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 > RBC

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Comment by BayStreetWolfTOon Jul 21, 2022 9:48am

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Post# 34840034

RE:RBC

I estimate 125m in Capex but yes lots of FCF this quarter for Debt/Buybacks

retiredcf wrote: July 20, 2022

Baytex Energy Corp. 2Q Preview

TSX: BTE | CAD 6.68 | Sector Perform | Price Target CAD 9.00

Sentiment: Neutral

Baytex will report its second-quarter results after market close on Wednesday, July 27.

2Q Preview

RBC vs. Consensus (Analyst Survey): RBC is generally in line with street consensus on FFO/share, capital spending and production.

Conference Call

• Time: 11:00 am ET on Thursday, July 28 • Dial-in: 1-800-319-4610

Observations

• Our second-quarter outlook for Baytex incorporates production of 82,000 boe/d and includes Canadian heavy oil volumes of 28,000 bbl/d, Eagle Ford production of 22,500 bbl/d and Canadian light oil & ngl volumes of 17,500 bbl/d.

We peg the company’s oil & liquids realization at $117.79/bbl.

Our second-quarter capital spending estimate sits at $107 million, with realized hedging losses of $125 million.

All said, we peg Baytex’s second-quarter FFO per share at $0.61 ($343 million).

In conjunction with the company’s second-quarter results, we’ll look for more detail on drilling results from Baytex’s emerging

Clearwater play.

For our latest update on Baytex, please see Highlights from the RBC Capital Markets Stampede Field Trip.

For our full 2Q preview across our coverage universe, please see 2Q Preview—Big Cash Flows Approaching, Very Big.

Please refer to Exhibit 1 for a detailed look at our second-quarter estimates.