Profile: Baytex Energy Corp (BTE.N)

BTE.N on New York Stock Exchange

2.02USD
5 Feb 2016
Change (% chg)

$-0.04 (-1.94%)
Prev Close
$2.06
Open
$1.98
Day's High
$2.09
Day's Low
$1.93
Volume
471,158
Avg. Vol
682,333
52-wk High
$20.09
52-wk Low
$1.09

Search Stocks

Baytex Energy Corp. (Baytex), incorporated on October 22, 2010, through its subsidiaries, is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada (primarily in the provinces of Alberta and Saskatchewan) and in the United States (primarily in the state of Texas). The Company’s crude oil and natural gas operations are organized into three business units: Central; Lloydminster; and United States. Each business unit has a portfolio of mineral leases, operated and non-operated properties and development prospects. The Company’s wholly owned subsidiaries include Baytex Energy Ltd., which is engaged in the business of oil and natural gas exploration, exploitation, development, acquisition and production in Canada, and Baytex Energy USA, Inc., which is engaged in the business of oil and natural gas exploration, exploitation, development, acquisition and production in the United States.

Lloydminster Business Unit

The Lloydminster Business Unit's heavy oil operations include primary and thermal production. The Lloydminster Business Unit accounted for approximately 24% of total production in the fiscal year ended December 31, 2014 (fiscal 2014). Production is generated from vertical, directional/slant and horizontal wells using progressive cavity pumps capable of handling volumes of heavy oil combined with gas, water and sand. Initial production from these wells averages between 30 and 150 barrels per day (bbl/d) of crude oil with gravities ranging from 10 to 16 degrees API. Once produced, the oil is delivered to markets in Canada and the United States via pipelines, tanker trucks or railways.

As of December 31, 2014, production in the Lloydminster Business Unit averaged approximately 19,403 barrels of oil equivalent per day (boe/d), which was comprised of 16,185 bbl/d of heavy oil, 2,780 bbl/d of bitumen, and 2,623 Mcf/d of natural gas. During 2014, Baytex drilled 193 (111.4 net) wells in the Lloydminster Business Unit resulting in 172 (92.0 net) oil wells, 17 (17 net) stratigraphic and service wells and four (2.4 net) dry and abandoned wells, for a success rate of 97.7% (97.4% net). The Company’s net undeveloped lands in the Lloydminster Business Unit totalled approximately 251,138 acres, at December 31, 2014. The properties within the Lloydminster Business Unit include Cold Lake/Ardmore, Alberta; Carruthers, Saskatchewan; Celtic, Saskatchewan; Kerrobert/Hoosier, Saskatchewan, and Tangleflags, Saskatchewan.

Baytex has a 100% working interest in 46 sections of undeveloped oil sands leases in the Angling Lake (Cold Lake) area of northern Alberta. The lands are proximal to the Company’s existing Cold Lake primary heavy oil assets and are prospective for both cold and thermal development. Average production from the primary assets during fiscal 2014 was approximately 1,541 bbl/d of heavy oil and 506 Mcf/d of natural gas (1,625 boe/d). Baytex drilled two (1.8 net) vertical and eight (8 net) horizontal oil wells in these areas in fiscal 2014. At December 31, 2014, Baytex had 104,933 net undeveloped acres in Cold Lake/Ardmore area.

The Carruthers property consists of separate North and South oil pools in the Cummings formation. In fiscal 2014, 18 (17.4 net) horizontal wells (including 9 multi-laterals) were drilled. Average production in fiscal 2014 was approximately 3,014 bbl/d of heavy oil and 223 thousand cubic feet per day (Mcf/d) of natural gas (3,051 boe/d). At December 31, 2014, Baytex had 9,539 net undeveloped acres in this area. Celtic is a key asset for Baytex because, like the adjacent Tangleflags property, it contains a resource base with multiple prospective horizons within the Mannville Group. As a result, the Celtic property provides a multi-year inventory of drilling locations and re-completion opportunities. Baytex drilled 18 (18 net) oil wells in this area in fiscal 2014. Average production in fiscal 2014 was approximately 2,455 bbl/d of heavy oil and 141 Mcf/d of natural gas (2,479 boe/d). As of December 31, 2014, Baytex had 7,535 net undeveloped acres in this area.

The Kerrobert/Hoosier properties provide numerous opportunities for cold infill drilling and steam-assisted gravity drainage (SAGD) optimization. Production from the cold primary assets averaged approximately 1,247 bbl/d of heavy oil and 704 Mcf/d of natural gas (1,364 boe/d). Baytex drilled four (4 net) cold primary oil wells in this area in 2014. At year-end 2014, Baytex had 20,786 net undeveloped acres in this area. Average production from the Kerrobert SAGD project in fiscal 2014 was approximately 2,400 bbl/d of bitumen with a cumulative steam-oil ratio of 4.09 barrels of steam per barrel of oil and an instantaneous steam-oil ratio of 3.89 barrels of steam per barrel of oil from the pads, where steam is being utilized. In fiscal 2014, Baytex drilled three (2.5 net) horizontal oil wells in the Lloydminster formation including one multi-lateral. Also in 2014, a commercial waterflood of the Lloydminster formation was initiated. Average production during fiscal 2014 was approximately 1,872 bbl/d of heavy oil and 309 Mcf/d of natural gas (1,923 boe/d). As of December 31, 2014, Baytex had 3,462 net undeveloped acres in this area.

Central Business Unit

The Central Business Unit produces light and heavy gravity crude oil, bitumen, natural gas and natural gas liquids from various fields, primarily in northern, southeast and central Alberta. This production accounted for approximately 46% of total Baytex production in fiscal 2014. During the fiscal year ended December 31, 2014, production from this business unit averaged 36,780 boe/d, which was comprised of 25,318 bbl/d of heavy oil; 665 bbl/d of bitumen; 4,062 bbl/d of light oil and natural gas liquids (NGL), and 40,414 Mcf/d of natural gas. As of December 31, 2014, Baytex drilled 64 (63.7 net) wells in the Central Business Unit resulting in 37 (36.7 net) oil wells, three (3.0 net) natural gas wells and 24 (24 net) stratigraphic/service wells, for a success rate of 100% (100% net). The Company’s net undeveloped lands in this business unit totalled approximately 402,697 acres, at December 31, 2014. The properties within the Central Business Unit include Peace River, Alberta and Pembina, Alberta.

Baytex holds a total of 310 net sections of oil sands leases in the Peace River area, which includes the legacy Seal area and the Reno area. During fiscal 2014, production from the Peace River area averaged 25,318 bbl/d of heavy oil, 665 bbl/d of bitumen and 2,498 Mcf/d of natural gas (26,399 boe/d). In fiscal 2014, Baytex drilled 31 (31 net) cold horizontal production wells and 24 (24 net) stratigraphic test wells in the Peace River area. As of December 31, 2014, Baytex had 163,559 net undeveloped acres in this area.

The Company’s Pembina property’s production is primarily from the Cretaceous and Jurassic age formations, including the Cardium, Notikewin, Falher, Ellerslie, Glauconite, Rock Creek and Nordegg. Baytex owns a working interest in one of the midstream-operated gas processing facilities. Production from this area during fiscal 2014 averaged 1,617 bbl/d of light oil and NGL and 23,690 Mcf/d of natural gas. Baytex participated in the drilling of five (5 net) wells in this area in fiscal 2014, resulting in two (2 net) Cardium oil wells and three (3 net) natural gas wells (two Falher and one Notikewin), all of which were completed with multi-stage fracture stimulations. At December 31, 2014, Baytex had 39,722 net undeveloped acres in this area.

United States Business Unit

Baytex has an interest in approximately 80,200 (22,200 net) acres in the Sugarkane area located in South Texas in the core of the liquids-rich Eagle Ford shale through the its Aurora. During the period from June 11, 2014 to December 31, 2014, production from the acquired assets averaged approximately 28, 752 bbl/d of light oil and NGL and 38,487 Mcf/d of natural gas (35,166 boe/d). During the period from June 11, 2014 to December 31, 2014, Baytex participated in the drilling of 132 (34.3 net) wells in the Sugarkane area, resulting in 69 (17.5 net) oil wells, 59 (15.7 net) natural gas wells, one (0.3 net) stratigraphic and service well and three (0.8 net) dry and abandoned wells, for a success rate of 97.7% (97.7% net). Production from the United States Business Unit in fiscal 2014 averaged 2,255 bbl/d of light and medium oil, 12,805 bbl/d of shale oil, 3,378 bbl/d of NGL, 21,511 Mcf/d of shale gas and 686 Mcf/d of natural gas (22,138 boe/d).

Company Address

Baytex Energy Corp

Centennial Place
East Tower, 2800, 520 - 3rd Aven
CALGARY   AB   T2P 0R3
P: +1587.9523000
F: +1587.9523029

Company Web Links

Search Stocks