• Baytex Energy Corp.
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  • Baytex Energy Corp.
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  • Baytex Energy Corp.
Baytex Energy Corp.

Benchmark Heavy Oil Prices

  

The benchmark crude oil price in North America is West Texas Intermediate (“WTI”). WTI represents the underlying commodity of the New York Mercantile Exchange's oil futures contracts, and is a light, sweet crude with an API gravity of approximately 39.6 degrees.

Canadian heavy crude oil is priced off the Western Canadian Select ("WCS") benchmark, which has an average gravity of 20.5 degrees API. WCS trades at a discount to WTI due to the higher cost of refining WCS crude into refined products, such as gasolines, jet fuel, kerosene, and diesel. This discount is referred to as a heavy oil differential.

Our production mix is approximately 83% liquids (46% light oil and condensate, 27% heavy oil and 10% natural gas liquids) and 17% natural gas, based on a 6:1 natural gas-to-oil energy equivalency.