Fri, Jul. 29, 5:39 PM
Thu, Jul. 28, 7:33 AM
Thu, Jun. 23, 11:42 AM
- Baytex Energy (BTE +3.6%) says the Canada Revenue Agency has reassessed tax filings from some of its subsidiaries denied millions of dollars worth of non-capital loss deductions, which could result in a $134M tax bill for the company.
- The CRA sent BTE a notice in 2014 that proposed a reassessment of tax claims for 2011-13; BTE confirmed yesterday that the reassessments had been completed plus reassessments of deductions for 2014-15, and now expects the tax bill to reach $120M, plus ~$14M in interest payments.
- BTE says it plans to appeal the findings but does not expect the total tax bill to climb further.
Wed, Jun. 8, 7:27 PM
- Baytex Energy (NYSE:BTE) has restarted nearly all the heavy crude production it shut last year, encouraged by the recent rally in oil prices, Reuters reports.
- BTE has not drilled any new wells, but old wells that were uneconomic are coming back on now that prices have picked up, according to the report.
- A year ago, BTE began shutting 7.5K bbl/day of low-margin and loss-making conventional heavy oil production in the Peace River and Lloydminster regions in western Canada.
Tue, Jun. 7, 2:02 PM
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