How is Baytex different from other oil and gas companies?View
At Baytex, we offer sector-leading capital efficiencies and robust asset level returns across all three core resource plays. Approximately 78% of our production and 79% of our reserves are derived from crude oil and liquids. We have amassed a significant inventory of long-term, low cost development projects, most notably in the Eagle Ford in Texas, the Peace River area of northwest Alberta, and our Lloydminster heavy oil region.
What is Baytex's hedging policy?View
Baytex manages its exposure to a variety of risks arising directly or indirectly in the conduct of its business, including commodity prices, foreign exchange rates and interest rates. Pursuant to its Risk Management Policy, management of Baytex is authorized to enter into transactions covering, in aggregate, up to 60% of its exposure to the risk being managed. Transactions in excess of this level must be pre-authorized by the Board of Directors. In addition, Baytex actively employs risk mitigation strategies to maximize the profitability of its heavy oil production, including an expanded use of crude by rail which allows us to deliver our heavy oil to higher netback markets.Close
How can I receive regular investor information?View
What are the risk factors of holding Baytex's common shares?View
Baytex is subject to numerous risks including commodity prices, production levels, global energy production and policy, political conditions, currency fluctuations and weather conditions. For a more detailed description of these risks, see the section of our Annual Information Form (page 11) entitled "Risk Factors". Click here to access this document.Close
Can I purchase common shares directly from Baytex?View
Common shares cannot be purchased directly from Baytex. You must contact your broker or other financial intermediary in order to purchase our common shares, which are traded on the Toronto Stock Exchange and the New York Stock Exchange (under the trading symbol BTE).Close
What is Baytex's stock symbol and where do its common shares trade?View
What are the tax implications of owning Baytex's common shares?View
The information contained herein is intended to be a general guideline and not an exhaustive discussion of all possible income tax consequences. It is not intended to constitute legal or tax advice to any holder or potential holder of common shares. Holders or potential holders of common shares should consult their own legal or tax advisors as to their particular tax consequences of holding common shares.
a. Canadian non-taxable accounts (registered accounts including RRSP accounts)
Investors holding Baytex common shares in TFSAs, RRSPs, RRIFs, RESPs or DPSPs should not need to report any amount for capital gains or income from dividends on their Canadian personal tax return.
b. Canadian taxable accounts (non-registered accounts)
Since conversion to a corporation on December 31, 2010, all dividends paid by Baytex Energy Corp. have been designated as “eligible dividends” for Canadian income tax purposes. This designation will continue to apply until a notification of change is posted on this website..
c. US non-taxable accounts
No amounts are generally required to be reported as taxable income where Baytex common shares are held within a qualified retirement plan. For non-residents of Canada, dividends from Canadian corporations are generally subject to a 25% tax withheld at source. Under the terms of the Canada/US income tax treaty, US Shareholders that hold their common shares in tax-exempt accounts are eligible for 0% withholding tax on cash dividends paid on their common shares. For more information on applying for tax-exempt status, see the FAQ below titled "Is it possible for US Shareholders holding common shares in tax-exempt accounts to pay no Canadian withholding tax on their cash dividends?"
d. US taxable accounts
Is it possible for US shareholders holding common shares in tax-exempt accounts to pay no Canadian withholding tax on their cash dividends?View
US shareholders that hold their common shares in tax-exempt accounts are eligible for 0% withholding tax on cash dividends paid on their common shares. The process for qualifying for 0% withholding tax is dependent on whether you are a beneficial or registered shareholder.
Is it possible for US shareholders holding common shares in a tax-exempt account to get a refund of Canadian withholding tax previously paid?View
What is Baytex's production mix?View
For 2017, Baytex's production is expected to be 35% heavy oil, 43% light oil and natural gas liquids and 22% natural gas.Close
What is Baytex's reserves life index?View
Baytex has an estimated reserves life index of 14.2 years for proved plus probable reserves based on our estimated reserves at December 31, 2016 and Q4 2016 actual production rate of 65,136 boe/d.Close
Who evaluates Baytex's reserves?View
Baytex's year-end 2016 proved and probable reserves were evaluated by Sproule Unconventional Limited ("Sproule") and Ryder Scott Company, L.P. ("Ryder Scott"), both independent qualified reserves evaluators. Sproule prepared our reserve report by consolidating the Canadian properties evaluated by Sproule with the United States properties evaluated by Ryder Scott, in each case using Sproule's December 31, 2016 forecast price and cost assumptions. We had Ryder Scott audit the possible reserves associated with our Eagle Ford assets. All of Baytex's oil and gas properties were evaluated or audited in accordance with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities".Close
In the interest of providing Baytex's unitholders and potential investors with information regarding Baytex, including management's assessment of Baytex's future plans and operations, certain statements in this document are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). In some cases, forward-looking statements can be identified by terminology such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook", "potential", "project", "plan", "should", "target", "would", "will" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this document speak only as of the date of this document and are expressly qualified by this cautionary statement.
Specifically, this document contains forward-looking statements relating to: our business strategies, plans and objectives; the taxation of our dividends; our ability to fund our capital expenditures and dividends from funds from operations; dividend policies and levels; our ability to grow our reserve base and add to production levels through exploration and development activities; our reserves life index; and our average production rates. In addition, information and statements relating to reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated, and that the reserves can be profitably produced in the future.
These forward-looking statements are based on certain key assumptions regarding, among other things: petroleum and natural gas prices and differentials between light, medium and heavy oil prices; well production rates and reserve volumes; our ability to add production and reserves through our exploration and development activities; capital expenditure levels; the availability and cost of labour and other industry services; the amount of future cash dividends that we intend to pay; interest and foreign exchange rates; and the continuance of existing and, in certain circumstances, proposed tax and royalty regimes. The reader is cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect.
Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: fluctuations in market prices for petroleum and natural gas; fluctuations in foreign exchange or interest rates; general economic, market and business conditions; stock market volatility and market valuations; changes in income tax laws; industry capacity; geological, technical, drilling and processing problems and other difficulties in producing petroleum and natural gas reserves; uncertainties associated with estimating petroleum and natural gas reserves; liabilities inherent in oil and natural gas operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; risks associated with oil and gas operations; changes in royalty rates and incentive programs relating to the oil and gas industry; changes in environmental and other regulations; incorrect assessments of the value of acquisitions; and other factors, many of which are beyond the control of Baytex. These risk factors are discussed in Baytex's Annual Information Form, Form 40-F and Management's Discussion and Analysis for the year ended December 31, 2014, as filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
There is no representation by Baytex that actual results achieved during the forecast period will be the same in whole or in part as those forecast and Baytex does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.