Skip to main content NOVEMBER PRESENTATION – Baytex Energy Corp. | Shale Experts
Loading...
Pm

NOVEMBER PRESENTATION – Baytex Energy Corp.

Baytex Energy Corp. · Nov 1, 2014 · 36 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. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 1
    November Presentation
  2. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 2
    Investment Highlights Focus on per share growth in production and reserves Organic Oil Growth Long-term, Low-Cost Inventory Sector-leading capital efficiency Operational excellence Meaningful Dividend Focus on dividend growth…
  3. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 3
    Corporate Profile Summary of Securities Trading Symbol TSX / NYSE: BTE Average Daily Volume (1) Canada: 2,316,000/ U.S.: 630,610 Shares Outstanding (Current) 166.1 million Market Capitalization / Enterprise Value 5.8 billion / 8.1…
  4. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 4
    Operating Areas Production (2H/2014 Guidance) Company Total = 91,000 92,000 boe/d NGLs Gas 7% 15% Heavy Oil 50% Light Oil 28% 2P Reserves (1) (2) Company Total = 432 MMboe NGLs Gas 17% 14% Heavy Oil 53% Light Oil…
  5. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 5
    Oil-Equivalent Production Growth 80,000 60,000 boe / d 40,000 77,500 57,196 50,132 53,986 20,000 40,239 41,382 44,341 34,022 34,647 34,292 36,222 0 (1) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Percent…
  6. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 6
    Reserve Growth / Contingent Resources Proved Probable 350 Oil-Equivalent Reserves (MMboe) 318 300 292 252 250 229 159 200 187 197 96 148 168 89 150 141 146 61 68 52 107 123 39 43 100 37 30 159 140 156 144 116 126…
  7. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 7
    Baytex Three Key Oil Resource Plays 80% of Baytexs pro forma production comes from three oil plays Single Well Economics (excluding acreage acquisition costs) (1) Eagle Ford Peace River Heavy Oil Lloydminster Heavy Oil…
  8. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 8
    Profit Investment Ratio 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x Seal Cold Heavy Multi-Lateral - Hz SE Sask Viewfield Bakken - Hz Ante Creek Montney (75% oil) - Hz Marcellus (dry gas) - Hz Kaybob Montney Oil - Tier 1 - Hz…
  9. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 9
    The Eagle Ford 12
  10. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 10
    Strategic Entry into the Eagle Ford 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…
  11. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 11
    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 the…
  12. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 12
    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) Southwest…
  13. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 13
    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,…
  14. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 14
    Eagle Ford Opportunity Summary Current Development Eagle Ford Type Log - Lower Eagle Ford originally developed at 80-acre spacing; current development is now 60-acre spacing (volatile oil) and 40-acre spacing (condensate gas) -…
  15. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 15
    Eagle Ford Improving 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…
  16. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 16
    Eagle Ford - Key Attributes - Material Production and High Quality Reserve Base - Substantial inventory of potential well locations to support future production growth - Reserve upside exists through additional horizons in the Austin…
  17. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 17
    Heavy Oil Overview 20
  18. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 18
    Peace River Oil Sands 308 net sections of oil sands leases 553 million barrels of economic contingent resource * Area Statistics Production (Q3/2014) 26,000 bbl/d 2P Reserves (YE13) (1) 114 mmbbls Drilling Inventory (2) 5 years…
  19. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 19
    Multi-Lateral Cold Horizontal Wells Reservoir Characteristics (1) Formation Bluesky Depth 600 700 metres Oil Quality 11 API Average Porosity 28% Permeability 0.5 5.0 darcies Oil Saturation 70% Recovery Factor 5 7% Well…
  20. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 20
    Lloydminster Lloydminster Heavy Oil Heavy Oil 730 net sections; 212 million barrels of economic contingent resource * Area Statistics Production (Q3/2014) 19,500 bbl/d 2P Reserves (YE13) (1) 114 mmbbls Drilling Inventory (2)…
  21. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 21
    Lloydminster Development Vertical Wells Completed Well Cost 450,000 Production (30-day IP) 30-50 bbl/d EUR 30-50 mbbl Capital Efficiency 11,250 per bbl/d Development Cost 11.25/bbl Horizontal Wells Completed Well Cost…
  22. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 22
    Why Invest in Baytex Superior Asset Base Income Payout Proven Track Record - Low cost development - Committed to paying a - Strong balance sheet inventory oil focus meaningful dividend - Sophisticated risk - Sector leading capital -…
  23. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 23
    Appendix: Crude Oil Marketing
  24. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 24
    2014: A Break Out Year for Canadian Heavy - Market conditions remain positive with the forward market indicating a WCS differential of 16% for Q4/2014 - Positive catalysts in 2014 are contributing to lower differentials and stronger…
  25. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 25
    Heavy Oil Differential WCS and Maya 28
  26. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 26
    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…
  27. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 27
    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…
  28. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 28
    Oil Marketing Portfolio Q4 2014 Heavy Oil Sales Portfolio WTI Financial Hedging Q4 / 2014 % Hedged 51% Fixed Price US96.45/bbl Q1/ 2015 % Hedged 45% Fixed Price US96.54/bbl FY 2015 % Hedged 24% Fixed Price US94.66/bbl…
  29. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 29
    Heavy Oil Hedge Coverage Q4/2014 Q1/2015 Term Pipeline Blended WCS (bbl/d) 5,000 0 Equivalent Heavy Production (bbl/d) 3,850 - % of Gross Heavy Production 8% 0% Financial Derivatives Financial Blended WCS index (bbl/d) 2,325 0 % of…
  30. NOVEMBER 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. NOVEMBER 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. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 32
    Supplementary Information - Financial 35
  33. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 33
    Baytex Liquidity (C millions) Principal Principal Due Monetary Debt (C) (1) Long Term Debt: 9.875% notes US7.9 Feb-2017 8.9 7.500% notes US6.4 Apr-2020 7.2 6.750% notes US150 Feb-2021 168.1 6.625% notes C300 Jul-2022 300.0 5.125%…
  34. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 34
    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…
  35. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 35
    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…
  36. NOVEMBER PRESENTATION – Baytex Energy Corp. – slide 36
    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…

From the store

Browse maps, data & reports in the Shale Experts store