• Baytex Energy Corp.
  • BTE (TSX)
  • 46.44
  • Baytex Energy Corp.-0.08
  • Baytex Energy Corp.
  • BTE (NYSE)
  • 42.19
  • Baytex Energy Corp.-0.05
  • 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.  The subscription receipts issued by Baytex to fund a portion of the purchase price for Aurora Oil & Gas Limited trade on the Toronto Stock Exchange under the symbol BTE.R.

As of March 10, 2014YTD High PriceYTD Low Price AVG Daily Volume*
TSX: BTE (C$) 42.87 38.80 1,974,000
NYSE: BTE (US$) 39.42 35.30 295,400
*Average daily composite trading volumes for February 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.

 March 10, 2014Q4 2013Dec. 31, 2013
Enterprise Value (C$, billion) (1) $6.1    
Monthly Dividend (C$/share) $0.22    
Payout Ratio (net of DRIP)   40%  
Production Volume (boe/d)   58,304  
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$42.25 on the TSX composite on March 10, 2014, and shares outstanding as of February 28, 2014.

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

  

Operating Highlights

 Q4 2013Q4 2012
Production (before royalties)
Light Oil & NGL (bbl/d) 8,047 7,739
Heavy Oil (bbl/d) 43,254 40,257
Total Oil and NGL (bbl/d) 51,301 47,996
Natural Gas (mcf/d) 42,018 42,302
Oil Equivalent (boe/d) 58,304 55,046
Drilling Program
Wells Drilled (gross/net) 45/32.9 28/20.4
Success Rate % (gross/net) 100/100 100/100
  

Financial Highlights

(C$ thousand, except per share amounts)Q4 2013Q4 2012
Petroleum & Natural Gas Sales 330,712 292,095
Funds from operations 147,544 127,253
Per Share (basic) 1.18 1.05
Cash dividends declared 59,532 55,043
Per Share 0.66 0.66
Common Shares Outstanding (000’s) 125,392 121,868
  

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