Baytex Energy Corp - Strong Reserves Growth in the Eagle Ford and Revised 2016 Budget
neuester Beitrag 07.03.16 17:28:27 von
Baytex Energy Corp. is an oil and gas corporation based in Calgary, Alberta. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Approximately 77% of Baytex's production is weighted toward crude oil and natural gas liquids. Baytex's common shares are traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.
Our crude oil and natural gas operations are organized into three core operating areas: Peace River, Lloydminster and the Eagle Ford. Approximately 77% of our production and 81% of our reserves are derived from crude oil and liquids. The Eagle Ford in Texas represents approximately half of our production.
Baytex Reports 2015 Results, Strong Reserves Growth in the Eagle Ford and Revised 2016 Budget
• Generated production of 81,110 boe/d (81% oil and NGL) during Q4/2015 and 84,648 boe/d for the full-year 2015, in line with guidance;
• Delivered funds from operations ("FFO") of $93.1 million ($0.44 per share) in Q4/2015 and $516.4 million ($2.61 per share) for the full-year 2015;
• Produced 40,284 boe/d (78% oil and NGL) in the Eagle Ford during Q4/2015, an increase of 3% over Q3/2015 and 6% over Q4/2014;
• Realized over $150 million in efficiencies in 2015 as we remained focused on cost reduction initiatives across all of our operations, including drilling and completions, production and operating expenses, transportation expenses, and general and administrative expenses;
• Increased proved plus probable reserves (excluding thermal) by 2% to 347 mmboe. Year-end 2015 proved plus probable reserves are comprised of 81% oil and NGL and 19% natural gas;
• In the Eagle Ford, replaced 205% of production and increased proved plus probable reserves 8% to 203 mmboe. From the time of acquisition in June 2014, proved plus probable reserves in the Eagle Ford have increased by 22%;
• Recorded finding and development (“F&D”) costs for proved plus probable reserves, including changes in future development costs, of $7.68/boe for 2015 and generated a recycle ratio (operating netback divided by F&D costs) of 2.1x;
• Using the December 31, 2015 independent reserves evaluation, the present value of our reserves, discounted at 10% before tax, is estimated to be $4.3 billion; and
• Our estimated net asset value at year-end 2015, discounted at 10%, is estimated to be $11.05 per share. This is based on the estimated reserves value of $4.3 billion plus a value for undeveloped acreage, net of long-term debt, asset retirement obligations and working capital.