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Baytex Energy Trust
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IPAA OGIS New York
| W Derek Aylesworth | Page 1 of 11 |
March 28, 2024
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1 I P A A O il & G a s I n v e s t m e n t S y m p o s iu m N e w Y o r k , N e w Y o r k A p r il 2 0 , 2 0 0 9 W . D e r e k A y le s w o r t h , C h ie f F in a n c ia l O f f ic e r A d v is o r y I n th e in t e r e s t o f p r o v id in g B a y t e x 's u n it h o ld e r s a n d p o t e n tia l in v e s t o r s w it h in f o r m a tio n r e g a r d in g B a y t e x , in c lu d in g m a n a g e m e n t 's a s s e s s m e n t o f B a y t e x 's f u tu r e p la n s a n d o p e r a t io n s , c e r t a in s t a t e m e n t s m a d e b y t h e p r e s e n t e r a n d c o n t a in e d in t h e s e p r e s e n t a tio n m a t e r ia ls ( c o lle c tiv e ly , th is " p r e s e n t a tio n " ) a r e " f o r w a r d - lo o k in g s t a t e m e n ts " w it h in t h e m e a n in g o f t h e U n it e d S t a t e s P r iv a t e S e c u r itie s L itig a tio n R e f o r m A c t o f 1 9 9 5 a n d "f o r w a r d - lo o k in g in f o r m a t io n " w ith in t h e m e a n in g o f a p p lic a b le C a n a d ia n s e c u r it ie s le g is la tio n ( c o lle c tiv e ly , " f o r w a r d - lo o k in g s t a t e m e n ts " ) . T h e fo r w a r d - lo o k in g s ta t e m e n t s c o n t a in e d in t h is p r e s e n t a tio n s p e a k o n ly a s o f t h e d a t e o f t h is p r e s e n t a tio n a n d a r e e x p r e s s ly q u a lif ie d b y t h is c a u t io n a r y s t a t e m e n t . S p e c if ic a lly , t h is p r e s e n t a tio n c o n t a in s fo r w a r d - lo o k in g s t a t e m e n t s r e la tin g t o : o il a n d n a t u r a l g a s p r o d u c tio n ; c a p it a l e x p e n d it u r e s ; d r illin g a n d o p e r a t io n a l p la n s ; c a s h flo w ; c a s h d is tr ib u tio n s ; f u n d in g s o u r c e s f o r o u r c a s h d is t r ib u tio n s a n d c a p ita l p r o g r a m ; r e s e r v e s a n d r e s e r v e lif e in d e x ; r e s e r v e v a lu e a n d n e t a s s e t v a lu e o f B a y t e x u n it s ; o u r S e a l h e a v y o il r e s o u r c e p la y , in c lu d in g o u r a s s e s s m e n t o f t h e c y c lic s t e a m p ilo t p r o je c t , t h e v ia b ilit y a n d e c o n o m ic s o f lo n g - te r m c o m m e r c ia l d e v e lo p m e n t, r e s o u r c e p o t e n tia l, n u m b e r o f p o t e n t ia l d r illin g lo c a tio n s , in itia l p r o d u c tio n r a t e s , e s t im a t e d r e c o v e r a b le r e s e r v e s , d r illin g a n d c o m p le t io n c o s ts p e r w e ll, f in d in g a n d d e v e lo p m e n t a n d o p e r a t in g c o s t s , r e c o v e r y f a c t o r s a n d s t e a m - o il r a tio s ; p r o p o s e d p ip e lin e in fr a s t r u c t u r e d e v e lo p m e n t ; s u p p ly a n d d e m a n d f u n d a m e n ta ls f o r W e s t e r n C a n a d ia n h e a v y o il; r a t e s o f r e t u r n f o r o u r h e a v y o il p r o je c t s ; o u r B a k k e n / T h r e e F o r k s , V ik in g a n d M o w r y S h a le lig h t o il r e s o u r c e s p la y s , in c lu d in g th e n u m b e r o f p o t e n tia l d r illin g lo c a tio n s , in itia l p r o d u c tio n r a t e s , e s t im a t e d r e c o v e r a b le r e s e r v e s a n d d r illin g a n d c o m p le t io n c o s t s p e r w e ll; o u r d e b t to c a s h flo w r a tio ; v a lu a tio n m e t r ic s c u s t o m a r ily u s e d in t h e o il a n d g a s in d u s t r y ; a n d t h e a b ility t o u s e o u r t a x p o o ls to s h e lt e r o u r in c o m e f r o m t a x . T h e s e f o r w a r d - lo o k in g s ta t e m e n t s a r e b a s e d o n c e r t a in k e y a s s u m p tio n s r e g a r d in g , a m o n g o t h e r t h in g s : o il a n d n a t u r a l g a s p r ic e s a n d d if f e r e n tia ls b e t w e e n lig h t, m e d iu m a n d h e a v y o il p r ic e s ; w e ll p r o d u c tio n r a t e s a n d r e s e r v e v o lu m e s ; o u r a b ility t o a d d p r o d u c tio n a n d r e s e r v e s t h r o u g h o u r e x p lo r a t io n a n d d e v e lo p m e n t a c t iv it ie s ; c a p it a l e x p e n d it u r e le v e ls ; t h e a v a ila b ilit y a n d c o s t o f la b o u r a n d o t h e r in d u s tr y s e r v ic e s ; t h e a m o u n t o f f u t u r e c a s h d is tr ib u tio n s th a t w e in t e n d t o p a y ; in t e r e s t a n d f o r e ig n e x c h a n g e r a t e s ; a n d th e c o n tin u a n c e o f e x is t in g a n d , in c e r t a in c ir c u m s ta n c e s , p r o p o s e d t a x a n d r o y a lty r e g im e s . T h e r e a d e r is c a u tio n e d th a t s u c h a s s u m p t io n s , a lth o u g h c o n s id e r e d r e a s o n a b le b y B a y t e x a t t h e t im e o f p r e p a r a tio n , m a y p r o v e to b e in c o r r e c t . A c t u a l r e s u lt s a c h ie v e d d u r in g t h e f o r e c a s t p e r io d w ill v a r y fr o m t h e in f o r m a t io n p r o v id e d h e r e in a s a r e s u lt o f n u m e r o u s k n o w n a n d u n k n o w n r is k s a n d u n c e r t a in tie s a n d o t h e r f a c t o r s . S u c h f a c t o r s in c lu d e , b u t a r e n o t lim it e d t o : g e n e r a l e c o n o m ic , m a r k e t a n d b u s in e s s c o n d it io n s ; in d u s tr y c a p a c it y ; flu c t u a tio n s in m a r k e t p r ic e s f o r o il a n d n a t u r a l g a s ; lia b ilit ie s in h e r e n t in o il a n d n a t u r a l g a s o p e r a t io n s ; u n c e r t a in tie s a s s o c ia t e d w it h e s tim a t in g o il a n d n a t u r a l g a s r e s e r v e s ; c o m p e titio n f o r , a m o n g o t h e r t h in g s , c a p it a l, a c q u is itio n s o f r e s e r v e s , u n d e v e lo p e d la n d s a n d s k ille d p e r s o n n e l; in c o r r e c t a s s e s s m e n ts o f t h e v a lu e o f a c q u is itio n s ; flu c t u a t io n s in f o r e ig n e x c h a n g e o r in t e r e s t r a t e s ; s t o c k m a r k e t v o la t ilit y a n d m a r k e t v a lu a tio n s ; g e o lo g ic a l, t e c h n ic a l, d r illin g a n d p r o c e s s in g p r o b le m s a n d o t h e r d iffic u lt ie s in p r o d u c in g p e t r o le u m r e s e r v e s ; c h a n g e s in in c o m e t a x la w s , r o y a lt y r a t e s a n d in c e n tiv e p r o g r a m s r e la tin g t o t h e o il a n d g a s in d u s t r y a n d in c o m e t r u s ts ; c h a n g e s in e n v ir o n m e n t a l a n d o t h e r r e g u la tio n s ; r is k s a s s o c ia t e d w it h o il a n d g a s o p e r a t io n s ; a n d o t h e r fa c to r s , m a n y o f w h ic h a r e b e y o n d t h e c o n tr o l o f B a y t e x . T h e s e r is k fa c to r s a r e d is c u s s e d in B a y t e x 's A n n u a l In f o r m a tio n F o r m , F o r m 4 0 - F a n d M a n a g e m e n t 's D is c u s s io n a n d A n a ly s is f o r t h e y e a r e n d e d D e c e m b e r 3 1 , 2 0 0 7 , a s file d w it h C a n a d ia n s e c u r itie s r e g u la t o r y a u t h o r it ie s a n d t h e U . S . S e c u r it ie s a n d E x c h a n g e C o m m is s io n . T h e r e is n o r e p r e s e n t a tio n b y B a y t e x t h a t a c t u a l r e s u lt s a c h ie v e d d u r in g t h e f o r e c a s t p e r io d w ill b e th e s a m e in w h o le o r in p a r t a s th o s e f o r e c a s t a n d B a y t e x d o e s n o t u n d e r t a k e a n y o b lig a tio n t o u p d a t e p u b lic ly o r t o r e v is e a n y o f t h e in c lu d e d f o r w a r d - lo o k in g s t a t e m e n t s , w h e t h e r a s a r e s u lt o f n e w in f o r m a tio n , f u t u r e e v e n t s o r o th e r w is e , e x c e p t a s m a y b e r e q u ir e d b y a p p lic a b le s e c u r itie s la w .