Baytex Energy Corp. is an energy company based in
Calgary
Calgary ( ) is the largest city in the western Canadian province of Alberta and the largest metro area of the three Prairie Provinces. As of 2021, the city proper had a population of 1,306,784 and a metropolitan population of 1,481,806, makin ...
, Alberta.
The company is engaged in the acquisition, development and production of crude oil and
natural gas
Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...
in the
Western Canadian Sedimentary Basin
The Western Canadian Sedimentary Basin (WCSB) underlies of Western Canada including southwestern Manitoba, southern Saskatchewan, Alberta, northeastern British Columbia and the southwest corner of the Northwest Territories. This vast sedimentary ...
and in the Eagle Ford in the United States. Baytex's common shares trade on the Toronto Stock Exchange and on the New York Stock Exchange under the symbol BTE.
History
Early on (1993–2000) the company was more focused on developing light oil and natural gas containing properties in North and SE Alberta. In Jan 19, 2006, Baytex Energy Trust announced that the New York Stock Exchange had cleared Baytex to file an Original Listing Application to list its trust units on the NYSE. The company began trading on the NYSE on March 27.
In April 2008 it completed a $181 million takeover of Burmis Energy Inc, a Calgary-based oil and natural gas producer (72% of production was natural gas) that was nine times smaller than Baytex at the time. The deal gave Baytex control of the Seal heavy oil property in Alberta and increased daily production by 3,650
boe
BOE, BoE or Boe may refer to:
Abbreviations, acronyms or initialisms
* Bank of England, the central bank of the United Kingdom
* Bank of English, a representative subset of the 4.5 billion words COBUILD corpus
* Barrel of oil equivalent, a uni ...
.
Many key heavy oil and natural gas assets were purchased from True Energy Trust in the summer of 2009 for US$79.9 million (when the US:Cdn exchange rate was 1:1.164). The deal which included properties near Lloydminster and Kerrobert,
Saskatchewan
Saskatchewan ( ; ) is a Provinces and territories of Canada, province in Western Canada, western Canada, bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, to the northeast by Nunavut, and on t ...
(heavy oil) and also central
Alberta
Alberta ( ) is one of the thirteen provinces and territories of Canada. It is part of Western Canada and is one of the three prairie provinces. Alberta is bordered by British Columbia to the west, Saskatchewan to the east, the Northwest Ter ...
(natural gas) increased production and cash flow by 7% and 6% respectively.
In October 2010 it sold half of the interest it had in the Kerrobert heavy oil properties to
Petrobank Energy and Resources
Petrobank was an oil exploration, development, and production company based in Calgary, Canada. It operates through 4 units/subsidiaries, PetroBakken Energy (58% owned subsidiary) in Canada, ''Petrominerales Ltd'' (was 65% owned until December 3 ...
(including another asset acquired in Dawson the transaction cost Petrobank $15 million, Petrobank's THAI and CAPRI technology can help Baytex exploit more of the resource).
In February 2011 it completed a $156.5 million deal with a private company for heavy oil assets in Saskatchewan (near Seal Lake and Lloydminster). The acquisition added over 10 million boe of proved and probable reserves and raised company production by about 5%.
In 2011 and 2016, respectively, Baytex acquired "heavy oil assets located in the Reno and Seal areas of its northern Alberta Peace River area."
In June 2014 Baytex acquired Aurora Oil & Gas Limited, which led to its significant new position in the EagleFord shale oil play in Texas.
In 2014 Baytex 52-week high was $49.88 and its 52-week low was $14.56.
For fiscal 2016 total production was /d, flat to the year before. Baytex's portfolio is 79% oil and liquids with the remaining 21% natural gas.
Light and medium oil (oil with an API gravity over 22.3 degrees) makes up a growing part of its reserve base.
In June 2018, Baytex announced an offer to buy Raging River Exploration Inc., another Canadian oil and gas firm, for C$2.8 billion. The all-stock deal was poorly received by markets and analysts, with both companys' share prices falling.
On March 18, 2020, Baytex announces a 50% reduction to its 2020 capital budget to $260 to $290 million, from the original $500 to $575 million. Ed LaFehr, the President and Chief Executive Officer of the company commented that they are "facing unprecedented challenge due to the significant degradation and volatility in global crude oil prices."
Sustainability
Baytex was recognized by
Corporate Knights
Corporate Knights is a media and research company based in Toronto, Canada, focused on advancing a sustainable economy. The company publishes an award-winning magazine, ''Corporate Knights'', and produces global rankings, research reports, a ...
as one of the Future 40 Responsible Corporate Leaders in Canada for 2018
In September 2019, Baytex published its fourth biennia
Corporate Responsibility Report detailing efforts and performance with respect to people, the environment, the community and stakeholders, and responsible business practices.
In September 2019, Baytex published a
greenhouse gas
A greenhouse gas (GHG or GhG) is a gas that Absorption (electromagnetic radiation), absorbs and Emission (electromagnetic radiation), emits radiant energy within the thermal infrared range, causing the greenhouse effect. The primary greenhouse ...
("GHG") emissions reduction target with an objective of reducing corporate emission intensity by 30% by 2021, relative to a 2018 baseline
Operations
Baytex's operations are organized into five main operating areas: Peace River, Lloydminster, Viking, Duvernay and the Eagle Ford. Approximately 82% of its production and reserves are derived from crude oil and liquids. The Eagle Ford in
Texas
Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...
represents approximately 46% of production.
* Eagle Ford - the Eagle Ford assets are located in the core of the liquids-rich Eagle Ford shale in South Texas and include non-operated working interests in approximately 78,205 (19,851 net) acres. The lands consist of four areas of mutual interest (Sugarloaf, Longhorn, Ipanema and Excelsior) with an average working interest of approximately 25%. In 2019, production in the Eagle Ford averaged 39,055 boe/d.
* Viking - the Viking assets are located in the greater Dodsland area in southwest
Saskatchewan
Saskatchewan ( ; ) is a Provinces and territories of Canada, province in Western Canada, western Canada, bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, to the northeast by Nunavut, and on t ...
and in the Esther area of southeastern Alberta. These assets were acquired through a business combination with Raging River and produce light oil from the Viking formation. In 2019, the Viking assets produced 22,546 boe/d.
* Heavy Oil – Baytex's heavy oil assets are located at
Peace River
The Peace River (french: links=no, rivière de la Paix) is a river in Canada that originates in the Rocky Mountains of northern British Columbia and flows to the northeast through northern Alberta. The Peace River joins the Athabasca River in th ...
in northwest
Alberta
Alberta ( ) is one of the thirteen provinces and territories of Canada. It is part of Western Canada and is one of the three prairie provinces. Alberta is bordered by British Columbia to the west, Saskatchewan to the east, the Northwest Ter ...
and Lloydminster in Alberta and Saskatchewan. In Peace River, Baytex produces heavy oil from the Bluesky formation. In Lloydminster, operations include primary and thermal production. In 2019, the heavy oil assets produced 29,377 boe/d.
* Duvernay - as a result of the merger with Raging River, Baytex acquired a land position in the emerging Pembina Area Duvernay shale in central Alberta. In 2019, the Duvernay assets produced 1,688 boe/d.
References
External links
*
{{Authority control
Companies formerly listed on the New York Stock Exchange
Companies listed on the Toronto Stock Exchange
Companies based in Calgary
Natural gas companies of Canada
Oil companies of Canada
Energy companies established in 1993