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Canaccord Genuity Global Resources Conference – Baytex Energy Corp.

Baytex Energy Corp. · Oct 17, 2013 · 26 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. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 1
    Canaccord Genuity Global Resources Conference October 17, 2013 Brian Ector Vice President, Investor Relations
  2. Canaccord Genuity Global Resources 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. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 3
    Corporate Profile Summary of Securities Trading Symbol TSX / NYSE: BTE Average Daily Volume (1) Canada: 456,300 / U.S.: 158,500 Shares Outstanding (Current) 124.5 million Market Capitalization / Enterprise Value 5.3 billion / 6.1…
  4. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 4
    Operating Areas Production (Q2/13) Company Total = 58,236 boe/d Lloydminster Peace River Heavy Oil 33% Heavy Oil 40% Light Oil 14% Gas 13% Operating Income (Q2/13) Company Total = 169 million (32/boe) Peace River…
  5. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 5
    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…
  6. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 6
    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…
  7. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 7
    Key Projects Overview 10
  8. Canaccord Genuity Global Resources 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 (Q2/2013) 22,600 bbl/d 2P Reserves (YE12) 64 mmbbls Project Inventory(1) 238 net…
  9. Canaccord Genuity Global Resources 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. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 10
    West Harmon Valley 9-Well Pad Site 5-13 Pad (identified in red) Current Production 4,000 bbl/d Surface Area 11.7 acres Total Wells 9 Total Laterals 114 Average Laterals per well 12.6 Average Depth 580 m Average Lateral…
  11. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 11
    One Multi-Lateral Well in Downtown Calgary 14
  12. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 12
    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…
  13. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 13
    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…
  14. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 14
    Cliffdale 13-10 CSS Facility August 2013 17
  15. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 15
    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…
  16. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 16
    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…
  17. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 17
    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…
  18. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 18
    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+…
  19. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 19
    Marketing
  20. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 20
    Heavy Oil Differential WCS and Maya Sources: Net Energy Inc., Argus Media, PIRA
  21. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 21
    2013 Oil Marketing Portfolio Heavy Oil Sales Portfolio WTI Financial Hedging Q3 / 2013 % Hedged 65% Fixed Price US99.44/bbl Q4 / 2013 % Hedged 71% Fixed Price US99.56/bbl FY 2014 % Hedged 28% Fixed Price US97.81/bbl…
  22. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 22
    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…
  23. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 23
    Corporate Growth Strategy
  24. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 24
    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,…
  25. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 25
    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…
  26. Canaccord Genuity Global Resources Conference – Baytex Energy Corp. – slide 26
    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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