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| 13 Comments
Nov. 5, 2014, 7:57 AM
- Baytex Energy (NYSE:BTE) -2% premarket on news it may face a $57M bill for tax deductions its subsidiaries made during the past three years after receiving word from the Canada Revenue Agency that it is reassessing those tax claims.
- If the CRA successfully shows that BTE was not eligible to deduct its capital losses from its income tax, the company would need to pay $57M and would be unable to deduct an additional $262M in non-capital losses in future tax years.
- BTE says it will fight the reassessment and may appeal it in the Tax Court of Canada, which would play out over the next 2-4 years.
Oct. 30, 2014, 7:43 AM
Oct. 24, 2014, 9:51 AM
Sep. 3, 2014, 11:59 AM
- Baytex Energy (BTE +0.2%) plans more purchases after paying $1.8B for Aurora Oil & Gas to gain a foothold in the formation, CEO James Bowzer tells Bloomberg.
- Before making another large acquisition, Bowzer says BTE will focus on asset swap opportunities in the Eagle Ford similar to its deal with Husky Energy in western Canada; if the opportunity arises, it will consider spending as much as $1B on larger assets in North America producing as much as 20K bbl/day to replace output declines.
Jul. 31, 2014, 7:42 AM
Jul. 29, 2014, 5:48 PM
- SM Energy (NYSE:SM) agrees to acquire 61K North Dakota net acres from Baytex Energy (NYSE:BTE) for $330M.
- Production from the assets averaged ~3,200 boe/day in Q2; as of Dec 31, the assets were estimated to have proved plus probable reserves of 53.5M boe (81% oil and natural gas liquids).
- The purchase includes nterests in 126 drilling spacing units, 81 of which will be operated by SM.
- In light of the acquisition, SM says in its Q2 earnings report that it will provide updated capital, production and performance guidance in mid-August.
- BTE says the sale is part of its plan to direct capital to the highest rate of return projects in its portfolio.
Jul. 7, 2014, 10:43 AM
- Baytex Energy Trust (BTE -1.4%) boosts its production guidance for H2 2014 to 88K-90K boe/day to reflect its recent purchase of Aurora Oil & Gas, which expanded BTE's asset base into the Eagle Ford resource play.
- Reaffirms Q2 production guidance of ~60K boe/day, excluding the acquisition; including production from the Eagle Ford for the 20 following closing of the deal, average Q2 production is estimated at 66K boe/day.
- Expects to drill 29-31 net wells on its acquired Eagle Ford acreage during H2, with exploration and development expenditures comprising ~65% of H2 capex.
Jun. 11, 2014, 2:55 PM
May. 13, 2014, 8:59 AM
- Baytex Energy (BTE) raises its previous offer for Australian company Aurora Oil & Gas to A$4.20/share (A$1.88B) from $4.10.
- The move came as BTE said Harbour Advisors and Stirling Global Value Fund, which hold a combined 17.4% stake in Aurora, had stated they intended to vote for the scheme of arrangement in the absence of a superior offer.
Apr. 16, 2014, 10:48 AM
- Alberta looks likely to implement energy efficiency measures when it revamps its climate-change policy to win support for its oil sector, an about-face on the former premier’s vow that the province wouldn’t enact new rules until the U.S. did.
- The province plans to have new regulations on emissions in the near future and may include a higher carbon price, Alberta's environment minister says.
- The struggle by Alberta’s oil producers for access to new markets, as reflected in U.S. delays in approving the Keystone XL (TRP) pipeline, comes amid opposition to oil sands bitumen because of its higher carbon intensity and concerns around air and water pollution.
- Relevant companies include ECA, ENB, EEP, STO, XOM, IMO, SU, CVE, PGH, BP, CNQ, BTE, DVN, IVAN, AAV, RDS.A, RDS.B, PTR, ATHOF
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