentation – Baytex Energy Corp. – slide 33
    Other Commodities / FOREX Hedge Coverage Q4/2014 Q1/2014 FY 2015 Natural Gas % of Volumes Hedged at Fixed Price (1) 42% 32% 12% Average Fixed Price (US/mmBtu) 4.15 4.19 4.19 % of Volumes Hedged Using Collars (1) 12% 0% 0% Average Collar…
  34. Investor Presentation – Baytex Energy Corp. – slide 34
    Share Ownership Breakdown Institutional - Retail - U.S. Institutional - Ownership Breakdown Europe / Asia 7% U.S. 4% 11% Institutional 57% Insiders 2% Retail 41% Insiders 2% 100% Retail - Institutional - Canada 76% Canada…
  35. Investor Presentation – Baytex Energy Corp. – slide 35
    Capital Program Efficiency 3-Year 2011 2012 2013 Average 2011-13 Capital Expenditures (millions) Exploration and development 367.9 418.6 550.9 1,337.4 Acquisitions (net of dispositions) 148.8 (170.9) (39.1) (61.2) Total 516.6 247.7…

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