Baytex Energy Corp T.BTE

May presentation already online !!!

[red2000]

https://www.baytexenergy.com/files/pdf/corporate-handouts/2022/2022-05%20May%20Presentation.pdf

[topdown99]

Well I didn't win the FCF challenge but with good reason , BTE spent $80M more on exploration & developement costs above the Q4 2021 budget . By using the Q4 E&D costs (instead of Q1) , FCF was OVER $200M . Now I still wouldn't have won the challenge but it does explain the number and Clearwater now up to 8000bpd . I don't know about you but I'm happy 

[BayStreetWolfTO]

Yea TD, capex....but with those booming Clearwater wells....if you have the rigs DO IT!!! Clearwater is a gem Great news for 2022 and 2023!

[topdown99]

I wasn't complaining Wolf , just explaining !!!

[JohnnyDoe]

4.4 B in fcf at 95. Nice! Can I take credit for the updated 5 year plan? I asked Brian 2 weeks ago for that. And we've discussed Clearwater ramping up the barrels faster than they were guiding. I think tomorrow will be a good day.

[BayStreetWolfTO]

JD, sure take credit great number in there. Yes Clearwater I felt was going to surprise many.

[cahclick]

  So the flip side to that coin is they took $80 million of FCF and spent it on "drill-baby-drill" when the promise was to spend it on "debt-baby-debt". Plus, they will pay interest on that $80 million needlessly. We'll see tomorrow if SP gets punished or rewarded. Jmo glta  

[masfortuna]

And make back that interest in a few weeks.  Did you not see that 8000bpd total? I am pretty sure we will see 10 000 very soon.And all of that is unhedged to boot! Very happy at this point. Mas

[jleer42]

Depends on what the payback time is for those clearwater wells. It has to be incredibly short, I'm guessing a couple months. Not really drill-baby-drill but more spent on drilling than expected. More of a lucky bet that looks like it paid off. Tomorrow will tell.

[BayStreetWolfTO]

Less than 1 month for those gushers. Massive ROIC. Management always said if Clearwater accelerates FCF and Debt payments they would do it. I say it everyday.

[Cobalt]

"Plus, they will pay interest on that $80 million needlessly." Now that is a formula i would like too see , long term comes a point ROI on cheap debt is a good thing , will be interesting to see what direction they all take.

[topdown99]

Do you even know what you're talking about cahclick ? In Q1 the ground is FROZEN making it easy to set up and move equipment , Q2 generally has soupy ground and road bans so drilling is curtailed . The drills and crews were available and the wells were scheduled to be done but at a later date . The exploration budget is based off available FCF (which was up) so now those Clearwater wells will

[BayStreetWolfTO]

TD, it's noise. For sure spring breakup restrictions slow drilling so Q1 is how you start the year with a bang. Q2 = less drilling = more FCF and higher oil prices! July 28th!

[topdown99]

Exactly Wolf , if you have the funds and the weather cooperates do all you can in Q1 because Q2 is always a challenge for both man and machine . When the road ban happens any heavy equipment is stuck at it present location for weeks and most times more . Getting those extra wells completed was a bonus and as I said , they will be paid off before they  were even scheduled to be drilled

[red2000]

Hi Topdown99 !!! Champagne for all !!! Very impressive increase of Heavy Oil 8,000 boe/d ! It's a 36% increase (all unhedged) of heavy oil production of 2021 !!! $BTE.TO !!! Payback less than 3 months or so !!! And NGL increase also by 33% in Eagle Ford from 4,268 bbl/d to 5,701 bbl/d !! Netback and FCF  ! I have to adjust my  metric !!! Revenues may reach over 2,6B$ for 2022

[BayStreetWolfTO]

Red, also if you noticed on the May presentation through Q1 2022....no changes or additions to 2023 hedges...big FCF in 2023 at these prices