Skip to main content Raymond James Canadian Energy Conference – Baytex Energy Corp. Investor Presentation | Shale Experts
Loading...
Pm

Raymond James Canadian Energy Conference – Baytex Energy Corp.

Baytex Energy Corp. · May 16, 2011 · 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. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 1
    Capital Markets Information Common Shares Trading Symbol TSX / NYSE: BTE Average Daily Volume (1) TSX: 267,000 / NYSE: 209,000 Shares Outstanding (Current) 115.5 million Market Value of Equity / Enterprise Value C6.7 billion / C7.2…
  2. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 2
    Operating Areas Product Mix (6:1) Company Total = 49,000 - 50,000 boe/d (Full Year Guidance 2011) Gas 16% Light Oil Heavy Oil 15% 69% Reserves by Product (Year End 2010) Gas 9% Light Oil Heavy Oil 18% 73%…
  3. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 3
    Contingent Resource Assessment (Recoverable Volumes From Three Resource Plays) Proved plus Probable Reserves Contingent Resources (3) As at Dec. 31, 2010 (2) As at May 1, 2011 Low (C1) Best (C2) High (C3) (millions of barrels of…
  4. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 4
    B.C. Alberta Sask. Seal Heavy Oil Resource Play B.C. Alberta Sask. Seal Primary Development Land position - Crown Purchases 1999-2005 12,000 5 Hz wells 2Hz wells - 67,000 acres (105 sections) of 100% land 6 Hz wells…
  5. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 5
    B.C. Alberta Sask. Seal Multi-Lateral Cold Horizontal Total Number of Laterals Total Wells Single Two Three Four Six Eight Laterals 2004 2 2 --- --- --- --- --- 2 2005 4 4 --- --- --- --- --- 4 2006 2 2 --- --- --- --- --- 2…
  6. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 6
    B.C. Alberta Sask. Seal Thermal EOR Development Modular development - Readily executable 10-well module size - Traditional oil and gas area with strong services presence and infrastructure - CAPEX = 31 million Recovery per…
  7. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 7
    B.C. Alberta Sask. Seal Cliffdale Thermal EOR Pilot New development area - Seven miles east of Harmon Valley - Not planned for large-scale cold Pre-Steam Post-Steam development 500 - Oil viscosity four times higher than 450 in…
  8. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 8
    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 Before Tax ROR (%) Pine Creek Cardium - Hz Core Haynesville - Hz initial…
  9. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 9
    Appendix A: Heavy Oil Pricing Heavy Oil Differential Fundamental drivers suggest continued low differentials Reduced supply from traditional sources / Canadian oil sands growth lags forecasts Excess pipeline capacity projected…
  10. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 10
    Heavy Oil Differential Summer (high demand) season (Apr Sep) Winter (low demand) season (Oct Mar) 60 50 Lloyd Blend Differential (% of WTI Price) 40 30 20 Hedges 10 Forward Market 0 2005 2006 2007 2008…
  11. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 11
    Upstream Heavy Oil Fundamentals Traditional Sources of Heavy Oil 1.6 Million Barrels per Day 1.2 0.8 0.4 0.0 Maya (Mexico) Maracaibo Basin Marlim Oriente (Ecuador) Grane (Norway) Heavy Blends (Brazil)…
  12. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 12
    Midstream Heavy Oil Fundamentals Infrastructure Development Market Reach Circa 2000 Pacific 2015 - 2020 Cushing 2006 - 2011 USGC 2006 - 2013 Source: Canadian Association of Petroleum Producers Crude Oil Forecast,…
  13. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 13
    Downstream Heavy Oil Fundamentals Mid-Continent Refining Margins Maya Coking (USGC) Brent Crking 50 Bonny Lt Crking WTI Cracking Forcados Cracking Refining Margin (US/bbl) 40 Basrah Cracking Arab Lt. Cracking Arab Hvy…
  14. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 14
    B.C. Alberta Sask. Lloydminster Heavy Oil 2010 Production = 20,900 boe/d (47% of total Baytex volumes) Oil Gravity = 11 to 18 API YE 2010 Reserves (2P) = 88 mmboe (39% of total Baytex reserves) Reserve Life Index (2P) = 11.6…
  15. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 15
    Light Oil Resource Plays Viking Bakken / Three Forks Light Oil Resource Potential Estimated Contingent Resource (2) Initial Rate (1) Recovery (1) Well Cost (1) Potential Net (millions of barrels of oil) (Boe/d / well)…
  16. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 16
    Light Oil Investment Metrics 100 Viking - Multi-Lateral Viking - Multi-Stage Frac 80 Before Tax ROR (%) Bakken-Three Forks - 1280-Acre Bakken-Three Forks - 640-Acre 60 40 20 0 40 50 60 70 80 90 100 WTI (US)…
  17. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 17
    Appendix C: Financial Ownership Breakdown / Management Position Insiders 1.4% Europe - Institutional 3% Institutional 67% US - Retail 15% Retail 32% Canada - Institutional 51% Insiders 1% 100% Canada - Retail 17% Canada…
  18. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 18
    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…
  19. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 19
    Operating Performance Full Year Guidance (2) 2004 2005 2006 2007 2008 2009 2010 2011 Production Light oil & NGL (bbl/d) 2,172 3,842 3,735 5,483 7,595 6,937 6,539 7,400 (1) Heavy oil (bbl/d) 22,703 20,735 21,325 22,092 23,530…
  20. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 20
    Per Share Metrics Debt and Distribution Adjusted CAGR 1-Year 3-Year 5-Year Trust Era Reserves (boe/share) 26% 14% 12% 14% Production (boe/share) 13% 8% 6% 8% Funds from Operations (/share) 44% 17% 16% 26% Notes: (1) Debt…
  21. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 21
    Debt Composition Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 C Million 2004 2005 2006 2007 2008 2009 2010 Proforma (3) US Sr Unsecured (2) Debentures (4) 217 210 210 178 220 - - 149 Cdn Sr Unsecured Debentures (4) - - - - - 150…
  22. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 22
    2011E Funds From Operations (C Millions) Strip Q1 Actual + Balance of Year Heavy Oil Differential (% of WTI) 15.0% 17.5% 20.0% 85 503 488 473 Q1 Actual + 90 528 512 496 Balance of Year WTI 95 549 539 521 (US/bbl) 100 580…
  23. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 23
    Tax Treatment of Dividends Tax Treatment of Dividends US Recipients Canadian Is dividend taxable Is Foreign Tax Is refund available Type of Recipient withholding tax to recipient in Credit available for excess Cdn w/h rate…
  24. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 24
    Tax Treatment of Dividends European Corporate Recipients Canadian Is dividend taxable Is Foreign Tax Is refund available If recipient is tax Country of withholding to recipient in Credit available for excess Cdn exempt, is w/h…
  25. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 25
    Relative Performance / Valuation 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 1400 1200 1000 800 600 400 200 0 Sep-03 Jan-04…
  26. Raymond James Canadian Energy Conference – Baytex Energy Corp. – slide 26
    Value Comparison to Oil-Weighted Canadian Corporations Comparison Group Average Baytex (Range) EV / Production (C/boe/d) 147,100 162,200 (126,600 239,100) EV / 2009 P+P Reserves (C/boe) 36.41 42.98 (34.38 89.37) EV/DACF 2011(e)…

From the store

Browse maps, data & reports in the Shale Experts store