• Baytex Energy Corp.
  • BTE (TSX)
  • 48.31
  • Baytex Energy Corp.-0.32
  • Baytex Energy Corp.
  • BTE (NYSE)
  • 44.70
  • Baytex Energy Corp.-0.54
  • Baytex Energy Corp.
Baytex Energy Corp.

Corporate Profile

  

Company Description

Baytex Energy Corp. is a dividend-paying conventional oil and gas corporation based in Calgary, Alberta. The company is engaged in the acquisition, development and production of oil and natural gas in the Western Canadian Sedimentary Basin and has an emerging presence in the United States. Baytex is committed to maintaining its production and asset base through internal property development and delivering consistent returns to its shareholders. Baytex's common shares are traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.  

As of April 28, 2014YTD High PriceYTD Low Price AVG Daily Volume*
TSX: BTE (C$) 46.72 38.80 1,105,900
NYSE: BTE (US$) 42.39 35.30 168,300
*Average daily composite trading volumes for April 1-28, 2014.
  

Areas of Operation

Investment Perspective

  • Organic oil growth + meaningful dividend
  • Focus on dividend growth over the long term + per share growth in production and reserves
  • Sector-leading capital efficiency
  • Technical focus
  • Long-term, low cost development inventory in both heavy and light oil
  • Conservative payout ratio and strong balance sheet
  

Snapshot of Baytex Energy Corp.

 April 29, 2014Q1 2014Dec. 31, 2013
Enterprise Value (C$, billion) (1) $6.6    
Monthly Dividend (C$/share) $0.22    
Payout Ratio (net of DRIP)   37%  
Production Volume (boe/d)   59,502  
P+P Reserves (MMboe)     318
Reserve Life Index (P+P, years)(2)     14.9

(1) Calculated based on closing price of Baytex shares of C$45.29 on the TSX composite on April 28, 2014, and shares outstanding as of March 31, 2014.

(2) Based on 2013 Year-End Reserves and Q4 2013 production. 

  

Operating Highlights

 Q1 2014Q1 2013
Production (before royalties)
Light Oil & NGL (bbl/d) 7,457 7,920
Heavy Oil (bbl/d) 45,232 37,486
Total Oil and NGL (bbl/d) 52,689 45,406
Natural Gas (mcf/d) 40,886 39,305
Oil Equivalent (boe/d) 59,502 51,957
Drilling Program
Wells Drilled (gross/net) 153/119.1 125/110.0
Success Rate % (gross/net) 99/98 99/99
  

Financial Highlights

(C$ thousand, except per share amounts)Q1 2014Q1 2013
Petroleum & Natural Gas Sales 385,809 272,945
Funds from operations 170,810 101,772
Per Share (basic) 1.36 0.83
Cash dividends declared 63,441 56,449
Per Share 0.66 0.66
Common Shares Outstanding (000’s) 126,442 122,874
  

Capital Investment Efficiency

 

3 Year Average

(2011-2013)

Finding, Development & Acquistion Costs(1) – Proved plus Probable (C$/boe) 15.65 
Recycle Ratio – Proved plus Probable Including FDC (2) 2.1x
Production Replacement Ratio – Proved plus Probable (3) 251%

(1) Finding, Development & Acquisition costs are including changes in future development costs ("FDC").

(2) Recycle ratio is calculated as operating netback divided by FD&A costs (proved plus probable including FDC). Operating netback is calculated as revenue (including realized hedging gains and losses) minus royalties, operating expenses and transportation expenses.

(3) Production replacement ratio is calculated as total reserve additions (including acquisitions and divestitures) divided by annual production. 

  
  

Explore Our
Operations

Our operations are organized into Canadian Heavy Oil, Canadian Light Oil and Gas and United States business units.

Operations Map

Operations Map
Responsible Development

In addition to shareholders, Baytex has a responsibility to the communities in which we work and do business.

Corporate Responsibility

Understanding
Heavy Oil

Learn more about the
business of heavy oil in our marketing section.


Learn More

Understanding Heavy Oil