1. Fri Sep 3rd - BTE banked another $1.28M+ FCF today. BTE will bank another $5M+ long weekend Fri-Mon!!
 
  1. With fully factored hedges Free Cash Flow @ $69 = $465 million/year which is above the management plan. (EXCLUDING CLEARWATER)
 
  1. WTI is final for Q3. We are now on the Q4 / October Contracts. Not including improved hedges or Clearwater see historical trend below
 
  1. BTE Free Cash Flow Q1 = $70M avg WTI $52.09
  2. BTE Free Cash Flow Q2 = $112M avg WTI $62.71
  3. BTE Free Cash Flow Q3 = $TBD avg WTI $70.57
  4. BTE Free Cash Flow Q4 = $TBD avg WTI $67.57 (so far)
  5. Negative talk on $52 WTI is nonsense. At this rate they still brought in $70 Million for the quarter and this excludes Clearwater and improved hedges
 
  1. Q4 contracts 19.8% complete. It's nice to see WTI hovering over $69.
     
  2. Shareholder Strategic Focus
    1. To BTE management. Keep doing what you're doing!
      1. Focus on FCF (465+m per year at these prices)
      2. Pay down debt (down to $1.4b this year wow!) Clear off the 2024 note on June 1st 2022 as soon as the agreement allows.
      3. Buyback cheap shares complete a SIB not a NCIB (the cheaper the better $2 great, $1 awesome, $0.50 I will be competing on those buys!)
      4. Issue a dividend
      5. If Clearwater development can accelerate FCF, debt payment, share buybacks and dividends do it.
      6. Preferably in that order and keep within 80-85k bpd
      7. Ignore the share price focus on the enterprise strategy, operations, and efficiency.
 
With this you will find 100% support

Reference: https://www.baytexenergy.com/files/pdf/corporate-handouts/2021/2021%20-%20September%20Presentation.pdf