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Baytex Energy Corp. (BTE)

- NYSE
  • 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."
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  • Fri, Aug. 21, 9:15 AM
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  • Wed, Aug. 19, 12:45 PM
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  • Mon, May 11, 5:40 PM
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  • 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.
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  • Mon, Jan. 5, 12:48 PM
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  • 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).
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  • Dec. 8, 2014, 5:41 PM
    • Top gainers, as of 5:15 p.m.: SYRG +10.5%. ETE +5.3%. ARO +4.1%. BTE +3.5%. FET +2.7%.
    • Top losers, as of 5:15 p.m.: OSUR -8.1%. HRB -5.7%. PBY -4.4%. TMUS -3.3%. AGI -2.7%.
    | 1 Comment
  • Nov. 28, 2014, 9:17 AM
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  • 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.
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  • Mar. 5, 2014, 2:27 PM
    • Baytex Energy (BTE +1.7%) late yesterday announced a 10-year agreement with Genalta Power to deliver the majority of its excess natural gas production from the Three Creeks heavy oil production in the Peace River area of Alberta to a power generating facility to be constructed by Genalta.
    • The project is in addition to BTE's existing commitments to supply Genalta with natural gas to generate 1 MW of power. As part of the project, BTE will construct new pipelines, scheduled for Q4 completion, to increase its delivery capacity from its existing collection system to the Genalta facility.
    | 1 Comment
  • Feb. 7, 2014, 10:28 AM
    • Baytex Energy (BTE -5.8%) investors are taken aback by the size of the deal to acquire Australia's Aurora Oil & Gas for $1.8B - or A$4.10/share, a 52% premium above the last week’s average price - plus assumption of $744M of long-term debt; plus, BTE pledges to raise its monthly dividend by 9% after the deal closes.
    • To help fund the deal, BTE is issuing $1.3B of subscription receipts in a bought deal co-led by Bank of Nova Scotia and RBC Dominion, and will tap its credit facilities.
    • The acquisition is "manageable" for BTE, but "the balance sheet is no longer pristine," says portfolio manager at Brompton Funds. “There’s no doubt the Eagle Ford is a good play, but they are not operating the play.”
    • Other analysts suggest the hefty premium is warranted: "It’s probably one of the most expensive deals done in the Eagle Ford, but we think it should certainly have gone at a significant premium to other deals because of the high-quality nature of the resource,” a UBS analyst says.
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  • Aug. 14, 2013, 9:41 AM
    • Baytex (BTE +2.6%) reports a 12% sequential increase in oil and NGL production in Q2. FFO of $1.26 per share gains 53%.
    • Operating netback of $31.71/boe, up 27% from Q1.
    • Total debt of $770.5M represents a debt-to-FFO ratio of 1.2x.
    • "We expect continued strong operating and financial results in H2," says CEO James Bowzer.
    • FY13 production guidance is tightened to 57K-58K boe/day from  56K-58K.
    • Press release.
    | 1 Comment
  • Jul. 8, 2013, 10:29 AM
    In an operations update, Baytex Energy (BTE +1.6%) says it expects average Q2 production of 57.5K-58K boe/day, up 11% Q/Q and up 9% Y/Y; FY 2013 production guidance remains at 56K-58K boe/day. Q2 production from its Peace River properties is estimated at 23K bbl/day, up 22% Q/Q and 19% Y/Y.
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  • May 10, 2012, 12:47 PM
    Baytex Energy (BTE -4.5%) shares slide after the Canadian oil and gas producer reports Q1 profit jumped on higher production and strong oil prices but results fall short of estimates. Production averaged 53,433 boe/day, up 14% Y/Y. CEO Anthony Marino resigns and Executive Chairman Raymond Chan will take over as interim CEO.
    | 1 Comment
  • Apr. 18, 2012, 12:19 PM
    Magnum Hunter (MHR -4.7%) agrees to buy certain Williston Basin oil and gas properties from Baytex Energy (BTE -0.4%) for ~$311M, giving it greater exposure in one of North Dakota's most active shale resource plays. MHR plans to increase its upstream capex budget by $75M-$225M, mostly to account for expected additional spending for the acquired properties.
    | 4 Comments
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Company Description
Baytex Energy Corp is engaged 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 United States.
Country: Canada