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Barclays Capital CEO Energy Power Conference – Baytex Energy Corp.

Baytex Energy Corp. · Sep 11, 2013 · 28 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. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 1
    Barclays Capital CEO Energy-Power Conference Marty Proctor September 13, 2013 Chief Operating Officer Brian Ector Vice President, Investor Relations
  2. Barclays Capital CEO Energy Power Conference – 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. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 3
    Corporate Profile Summary of Securities Trading Symbol TSX / NYSE: BTE Average Daily Volume (1) Canada: 432,500 / U.S.: 160,500 Shares Outstanding (Current) 124.3 million Market Capitalization / Enterprise Value 5.2 billion / 6.0…
  4. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 4
    Operating Areas 7
  5. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 5
    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…
  6. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 6
    Oil-Equivalent Production Growth 60,000 40,000 boe / d 53,986 57,000 50,132 41,382 44,341 20,000 36,222 40,239 34,022 34,647 34,292 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013(1) Percent Oil 73% 71% 73%…
  7. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 7
    Reserve Growth / Contingent Resources 292 229 252 187 197 168 141 146 107 123 2P RLI (years) 8.0 9.5 10.1 11.5 11.7 12.2 12.6 13.9 13.0 14.5 Oil Weighting 83% 78% 79% 83% 85% 84% 89% 91% 92% 93% Low (C1) 622 MMboe…
  8. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 8
    Balance Sheet Strength ( millions) Q2 2013 Credit Facilities Unused Used Bank Loan (1) 225.4 Long-Term Debt (2),(3) 457.7 Working Capital Deficiency 87.4 Undrawn 625 million, or 74%(1) Total Monetary Debt (3) 770.5 Debt to…
  9. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 9
    Marketing
  10. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 10
    Heavy Oil Differential WCS and Maya Sources: Net Energy Inc., Argus Media, PIRA 13
  11. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 11
    Marketing Transportation Options 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. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 12
    2013 Oil Marketing Portfolio Heavy Oil Sales Portfolio WTI Financial Hedging Q3 / 2013 % Hedged 72% Fixed Price US99.71/bbl Q4 / 2013 % Hedged 62% Fixed Price US98.88/bbl FY 2014 % Hedged 10% Fixed Price US98.17/bbl…
  13. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 13
    Heavy Oil Hedge Coverage Q3/2013 Q4/2013 FY 2014 Fixed Physical Delivery (Pipeline) Blended WCS (bbl/d) 9,500 9,500 2,000 Equivalent Heavy Production (bbl/d) 7,315 7,315 1,540 % of Gross Heavy Production 16% 16% 3% WCS Dollar…
  14. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 14
    Key Projects Overview 17
  15. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 15
    Peace River Oil Sands 306 net sections of oil sands leases 551 million barrels of economic contingent resource * Primary Development Production (Q2/2013) 22,600 bbl/d 2P Reserves (YE12) 64 mmbbls Project Inventory(1) 238 net…
  16. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 16
    Peace River Multi-Lateral Cold Horizontal Primary (Cold) Development (1) Well Design 8-10 laterals Completed Well Cost 2.6-3.4 MM Production (30-day IP) 300-700 bbl/d EUR 275-550 mbbl Capital Efficiency 5,000-9,000 per bbl/d…
  17. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 17
    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…
  18. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 18
    Peace River - Cliffdale Development 10-Well Module Full first-cycle steaming complete in Q4/12 Current production (August 2013) = 700 bbl/d 15-Well Module Regulatory approval March 2013 Facility construction complete…
  19. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 19
    Lloydminster Lloydminster Heavy Oil Heavy Oil 730 net sections; 217 million barrels of economic contingent resource * Area Statistics Production (Q2/2013) 19,500 bbl/d 2P Reserves (YE12) 116 mmbbls Oil Gravity 11 to 18 API…
  20. Barclays Capital CEO Energy Power Conference – 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 Efficiency 11,250 per bbl/d Development Cost 11.25/bbl…
  21. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 21
    Bakken / Three Forks Development 126 net sections; 27 million barrels of economic contingent resource * SASKATCHEWAN Bakken-Three Forks Baytex Lands Production (Q2/2013) 3,100 bbl/d 2P Reserves (YE12) 34 mmbbl NORTH DAKOTA…
  22. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 22
    Bakken / Three Forks Development Current development predominantly in the Three Forks formation Additional potential to develop Middle Bakken Evolution of frac staging: initially 6 stages/well 20 stages/well in 2011 30+…
  23. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 23
    North America Resource Play Comparables Half Cycle Payouts 5.0 4.5 Baytex Oil Plays 4.0 Natural Gas Plays Oil Plays 3.5 3.0 Years 2.5 2.0 1.5 1.0 0.5 0.0 The above chart represents the Top North American Resource…
  24. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 24
    North America Resource Play Comparables Rate of Return 250% 225% Baytex Oil Plays 200% Natural Gas Plays 175% Oil Plays Rate of Return 150% 125% 100% 75% 50% 25% 0% The above chart represents the Top North American…
  25. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 25
    Corporate Growth Strategy
  26. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 26
    2013 YTD Highlights Record Quarterly Production in Q2/2013 2013 Capital Budget - Produced a record 58,236 boe/d in Q2/2013, an increase of 12% over Q1/2013. Amount Wells Drilled - Tightened guidance range to 57,000 to 58,000 boe/d,…
  27. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 27
    Corporate Growth Strategy Long Range Plan Production (boe/d) Drilling Plan: 2013 - 2017 (total of net wells) Peace River Region: 8% CAGR - Oil Multi-lateral wells (8-10 laterals) 238 6% CAGR Boe Thermal (CSS) 110 Lloydminster…
  28. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 28
    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…

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