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| 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.
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