Bte versus CPGAnyone compared these companies lately?
CPG market cap is 25% higher than BTE's market cap. CPG historically was a much larger producer. Baytex closed the Ranger acquisition in June. CPG recently announced the disposition of their N. Dakota assets for about 675M with proceeds going to debt.
So, where do these transactions leave the companies in 2024? Bte is forecasting production at 155-157 a day, CPG looks like they'll be in the low to mid 140s. With CPG using the proceeds from disposition to pay down debt, they're saying they're going to exit this year around 2.2B in debt which is where bte is going to be.
I'm certainly not looking for my CPG shares to take a big haircut. I think bte has some catching up to do because they're outproducing CPG with similar debt levels.