Baytex Energy Corp - BTEGF stock
OTC Market: BTEGF | Related ticker symbols: NYSE: BTE, TSX: BTE • Industry: Oil
Baytex Energy Corp (NYSE: BTE, TSX: BTE) is a Canadian oil and gas exploration and production company that focuses on developing and producing crude oil and natural gas in North America. The company's operations are primarily focused on the Eagle Ford and Western Canadian Sedimentary Basin, two of the most prolific oil and gas producing regions in North America.
Baytex Energy's portfolio includes a diverse range of assets, including onshore and offshore production platforms, drilling rigs, and extensive pipelines and infrastructure. The company's production is primarily derived from its high-quality, light oil assets in the Eagle Ford shale formation in Texas and its heavy oil assets in Western Canada.
The company's strategy is to focus on sustainable growth through the development of its high-quality asset base, while maintaining a strong balance sheet and financial flexibility. Baytex Energy has a proven track record of operational excellence and a commitment to safety, environmental stewardship, and community engagement.
Baytex Energy Corp. was approved for listing on the New York Stock Exchange (NYSE). The company's shares began trading on the NYSE on April 12, 2021, under the ticker symbol BTE. Baytex's decision to list its shares on the NYSE is aimed at increasing the company's visibility and profile in the United States, where it has significant operations. The NYSE listing is expected to provide Baytex with greater access to U.S. investors, improve liquidity and trading volumes, and potentially reduce its cost of capital. Baytex Energy is an oil and gas company with operations primarily in Western Canada and the United States. The company's main assets include heavy oil and light oil producing properties in Western Canada, as well as shale oil assets in the Eagle Ford region of Texas. With the NYSE listing, Baytex hopes to increase its exposure to U.S. capital markets and strengthen its financial position.
Baytex Energy Corp. (BTE.TO) received a notice of non-compliance from the New York Stock Exchange (NYSE) in March 2020. The notice stated that the company was not in compliance with the NYSE's continued listing standards, which require that the average closing price of a listed company's common shares not fall below $1.00 per share over a consecutive 30-trading-day period. At the time, Baytex's common shares had fallen below $1.00 per share, triggering the NYSE's notification. The company was given six months to regain compliance with the NYSE's listing standards. In August 2020, Baytex announced that it had regained compliance with the NYSE's continued listing standards, after its average closing price had remained above $1.00 per share for a consecutive 30-trading-day period. Baytex Energy is a Canadian-based oil and gas company with operations primarily in Western Canada and the United States. The company's main assets include heavy oil and light oil producing properties in Western Canada, as well as shale oil assets in the Eagle Ford region of Texas. Maintaining compliance with the NYSE's listing standards is important for Baytex, as it provides the company with access to a larger pool of investors and improves liquidity and trading volumes.
Reserves and Resources
Baytex announced its 2020 year-end reserves and resources evaluation results in March 2021. The company reported total proved reserves of 159 million barrels of oil equivalent (boe), a decrease of 4% from the previous year due to production and technical revisions. Baytex's proved plus probable reserves were 244 million boe, a decrease of 5% from the previous year. The company's proved plus probable plus possible reserves were 330 million boe, a decrease of 3% from the previous year. The article also notes that Baytex's reserves and resources evaluation includes estimates of contingent resources, which are quantities of petroleum that are potentially recoverable from known accumulations but are not yet considered to be commercially recoverable. The company's reserves and resources evaluation is an important measure of its ability to sustain and grow its production levels over time. The results of the evaluation are used to guide the company's capital spending decisions and to assess its overall financial performance.
Chesapeake Energy Acquisition
Baytex announced its plan to acquire an Eagle Ford operator called Chesapeake Energy Corporation. The acquisition is valued at $500 million and is expected to close in the second quarter of 2021, subject to regulatory approvals and other customary closing conditions. The Eagle Ford shale formation is located in South Texas and is considered one of the most prolific shale oil and gas plays in the United States. With this acquisition, Baytex will gain access to Chesapeake's Eagle Ford assets, which include approximately 22,000 net acres of oil and gas properties. Baytex has stated that the acquisition will allow the company to expand its operations in the Eagle Ford region, and it is expected to result in cost savings and other synergies. The company plans to finance the acquisition through a combination of debt and equity.
Bank Credit Facilities
Baytex announced an extension and amendments to its bank credit facilities. The credit facilities have been extended to mature in May 2024 and have been amended to provide greater financial flexibility and reduce the company's interest costs. The amended credit facilities include a syndicate of banks and other lenders, with a total borrowing capacity of $575 million. The credit facilities will be used to finance the company's ongoing operations and growth initiatives. Baytex Energy is a Canadian-based oil and gas company with operations primarily in Western Canada and the United States. The company's main assets include heavy oil and light oil producing properties in Western Canada, as well as shale oil assets in the Eagle Ford region of Texas. The extension and amendments to the company's credit facilities are aimed at providing Baytex with greater financial flexibility and reducing its borrowing costs. This is expected to support the company's growth plans and strengthen its financial position.
Baytex announced a bought-deal financing worth $500 million. The financing will consist of the issuance of 138.9 million common shares at a price of $3.60 per share. The article states that the financing will be used to partially fund Baytex's previously announced acquisition of Eagle Ford operator Chesapeake Energy Corporation, which is valued at $500 million. The acquisition is expected to close in the second quarter of 2021. Baytex Energy is a Canadian-based oil and gas company with operations primarily in Western Canada and the United States. The company's main assets include heavy oil and light oil producing properties in Western Canada, as well as shale oil assets in the Eagle Ford region of Texas. The bought-deal financing is a type of public offering in which an underwriter purchases securities from the issuing company and then resells them to the public. The financing is expected to provide Baytex with additional capital to fund its growth plans and strengthen its financial position.
- Baytex Energy. Official Website. Accessed on 4/13/2023.
- newsfile. Baytex Announces NYSE Listing. February 17, 2023.
- EnergyNow.ca. Baytex Receives NYSE Listing Notification. March 26, 2020.
- EvaluateEnergy. Baytex Announces Revised 2020 Capital Program. March 18, 2020.
- Yahoo Finance. Baytex to Acquire Eagle Ford Operator Ranger Oil, Accelerates Shareholder Returns and Introduces a Dividend with Enhanced Free Cash Flow. February 28, 2023.
- Woodstock Sentinel Review. Baytex Announces Extension and Amendments to Bank Credit Facilities. April 01, 2022.
- Yahoo. Baytex Announces $500 Million Bought Deal Financing. March 11, 2015.