Fri, Aug. 21, 9:20 AM
- Baytex Energy (NYSE:BTE) is off 12.8% premarket after suspending its monthly dividend, via an update to its outlook that sees it cutting capex 25% in 2016.
- The company said total exploration and development expenditures for 2015 would come in at $500M, on the low end of its guidance for $500M-$575M, and it's narrowed its production guidance for the full year, to 84,000-86,000 boe/d (from 84K-88K).
- For 2016 the E&D spend range should be $350M-$400M, targeting relatively stable production from 2015's exit rate.
- It's pursuing sustainability in a low crude oil price environment, the company says. "Through negotiated cost savings with service providers, we have materially reduced the amount of exploration and development capital we must spend to maintain our production," says CEO James Bowzer.
- It's suspending its monthly payment after the previously declared Sept. 15 dividend, and will reinstate it "when commodity prices recover to a supportive level."
Fri, Aug. 21, 9:15 AM
Wed, Aug. 19, 12:45 PM
Thu, Jul. 30, 7:38 AM
Mon, May 11, 5:40 PM
Tue, May 5, 7:53 AM
Wed, Mar. 11, 5:12 PM
- Baytex Energy Trust (NYSE:BTE) -4% AH agrees to sell 28.8M common shares at $17.35 each to raise ~$500M in gross proceeds on a bought deal basis, with an underwriters option to purchase up to an additional 4.32M shares.
- BTE says it will use the proceeds to reduce bank indebtedness, increase working capital and fund ongoing capital expenditures.
Thu, Mar. 5, 7:40 AM
Wed, Mar. 4, 5:30 PM
Thu, Feb. 19, 6:48 PM
- Baytex Energy Trust (NYSE:BTE) announces a revised 2015 capital budget of $500M-$575M, ~12% lower than an initial 2015 budget of $575M-$650M to preserve financial flexibility in the current commodity price environment.
- BTE says its new budget is designed to generate 2015 average production of 84K-88K boe/day vs. its prior plan for 88K-92K; excluding the impact of 2K boe/day in shut-in volume due to uneconomic production, the planned spending reduction would impact 2015 production by only 2%.
- BTE plans to drill ~90 net wells in 2015, 17% lower than in its original budget; ~80% of capex is allocated to Eagle Ford operations, where expectations for drilling 39-45 net wells is a 13% reduction from earlier plans.
Mon, Jan. 5, 12:48 PM
Dec. 9, 2014, 5:25 PM
- Canada will not impose new carbon emission rules on its oil and gas sector in a time of falling oil prices, Prime Minister Harper tells the House of Commons as international talks begin in Peru to reach a new global agreement on curbing greenhouse gas emissions.
- Canada’s critical energy sector has been slammed by the recent collapse of world oil prices, and a number of Canadian producers recently have announced plans to cut spending and dividends.
- Harper’s government, which counts the resource-rich western provinces as its core political base, had said it was prepared to work with the U.S. on environmental rules covering the continental oil and gas sector.
- Among Canada's top energy firms: SU, ENB, EEP, EEQ, TRP, IMO, CNQ, TCK, CVE, BTE, OTCQX:COSWF, OTCQB:HUSKF
Dec. 9, 2014, 8:59 AM
- Baytex Energy Trust (NYSE:BTE) -3.1% premarket after cutting its dividend to $0.10/share per month, down from the current $0.24.
- BTE also approves a 2015 capital budget of $575M-$650M, ~30% lower than its previous estimate, designed to generate average production of 88K-92K boe/day for 2015.
- BTE is the latest of several Canadian energy producers and services companies to curtail spending and/or payout plans given the steep drop in world oil prices.
- BMO Capital downgrades shares to Market Perform from Outperform (Briefing.com).
Dec. 8, 2014, 11:16 PM
Dec. 8, 2014, 5:41 PM
Nov. 28, 2014, 9:17 AM
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