Baytex Energy Is Following A Good Plan
Stephen Simpson, CFA
Stephen Simpson, CFA
Baytex Energy Expands Into The Eagle Ford
Albert Alfonso • 21 Comments
Albert Alfonso • 21 Comments
Tue, May 3, 7:35 AM
Fri, Apr. 1, 8:32 AM
- Last night, Baytex (NYSE:BTE) announced amendments to its bank credit facilities, including a reduction to $575M (from $815M). The company was also able to restructure its financial covenants.
- Canaccord analyst Dennis Fong says the moves were largely expected, "but modestly positive as it removes concerns over a potential covenant breach."
- Baytex expects to realize savings of $8M in 2016 from lower interest expense and standby fees. At the end of Q4, Baytex had $2,02B in net debt, and would have been 32% drawn on the revised credit facilities, "providing ample room for continued operations even in the volatile commodity price environment."
- "We continue to believe Baytex represents a high torque way for investors to participate in a recovering oil price environment. In addition, we view continued strong performance from the company’s Eagle Ford.
- Fong has a Buy rating and $C6.00 target on Baytex. Implied upside 17%.
- Fong ranks #658 out of 3,840 analysts on TipRanks.
- Now read: When Analysts Warn About A Dividend Cut, Should You Listen? »
Wed, Mar. 9, 9:15 AM
- Gainers: LINE +27%. ATSG +24%. REXX +21%. DNR +19%. CRC +17%. BUFF +14%. LNCO +14%. BIOC +14%. SXE +14%. CJES +14%. SGY +14%. BETR +11%. AMRN +10%. BTE +9%. DANG +9%. BCEI +8%. GGB +7%. WLL +7%. SDLP +7%. EXPR +7%. CLF 6%. PBR 6%. CHK 6%. PBR.A 5%.
- Losers: SDRL -13%. DSX -9%. BPT -9%. GRPN -5%. PLNT -5%. YELP -5%.
Thu, Mar. 3, 7:36 AM
- Baytex Energy (NYSE:BTE): Q4 FFO of C$0.44 may not be comparable to consensus of -C$0.27.
- Revenue of C$230.2M (-51.3% Y/Y) misses by C$7.36M.
Wed, Mar. 2, 5:30 PM
Fri, Jan. 22, 9:21 AM
Thu, Jan. 21, 12:45 PM
Tue, Jan. 12, 12:41 PM
Dec. 31, 2015, 1:52 PM
- The volatility continues: After getting drubbed yesterday following the release of EIA inventory data, a slew of North American oil/gas industry firms are up strongly today as Nymex natural gas futures rise 6.1% to $2.35/MMBtu. The EIA reported today a weekly U.S. natural gas inventory change of -58 Bcf (close to expectations) to 3,756 Bcf.
- Oil is also higher: WTI crude is up 2.5% to $37.53/barrel, and Brent crude up 3.7% to $37.80/barrel. The S&P is down 0.3%.
- Also: Cheniere Energy (LNG +3.4%) has begun production at its Sabine Pass terminal, which will be the first to export shale gas from the U.S. Partner ING Capital states Cheniere is currently receiving, chilling, and storing 50M cubic feet of gas per day at the facility.
- Major gainers include Southwestern Energy (SWN +9.6%), Williams (WMB +5.6%), Encana (ECA +4.5%), Gulfport Energy (GPOR +5.3%), Whiting Petroleum (WLL +8.2%), Rice Energy (RICE +5.6%), SandRidge Permian Trust (PER +8.9%), Oasis Petroleum (OAS +5.9%), BP Prudhoe Bay Royalty Trust (BPT +7.3%), and Baytex Energy (BTE +9.3%). ONEOK is up over 7% after catching an upgrade from Credit Suisse.
Dec. 16, 2015, 5:38 PM
Dec. 16, 2015, 2:31 PM
- Moody's says it is reviewing 29 E&P companies from the U.S. and seven from Canada for a potential downgrade, saying the companies "will be stressed for a longer period with much lower cash flows, difficulty selling assets and limited capital markets access."
- Based on the severity and potential duration of the industry challenges, Moody's expects many companies will be downgraded one notch and others could be lowered by more than one notch.
- Yesterday, the ratings agency cut its oil and gas price assumptions in light of continuing oversupply in the global oil markets and the U.S. natural gas market.
- Among the U.S. companies: APC, AR, APA, XEC, CXO, COP, CLR, DNR, EGN, EOG, EPE, EQT, HES, MRO, MUR, NFG, NFX, NBL, OXY, PXD, QEP, RRC, SM, SWN, UNT, WLL, WPX
- From Canada: BTE, CNQ, OTCQX:COSWF, CVE, ECA, OTCPK:HUSKF, SU
Dec. 10, 2015, 2:58 PM
- Baytex Energy Trust (BTE +1.9%) announces a 2016 capital budget of $325M-$400M, at least 20% lower than 2015's anticipated $500M capex and below the low end of its previously forecast spending range of $350M-$400M.
- BTE says 80%-90% of its 2016 planned capex will be directed to Eagle Ford operations, which at current commodity prices represents the highest individual well economics and highest netbacks in its portfolio.
- BTE foresees 2016 production of 74K-78K boe/day, with 53% generated in the Eagle Ford and 47% coming from Canadian assets; expected production mix is 78% liquids (34% heavy oil, 32% light oil and condensate, 12% natural gas liquids) and 22% natural gas.
Nov. 6, 2015, 7:36 AM
- Baytex Energy (NYSE:BTE): Q3 EPS of -$2.49 may not be comparable to consensus of -$0.22.
- Oil & Natural gas sales of $268.6M (-57.7% Y/Y).
Nov. 5, 2015, 5:30 PM
Oct. 19, 2015, 12:43 PM
Oct. 6, 2015, 12:44 PM
Baytex Energy Corp. is an exploration company, which engages in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Williston Basin in the U.S. The company was founded on October 22, 2010 and is headquartered in Calgary,... More
Sector: Basic Materials
Industry: Independent Oil & Gas
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