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Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp.

Baytex Energy Corp. · Nov 21, 2013 · 25 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. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 1
    Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE Miami, Florida Derek Aylesworth November 21 2013 Chief Financial Officer
  2. Bank of America Merrill Lynch GLOBAL ENERGY 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. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 3
    Corporate Profile Summary of Securities Trading Symbol TSX / NYSE: BTE Average Daily Volume (1) Canada: 596,000 / U.S.: 122,000 Shares Outstanding (Current) 124.9 million Market Capitalization / Enterprise Value 5.4 billion / 6.2…
  4. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 4
    Operating Areas Production (Q3/2013) Company Total = 60,184 boe/d Lloydminster Peace River Heavy Oil 32% Heavy Oil 43% Light Oil 14% Gas 11% Operating Income (Q3/2013) Company Total = 234 million (42/boe) Lloydminster…
  5. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 5
    Oil-Equivalent Production Growth 60,000 40,000 boe / d 57,500 53,986 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%…
  6. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 6
    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…
  7. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 7
    Key Projects Overview
  8. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 8
    Peace River Oil Sands 306 net sections of oil sands leases 551 million barrels of economic contingent resource * Primary Development Production (Q3/2013) 25,400 bbl/d 2P Reserves (YE12) 64 mmbbls Project Inventory(1) 238 net…
  9. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 9
    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…
  10. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 10
    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…
  11. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 11
    Peace River - Cliffdale Development 10-Well Module Full first-cycle steaming complete in Q4/12 Current production (Q3 2013) = 600 bbl/d 15-Well Module Regulatory approval March 2013 Facility construction complete…
  12. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 12
    Lloydminster Lloydminster Heavy Oil Heavy Oil 730 net sections; 217 million barrels of economic contingent resource * Area Statistics Production (Q3/2013) 18,900 bbl/d 2P Reserves (YE12) 116 mmbbls Oil Gravity 11 to 18 API…
  13. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 13
    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…
  14. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 14
    Bakken / Three Forks Development 126 net sections; 27 million barrels of economic contingent resource * SASKATCHEWAN Bakken-Three Forks Baytex Lands Production (Q3/2013) 3,400 bbl/d 2P Reserves (YE12) 34 mmbbl NORTH DAKOTA…
  15. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 15
    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+…
  16. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 16
    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…
  17. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 17
    Marketing
  18. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 18
    2014: A Break Out Year for Canadian Heavy - Q3/2013 WCS heavy oil differential = 16.5% of WTI - Expecting a weak Q4/2013 with WCS differentials currently at 40% of WTI - Planned and unplanned refinery outages - Pipeline maintenance…
  19. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 19
    Heavy Oil Differential WCS and Maya Sources: Net Energy Inc., Argus Media, PIRA 22
  20. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 20
    Crude Oil Rail Exports North Dakota Western Canada 800 Q4 / 2014 Projected Western Canada Rail Capacity (800 - 900 mbbl/d) 700 Mid-2014 Projected Western Canada 600 Rail Capacity ( 600 mbbl/d) 500 Mbbl/d YE 2013 Projected…
  21. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 21
    Oil Marketing Portfolio Q4 2013 Heavy Oil Sales Portfolio WTI Financial Hedging Q4 / 2013 % Hedged 67% Fixed Price US99.56/bbl Heavy Sour Market 20% Q1 / 2014 Term - Fixed Diff 30% % Hedged 43% Rail WCS Index 53% Fixed…
  22. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 22
    Balance Sheet Strength ( millions) Q3 2013 Credit Facilities Unused Used Bank Loan (1) 244.6 Long-Term Debt (2),(3) 454.3 Working Capital Deficiency 57.7 Undrawn 605 million, or 71%(1) Total Monetary Debt (3) 756.6 Debt to…
  23. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 23
    Corporate Growth Strategy
  24. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 24
    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 Multi-lateral wells (8-10 laterals) 238 80,000 6% CAGR Boe Natural Gas Thermal…
  25. Bank of America Merrill Lynch GLOBAL ENERGY CONFERENCE – Baytex Energy Corp. – slide 25
    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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