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Barclays Capital CEO Energy Power Conference – Baytex Energy Corp.

Baytex Energy Corp. · Sep 2, 2014 · 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. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 1
    Barclays Capital CEO Energy-Power Conference September 2-4, 2014 New York, New York James Bowzer President and CEO Rick Ramsay Chief Operating Officer
  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: 568,791 / U.S.: 231,771 Shares Outstanding (Current) 166.1 million Market Capitalization / Enterprise Value 7.9 billion / 10.1…
  4. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 4
    Operating Areas Production (H2/2014 Guidance) Company Total = 86,000 88,000 boe/d NGLs Gas 13% 14% Heavy Oil 51% Light Oil 22% 2P Reserves (1) (2) Company Total = 432 MMboe NGLs Gas 17% 14% Heavy Oil 53% Light Oil…
  5. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 5
    Oil-Equivalent Production Growth 80,000 60,000 boe / d 40,000 75,000 57,196 50,132 53,986 20,000 40,239 41,382 44,341 34,022 34,647 34,292 36,222 0 (1) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014…
  6. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 6
    Reserve Growth / Contingent Resources Proved Probable 350 Oil-Equivalent Reserves (MMboe) 318 300 292 252 250 229 159 200 187 197 96 148 168 89 150 141 146 61 68 52 107 123 39 43 100 37 30 159 140 156 144 116 126…
  7. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 7
    Baytex Three Key Oil Resource Plays 80% of Baytexs pro forma production comes from three oil plays Single Well Economics (excluding acreage acquisition costs) (1) Eagle Ford Peace River Heavy Oil Lloydminster Heavy Oil…
  8. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 8
    Profit Investment Ratio 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x Seal Cold Heavy Multi-Lateral - Hz SE Sask Viewfield Bakken - Hz Ante Creek Montney (75% oil) - Hz Marcellus (dry gas) - Hz Kaybob Montney Oil - Tier 1 - Hz…
  9. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 9
    The Eagle Ford 12
  10. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 10
    Strategic Entry into the Eagle Ford The Eagle Ford Provides Baytex With Exposure to a World Class Oil Resource Play Overview of Acreage - 22,350 net contiguous acres in the Sugarkane Field in the core of the liquids-rich Eagle…
  11. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 11
    Eagle Ford - Wells Completed 2009 to 2014 Wood Mackenzie breaks the Eagle Ford into nine distinct sub-play areas: (1) Northeast Oil, (2) Black Oil, (3) Karnes Trough Condensate, (4) Edwards Condensate, (5) Southeast Gas, (6)…
  12. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 12
    Eagle Ford Sub-Play Risking Sub-Play Analysis Type Well Breakeven Source: Wood Mackenzie. Wood Mackenzie breaks the Eagle Ford into nine distinct sub-play areas: (1) Northeast Oil, (2) Black Oil, (3) Karnes Trough Condensate, (4)…
  13. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 13
    Eagle Ford Opportunity Summary Eagle Ford Type Log Current Development - Lower Eagle Ford originally developed at 80-acre spacing; current development is now 60-acre spacing (volatile oil) and 40-acre spacing (condensate gas)…
  14. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 14
    Eagle Ford Improving Performance Increasing Development Performance and Recovery - Continuous improvements in drilling and completion design have increased 30-day IP rates by approximately 97% since Q4/2011 with 180-day cumulative…
  15. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 15
    Eagle Ford - Key Attributes - Material Production and High Quality Reserve Base - Substantial inventory of potential well locations to support future production growth - Reserve upside exists through additional horizons in the Austin…
  16. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 16
    Heavy Oil Overview 19
  17. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 17
    Peace River Oil Sands 306 net sections of oil sands leases 553 million barrels of economic contingent resource * Area Statistics Production (Q2/2014) 26,100 bbl/d 2P Reserves (YE13) (1) 114 mmbbls Drilling Inventory (2) 5 years…
  18. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 18
    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…
  19. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 19
    Lloydminster Lloydminster Heavy Oil Heavy Oil 730 net sections; 212 million barrels of economic contingent resource * Area Statistics Production (Q2/2014) 19,900 bbl/d 2P Reserves (YE13) (1) 114 mmbbls Drilling Inventory (2)…
  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 Capital Efficiency 11,250 per bbl/d Development Cost 11.25/bbl Horizontal Wells Completed Well Cost…
  21. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 21
    Crude Oil Marketing
  22. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 22
    2014: A Break Out Year for Canadian Heavy - Market conditions remain positive with the forward market indicating a WCS differential of 19% for the remainder of this year (last four months) - Positive catalysts unfolding in 2014…
  23. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 23
    Heavy Oil Differential WCS and Maya 26
  24. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 24
    Oil Marketing Portfolio Q3 2014 Heavy Oil Sales Portfolio WTI Financial Hedging Q3 / 2014 % Hedged 51% Fixed Price US96.45/bbl Q4 / 2014 % Hedged 50% Fixed Price US95.43/bbl FY 2015 % Hedged 19% Fixed Price US94.60/bbl…
  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
    Updated 2014 Operating Plans Q1/2014 Q2/2014 H1/2014 H2/2014 FY 2014 2014 Guidance Summary Actual Actual Actual Guidance Guidance (1) Production (boe/d) 59,502 66,934 63,239 86,000-88,000 74,000-76,000 Capital Expenditures (…
  27. Barclays Capital CEO Energy Power Conference – Baytex Energy Corp. – slide 27
    Why Invest in Baytex Superior Asset Base Income Payout Proven Track Record - Low cost development - Committed to paying a - Strong balance sheet inventory oil focus meaningful dividend - Sophisticated risk - Sector leading capital -…

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