Baytex Energy Corp T.BTE

Alternate Symbol(s): BTE

Energy Oil & Gas E&P

Baytex Energy Corp. is a Canada-based energy company. 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. Its crude oil and natural gas operations are organized into three main operating areas: Light Oil USA (Eagle Ford), Light Oil Canada (Pembina Duvernay / Viking) and Heavy Oil Canada (Peace River / Peavine / Lloydminster). Its Eagle Ford assets are located in the core of the liquids-rich Eagle Ford shale in South Texas. The Eagle Ford shale covers approximately 269,000 gross acres of crude oil operations. Its Viking assets are located in the Dodsland area in southwest Saskatchewan and in the Esther area of southeastern Alberta. It also holds 100% working interest land position in the East Duvernay resource play in central Alberta.

TSX:BTE - Post by User

Baytex Energy Corp

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Post by PUNJABIon Mar 01, 2021 8:43am

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Post# 32683963

Increase in short position.

During the last two reporting periods, the short position increased by around 5 million shares each. BTE has a huge float therefore in terms of percentage it is very small but still, 25.7 million shares shorted is a decent number of shares and in the right conditions, it can provide extra momentum to the stock.

If the oil trades around $60 then there is no fundamental reason to short this stock as the company can generate about $250m free cashflow. During the last two weeks, the share price has popped and there are chances that some of the shorts may have been covered. We will get the new short position in a few days.

A lot now depends on OPEC. They have a meeting this week. If they resume production it will have an impact on oil prices. Not sure how OPEC will deal with the oil prices.

Pre Covid US produced just over 13 million barrels day now it has dropped to 9.7 million only. Canada's production has also dropped as both countries have reduced the amount of CAPEX and replacement wells. North American well have a huge decline rate.

Short Positions for BTE

Symbol	Report Date	Volume	Change	Shares Issued	% Float
T : BTE	2021-02-15	25,771,427	5,187,857	561,227,367	4.59
T : BTE	2021-01-31	20,583,570	5,488,985	561,227,367	3.67
T : BTE	2021-01-15	15,094,585	560,382	561,162,632	2.69
T : BTE	2020-12-31	14,534,203	-2,666,384	561,162,632	2.59
T : BTE	2020-12-15	17,200,587	-897,437	561,162,632	3.07
T : BTE	2020-11-30	18,098,024	517,758	561,162,632	3.23
T : BTE	2020-11-15	17,580,266	-816,037	561,162,632	3.13
T : BTE	2020-10-31	18,396,303	-1,367,948	561,162,632	3.28
T : BTE	2020-10-15	19,764,251	-118,059	561,162,863	3.52
T : BTE	2020-09-30	19,882,310	-15,857,418	560,545,252	3.55
T : BTE	2020-09-15	35,739,728	-1,665,422	560,545,252	6.38
T : BTE	2020-08-31	37,405,150	-1,260,527	560,545,252	6.67
T : BTE	2020-08-15	38,665,677	1,866,739	560,545,252	6.90
T : BTE	2020-07-31	36,798,938	-3,387,495	560,545,252	6.56
T : BTE	2020-07-15	40,186,433	1,984,018	560,545,252	7.17
T : BTE	2020-06-30	38,202,415	2,110,447	560,545,252	6.82
T : BTE	2020-06-15	36,091,968	-1,025,132	560,545,252	6.44
T : BTE	2020-05-31	37,117,100	2,040,856	560,463,475	6.62
T : BTE	2020-05-15	35,076,244	-633,722	560,463,475	6.26
T : BTE	2020-04-30	35,709,966	-6,508,749	560,463,475	6.37
T : BTE	2020-04-15	42,218,715	2,436,168	560,463,475	7.53
T : BTE	2020-03-31	39,782,547	-21,427	560,463,475	7.10
T : BTE	2020-03-15	39,803,974	2,321,929	560,463,475	7.10
T : BTE	2020-02-29	37,482,045	3,537,642	560,463,475	6.69
T : BTE	2020-02-15	33,944,403	5,449,546	558,305,290	6.08