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 > The DEBT HEADWINDS SPLIT INTO PIECES So You UNDERSTAND

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Comment by ztransforms173on Jul 25, 2024 10:39pm

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Post# 36149217

RE:RE:The DEBT HEADWINDS SPLIT INTO PIECES So You UNDERSTAND

Trader60 - (7/25/2024 10:21:55 PM)

RE:The DEBT HEADWINDS SPLIT INTO PIECES So You UNDERSTAND

Please read the MD&A on SEDAR, debt is $2.6B as of June 30 24. As notd by BTE on SEDAR, debt was $2.5B at end Dec 23. As such, debt increased in H1.

GLTU

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- DO NOT CONFUSE "TOTAL DEBT" with "NET DEBT"

- they are TWO DISTINCT CLASSIFICATIONS

TOTAL DEBT = NET DEBT - WORKING CAPITAL DEFICIENCY

^^^

Capital Management Measures

Net debt

We use net debt to monitor our current financial position and to evaluate existing sources of liquidity. We also use net debt projections to estimate future liquidity and whether additional sources of capital are required to fund ongoing operations. Net debt is comprised of our credit facilities and long-term notes outstanding adjusted for unamortized debt issuance costs, trade payables, share-based compensation liability, dividends payable, other long-term liabilities, cash, trade receivables, and prepaids and other assets.

The following table summarizes our calculation of net debt.

		As at
($ thousands)		June 30, 2024		March 31, 2024		December 31, 2023
Credit facilities	$	607,589	$	835,363	$	848,749
Unamortized debt issuance costs - Credit facilities ⁽¹⁾		18,387		14,563		15,987
Long-term notes		1,833,182		1,602,417		1,562,361
Unamortized debt issuance costs - Long-term notes ⁽¹⁾		48,712		34,738		35,114
Trade payables		617,222		626,137		477,295
Share-based compensation liability		22,706		18,667		35,732
Other long-term liabilities		19,845		19,622		19,147
Dividends payable		18,161		18,494		18,381
Cash		(35,887)		(29,140)		(55,815)
Trade receivables		(429,098)		(423,119)		(339,405)
Prepaids and other assets		(81,805)		(77,901)		(83,259)
Net debt	$	2,639,014	$	2,639,841	$	2,534,287

(1) Unamortized debt issuance costs for the respective periods were obtained from Note 7 - Credit Facilities and Note 8 - Long-term Notes from the consolidated financial statements for the three and six months ended June 30, 2024 and the consolidated financial statements for the three months ended March 31, 2024.

***

z173