Baytex Energy Corp T.BTE

March 2024 Investor Presentation

[uwebb429]

https://www.baytexenergy.com/content/uploads/2024/02/24-03-March-Presentation.pdf

[red2000]

Thank's Uwebb429 ! I see no change compare to Feb. presentation.

[JohnnyDoe]

Red if you have the February presentation you can see where it cites total debt on page 13 I think it is. Now look at the March presentation and that same number. The math doesn't add, in this case subtract. Feb debt (as of sept 30) - debt replayment > March debt (s of Dec 31) 

[Antonyius]

You're gonna have to elaborate what's wrong, debt went from 2.684 billion to 2.462 billion because they paid down 182 million in credit facilities, 14 mil to the 8.75% notes due 2027 and 27 mil to the 8.5% notes due 2030. Math adds up.

[JohnnyDoe]

from the news release - how do you get 290 out of that math? 2.684-290=2.394, not 2.462. So what do I not understand then?  Maintained balance sheet strength with a total debt to EBITDA(3) ratio(2) of 1.1x. During the fourth quarter we reduced our net debt(1) by 10% ($290 million).

[Antonyius]

That's because the 290 is for net debt while the 2.462 refers to "total debt" which doesn't include "working capital"

[JohnnyDoe]

ok, yes, i see what you are saying. i was looking at and quoting total debt. i think it is misleading though because net debt includes regular fluctuations in working capital so they didn't "pay off $290M" per se, they paid off $222 

[Antonyius]

Yeah it's actually very confusing. I only figured it out myself because I was typing up an email to their investor's relations questioning their debt repayment strategy. 

[ztransforms173]

- WHY are you looking at the March 2024 Investor Presentation for DEBT QUESTIONS when you should be looking at the 2023 Audited Annual Financial Statements ? z173

[JohnnyDoe]

I looked at the financial statements. They do quote debt in the presentations though.  And they didn't really pay off 290 in debt. Their total debt is down 222. The net debt is down 290 but that number fluctuates every month because of working capital fluctuations. It's deliberately misleading imo. 

[dandu1924]

So how long the BTE management will continue to deliberately misleading with their tricky stuffs. And after that, they have the gut to say " we are doing the best for the shareholders ". In my world , I am calling that the pure hypocrisy like so many politicians are, don't you. They need to change their strategy, otherwise good luck to them at the next AGM.

[HeavyBanana]

Dandu1924, you accuse the company of misleading investors based on your being a simpleton? If you don't understand the numbers, just leave it at that ...... accusing the company of mafeasance is a heavy charge by a character such as yourself.

[dandu1924]

I am not the only one to think about that , I am just  not convicted  BTE management did not doing what they said before,  ex; 1) we are focusing the reduce the debt ( and during this time they were in negociation to buy Ranger ) 2)  FCF will be 1 million and now  half on that 3) their numbers were basic on 80-85 WTI ( and they known the WTI  was at 70-75 ) etc ( just

[HeavyBanana]

Dandu1924, the stock went to $9.077 as a high on June 10,2022. Do I sense some malfeacance on your part here?

[dandu1924]

Who care about $9 +or-  in fact was  $9.16 closed with some peak $9.40.... but $9 to $4.36  is amazing, don't you. WOW  very  nice investment.

[HeavyBanana]

Dandu1924, did you buy your position at $9.00 plus? Ok, sucks to be you if you did, otherwise your argument is based on a false pretense.

[dandu1924]

and now about those who bought at $9 and today  $4.36 this is nice investment for them.  I am not a day traders, pennies flippers, or shorters, I am real investors who waiting for a good return not the peanuts as BTE dividend WOW, .0225 by quarter. And now I dont feel confortable to talk about my investment in BTE except on this board because I am not the only one to be disappointed.

[ztransforms173]

- their NET DEBT is VERY TRICKY DUE TO MULTIPLE COMPONENTS in BOTH CANADIAN  DOLLARS and US DOLLARS and their TRANSLATION on September 30, 2023 and December 31, 2023 - we KNOW for SURE that C$ 160 million went to REDUCE the CREDIT FACILITIES - and there was a C$ 31.916 million INCREASE IN CASH - the REST is a BUNCH OF MOVING PARTS in FOREIGN EXCHANGE and MASSIVE REDUCTIONS in TRADE

[dandu1924]

So the market did understand that ?? or