RE:RE:Also note Ed joined Baytex in July 2016JD this is exactly right! People don't get the history and speak about this as if they have not done the research.
....and in fact in this cycle BTE is NOT in acquisition mode but guess who is? Yes the "perfect" CEO....hogwash....
If oil drops people will say WCP had a perfect chance to do special dividends, buybacks eliminate debt however they are in acquisition mode the SAME issue BTE ran into years ago. BTE learned (or Ed came in and learned from that)....Grant well the jury is out.
JohnnyDoe wrote: BayStreetWolfTO wrote: In fact Ed joined well after the stock had plunged from $50+ in vase people don't know....when he joined it was down to $7 or so near where we are today while being forced to make some drastic changes to keep it alive.
The damage was done well before Ed arrived in case you don't know the history. I also know you're smart enough to know rhe hedges we're not by choice....and it was critical they renegotiated the debt prior to COVID.
Also Raging River was acquired when oil was in the $60's....and helped keep them alive....way below where oil is today.
what really set Baytex back was buying the Eagle Ford in 2014 at 100+ oil and the debt that was taken on as part of that only to have the price of oil crater shortly thereafter. It was a 2.6 billion Cdn deal. Oil craters. Boom. Debt servicing problem that they've been dealing with ever since.
To your analogy earlier about a US product versus a Cdn product and the Cdn product being on sale - this is why I've floated the idea several times about selling the Eagle Ford. 200+m barrels in the ground that we aren't getting valued properly. Sell them. Take the American money, replace with Canadian productivity and pay down debt