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Canaccord Genuity Global Energy Conference – Baytex Energy Corp.

Baytex Energy Corp. · Oct 12, 2011 · 27 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 Energy Conference – Baytex Energy Corp. – slide 1
  2. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 2
    Corporate Background Capital Markets Information Common Shares Trading Symbol TSX / NYSE: BTE Average Daily Volume (1) TSX: 739,400 / NYSE: 412,700 Shares Outstanding (Current) 116.8 million Market Value of Equity / Enterprise…
  3. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 3
    Corporate History Baytex Energy Ltd. Publicly-traded E&P corporation from 1993-2003 One of only six independent E&P names from 1993 that are still traded on the TSX Heavy oil emphasis and infrastructure development began in 1997…
  4. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 4
    Operating Areas Product Mix (6:1) Company Total = 49,500 - 50,500 boe/d (Full Year Guidance 2011) Gas Light Oil 16% Heavy Oil 14% 70% Reserves by Product (Year End 2010) Gas 9% Light Oil Heavy Oil 18% 73%…
  5. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 5
    Distribution / Dividend History Payout Ratio - Net of DRIP (%) Monthly Dividend (C) 120% 0.30 100% 0.25 Payout Ratio - Net of DRIP (%) Monthly Dividend (C) 80% 0.20 60% 0.15 40% 0.10 20% 0.05 0% 0.00 Apr-04…
  6. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 6
    Oil Production Growth Heavy Oil Light Oil & NGL 50,000 th R ow Gr 42,000 CAG 20 % 40,000 11% 7,000 35,124 31,125 31,615 6,539 30,000 27,575 6,937 24,875 25,060 7,595 bbl / d 24,577 2,172 5,483 3,842 3,735 20,000…
  7. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 7
    Capital Program Efficiency 3-Year 5-Year Average Average Trust Era 2008 2009 2010 2008-10 2006-10 2004-10 FD&A Cost (P + P) (1) Excluding FDC (C/boe) 13.11 11.63 5.90 9.54 9.59 9.00 Including FDC (C/boe) 16.06 21.00 13.17 15.92…
  8. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 8
    Oil-Equivalent Reserve Growth Heavy Oil Light Oil & NGL Natural Gas Oil-Equivalent Reserves (MMboe) 250 th R row CA G G 229 16 % 10 % 197 21 200 187 22 40 168 30 146 25 29 150 141 31 123 24 21 30 107 12 27 13 100…
  9. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 9
    Contingent Resource Assessment (Recoverable Volumes From Three Resource Plays) Contingent Resources (2) As at May 1, 2011 Low (C1) Best (C2) High (C3) (millions of barrels of oil equivalent and bitumen) (1) Estimate Estimate…
  10. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 10
    Seal Heavy Oil Resource Play Seal Primary Development Land position Seal Production - Crown Purchases 1999-2005 16,000 - 67,000 acres (105 sections) of 100% land 14 Hz wells H1/11 - Estimated original oil in place (OOIP)…
  11. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 11
    Seal Multi-Lateral Cold Horizontal Total Number of Laterals Total (2) Wells Single Two Three Four Six/Seven Eight Eight Laterals 2004 2 2 --- --- --- --- --- --- 2 2005 4 4 --- --- --- --- --- --- 4 2006 2 2 --- --- --- ---…
  12. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 12
    Seal Harmon Valley Thermal EOR Pilot Original thermal EOR (CSS) test - Harmon Valley is currently being developed by cold primary methods Actual Cold Projected Cold Post-Steam - Steam test was in a single lateral 1000…
  13. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 13
    Seal Cliffdale Thermal Cycle Progression Cumulative Oil Production (bbls) 14,000 12,000 10,000 Steam Volume = 26,100 BW 8,000 Steam Volume = 15,100 BW 6,000 4,000 Steam Volume = 12,600 BW 2,000 0 0 20 40 60 80 100 120…
  14. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 14
    Seal Low Environmental Impact Baytex Seal Thermal Project Non-Mining Oil Sands Development Lloydminster Heavy Oil H1 2011 Production = 20,800 boe/d (44% of total Baytex volumes) Oil Gravity = 11 to 18 API YE 2010…
  15. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 15
    Lloydminster Drilling Inventory 5 year drilling inventory Area Production (boe/d) Drilling inventory has increased 40,000 by 75% over the past five years 35,000 Development includes vertical & 30,000 horizontal cold /…
  16. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 16
    Profit Investment Ratio (PIR) 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x Assumptions: S. AB. Plains Belly River - Vt Non-core Haynesville - Hz Pine Creek Cardium - Hz Before Tax ROR (%) Core Haynesville - Hz initial…
  17. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 17
    Heavy Oil Pricing Heavy Oil Differential Summer (high demand) season (Apr Sep) Winter (low demand) season (Oct Mar) 60 50 Lloyd Blend Differential 40 (% of WTI Price) 30 20 Hedges 10 0 2005 2006 2007…
  18. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 18
    Downstream Heavy Oil Fundamentals Mid-Continent Refining Margins Maya Coking (USGC) Brent Crking 50 Bonny Lt Crking WTI Cracking Forcados Cracking 40 Basrah Cracking Refining Margin (US/bbl) Arab Lt. Cracking 30 Arab Hvy…
  19. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 19
    Light Oil Projects Light Oil Resource Plays Viking Bakken / Three Forks 20
  20. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 20
    Light Oil Resource Potential Contingent Resource (2) Estimated (millions of barrels of oil) Initial Rate (1) Recovery (1) Well Cost (1) Potential Net Low (C1) Best (C2) High (C3) (Boe/d / well) (Mboe/well) (Mln/well) Locations (1)…
  21. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 21
    Viking Light Oil Development Redwater, Alberta Total Viking Production (boe/d) - 90% of current Viking production 1,400 - Unfracd multi-lateral wells (up to 8 laterals per quarter section) 1,200 - 27 net prospective…
  22. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 22
    Hedging Hedge Coverage 2nd Half Full-Year Full-Year Full-Year 2011 2012 2013 2014 WTI Crude Oil % of Crude Oil Volumes Hedged (1) Fixed Price ( 2H2011 average: US91.17/bbl, 2012 average: US92.46/bbl) 29% 18% 0% 0% Costless…
  23. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 23
    Balance Sheet Balance Sheet Improvement 3.0 Debt / FFO 2.0 3.0 1.0 1.9 1.3 1.6 1.4 1.2 1.1 0.0 4 5 6 7 8 9 0 /0 /0 /0 /0 /0 /0 /1 31 31 31 31 31…
  24. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 24
    Credit Metrics Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Jun 30 2004 2005 2006 2007 2008 2009 2010 2011 Credit Facility (C Millions) Approved credit facility 250 250 300 370 485 515 550 700 Bank line undrawn 89 127 173 128…
  25. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 25
    2011E Funds From Operations (C Millions) Strip H2/11 Heavy Oil Differential (% of WTI) 10% 15% 20% 70 503 490 476 H2/11 WTI 80 536 521 505 (US/bbl) 90 570 552 535 2011 Funds From Operations using October 6, 2011 strip = C540…
  26. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 26
    Total Return Performance Baytex Energy S&P/TSX Oil & Gas E & P Index S&P/TSX Capped Energy Trust Index S&P/TSX Composite Index S&P 500 1200 1000 800 600 400 200 0 Jul-04 Jul-05 Jul-06 Jul-07…
  27. Canaccord Genuity Global Energy Conference – Baytex Energy Corp. – slide 27
    Contact Information Anthony W. Marino President and CEO Baytex W. Derek Aylesworth Chief Financial Officer (587) 952-3100 (587) 952-3120 Baytex Brian Ector Baytex Vice President, Investor Relations (587) 952-3237 Baytex…

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