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CAPP 23rd Annual Investment Symposium – Baytex Energy Corp.

Baytex Energy Corp. · Dec 10, 2012 · 30 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. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 1
    Canadian Association of Petroleum Producers 2012 INVESTMENT SYMPOSIUM Marty Proctor Toronto, Ontario Chief Operating Officer December 10, 2012 Brian Ector Vice President, Investor Relations
  2. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 2
    Advisory (Cont.) A range of contingent resource estimates (low, best and high) were prepared by Sproule and McDaniel. A low estimate (C1) is considered to be a conservative estimate of the quantity of the resource that will actually be…
  3. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 3
    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…
  4. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 4
    Corporate Profile Summary of Securities Trading Symbol TSX / NYSE: BTE Average Daily Volume (1) TSX: 589,000 / NYSE: 143,600 Shares Outstanding (Current) 121.5 million Market Capitalization / Enterprise Value 5.4 billion / 5.9…
  5. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 5
    Operating Areas Product Mix (6:1) Company Total = 56,000 - 58,000 boe/d (Full Year Guidance 2013) Heavy Oil 75% Light Oil 14% Gas 11% 2P Reserves by Product (Year End 2011) Heavy Oil Light Oil 21% 71% Gas 8%…
  6. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 6
    Corporate Growth Strategy Exploit existing oil assets at Peace River (multi-lateral wells), Lloydminster (growing use of horizontal wells) and North Dakota (Bakken-Three Forks development) Near Term (1-2 years) Cold Development…
  7. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 7
    Oil-Equivalent Production Growth 60,000 40,000 boe / d 57,000 54,000 50,132 41,382 44,341 20,000 36,222 40,239 34,022 34,647 34,292 0 (1) (2) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Percent Oil 73% 71%…
  8. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 8
    Reserve Growth / Contingent Resources Proved Probable 250 252 Oil-Equivalent Reserves (MMboe) 229 200 187 197 96 168 89 141 146 61 68 150 52 123 43 107 39 100 37 30 140 156 116 126 129 50 86 102 103 77 0 2003 2004…
  9. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 9
    Balance Sheet Strength ( millions) Q3 2012 Credit Facilities Bank Loan (1) 0 Long-Term Debt (2) 440 Working Capital Deficiency 40 Undrawn 700 million, or 100% Total Monetary Debt 480 Debt to EBITDA (3) 0.8x Debt to FFO (3) 0.8x…
  10. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 10
    Oil Hedge Coverage Q4/2012 2013 2014 WTI Crude Oil % of Crude Oil Volumes Hedged (1) Fixed Price 4Q2012 average: US97.08/bbl, 2013 average: US99.88/bbl(2) 43% 20% 0% (3) Costless Collars 2012 Floor-Ceiling Range: US97.00/bbl -…
  11. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 11
    Marketing Transportation Options AIM Trucking Flexibility Rail a Key Component of Market Access - Optimizes value of production - Initially expected rail to comprise 10% of our sales portfolio - Helps mitigate downstream upsets - Has…
  12. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 12
    Key Projects Overview
  13. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 13
    Peace River Oil Sands 306 net sections of oil sands leases; 531 million barrels of contingent resource * Primary Development Production (Q3/12) 20,930 bbl/d 2P Reserves (YE11)...............69 mmbbls Land Assigned Reserves34…
  14. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 14
    Peace River Primary Development Primary (Cold) Development Oil Production (bbl/d) 25,000 Well Design...8-laterals Completed Well Cost...... 2.1 mm 20,000 IP (30-day)....400-500 bbl/d EUR460 mbbl 15,000 Development Cost4.60/bbl…
  15. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 15
    Peace River Multi-Lateral Cold Horizontal Total Number of Laterals Total (3) Wells Single Two Three Four Six/Seven Eight Eight Laterals 2004 2 2 --- --- --- --- --- --- 2 2005 4 4 --- --- --- --- --- --- 4 2006 2 2 --- --- ---…
  16. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 16
    Peace River Cliffdale Thermal EOR Development Recovery per 15-well Module (Baytex estimates based on Cliffdale pilot) - CAPEX = 55 million - Recovery factor 30% based on numerical reservoir simulation - Oil rate = 2,000 bbl/d…
  17. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 17
    Peace River - Cliffdale Development Operation of first commercial 10-well module commenced in December 2011 Subject to regulatory approvals, development of a 15 well module to commence in Q1/13 10-Well Module Q3/12 Update…
  18. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 18
    Peace River Oil Sands Low Environmental Impact Baytex Cliffdale Thermal Project Non-Mining Oil Sands Development
  19. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 19
    Lloydminster Lloydminster Heavy Oil Heavy Oil 700 net sections; 130 million barrels of contingent resource * Area Statistics Production (Q3/12)...19,230 bbl/d 2P Reserves (YE11)....83 mmboe Oil Gravity.11 to 18 API Drilling…
  20. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 20
    Lloydminster Development Vertical Wells Completed Well Cost.............450,000 Production (30-day IP)...........30-50 bbl/d EUR..........30-50 mbbl Project Inventory(1)...........200 net locations Capital…
  21. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 21
    Cold Lake SAGD Acquisition 120 million purchase closed COLD LAKE / ARDMORE October 2, 2012 SUGDEN 100% W.I. in approximately 46 sections of oil sands leases Regulatory approval received for a LINDBERGH commercial SAGD…
  22. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 22
    Cold Lake SAGD Reservoir Characteristics GP Channel - Viscosity: 40,000 - 120,000 c.p. - Porosity: 36% - Depth: 375 metres - Permeability: 3 darcies - Channel Thickness: 30 metres - Bitumen Saturation: 80% - Average Clean Net…
  23. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 23
    Heavy Oil Investment Metrics 500 Seal Cold Before Tax ROR (%) 400 Lloyd Area Cold Vertical Lloyd Area Cold Horizontal 300 200 100 0 30 40 50 60 70 80 90 100 WTI (US) Assumptions: Lloyd Blend differential to WTI =…
  24. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 24
    Profit Investment Ratio (PIR) 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x Niobrara - Hz Ante Creek Montney (50% oil) - Hz Anadarko Mississippian (West) - Hz Swan Hills Beaverhill Lake - Primary - Hz Eagle Ford (oil) - Hz…
  25. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 25
    Bakken / Three Forks Development 113 net sections; 66 million barrels of contingent resource * SASKATCHEWAN Baytex Lands Bakken-Three Forks Production (Q3/12). 1,900 bbl/d 2P Reserves (YE11) (1) .........15 mmbbls NORTH…
  26. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 26
    Corporate Growth Strategy
  27. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 27
    2013 Operating Plans Targeting 8% Oil Growth Conventional Development 2013 Capital Budget and Wells Drilled Amount Wells Drilled - 430 million for conventional development ( millions) (net) Target production of 56,000 to 58,000…
  28. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 28
    Corporate Growth Strategy Long Range Plan Production (boe/d) Drilling Plan: 2013 - 2017 (total of net wells) 100,000 Peace River Region: 8% CAGR - Oil 8-lateral wells.......264 80,000 6% CAGR Boe Natural Gas Thermal…
  29. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 29
    Why Invest in Baytex Superior Asset Base Income Payout Proven Track Record - Low cost development - Committed to paying a - Best-in-class balance sheet inventory oil focus meaningful dividend - Sophisticated risk - Sector leading…
  30. CAPP 23rd Annual Investment Symposium – Baytex Energy Corp. – slide 30
    Contact Information Suite 2800, Centennial Place James L. Bowzer 520 3rd Avenue S.W. President & Chief Executive Officer Calgary, Alberta T2P 0R3 (587) 952-3000 T: (587) 952-3000 1-800-524-5521 W. Derek Aylesworth www.baytex.ab.ca…

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