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.

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Baytex Energy Corp > Thoughts on what BTE should do for 2H 2022

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Comment by topdown99on Jan 24, 2022 5:08pm

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Post# 34355326

RE:RE:Thoughts on what BTE should do for 2H 2022

JohnnyDoe wrote:

BayStreetWolfTO wrote: Ok so here is the scenario...let's say debt to 1.2B following the original timeline of 1H 2022.

So than you start talking NCIB which I believe allows a 10% repurchase per 12 months

Therefore you can buyback 56.6M shares from July 1, 2022 through June 30, 2023

At $75 WTI the FCF from July 1, 2022 through June 30, 2023 is rough $600M

Now assume 50% for shareholder returns and 50% for the 2027 note

By June 30, 2023 you could get Net Debt down to $900M ($300M FCF usage)

You also have $300M for Share repurchase however you can only buyback 56.6M that gives you enough money to buyback 56.6M @ $5.30...but what if you can buy shares below $5.30....do you put the left over to debt, drill more clearwater or a one time special divy june 30, 2023 prior to initiating a quarterly divy for 2H 2023?

Of course this is based on $75....which we are well above right now....and the data suggest strong through Q2-Q4

However for now lets base it on ONLY $75....looking for others opinions.

Wolf, you read more Corp docs on BTE than anyone. I'm curious if Ed has any bonus money associated with stock performance. I think a dividend moves the stock faster than ncib. People tend to act based on how they are incented