Baytex Energy Corp T.BTE

Thoughts on what BTE should do for 2H 2022

[BayStreetWolfTO]

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.

[MooninPaPa]

If we are maxed out on the NCIB... I would say Drill baby Drill! (Advance the schedule of the Clearwater Property!) could they announce the NCIB here in Feb proactively to gain an extra 3 months? Appreciate you BSW

[topdown99]

PAY ME !!!!! LOL

[JohnnyDoe]

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

[topdown99]

Incentivized 

[red2000]

Of course all of the management team will have a bonus !!! And probably all others employees too, with different % !! 100% taxable !!! Compare to us, S/P climb (if you sell your shares) and Dividend quarterly 0% taxable if you have a TFSA !!! ;) Think about it !!!

[JohnnyDoe]

incent. (nsnt) vb (tr) to provide (someone) with incentive; inspire or motivate