Baytex Energy Corp T.BTE

Bte versus CPG

[JohnnyDoe]

Anyone 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.

[dandu1924]

Shares out CPG around 536 M and BTE  around 862 M, this is probably the tricky stuffs. Any comments.

[JohnnyDoe]

I don't think the sharefloat matters much. I was comparing market cap. BTE's debt to production is lower than CPG's. It really should have a market cap that is equal to or better than CPG. Maybe the dividend CPG is paying helps. 

[Nothingmatters]

Bte will catch up soon...dor me most undervalued play in oil

[masfortuna]

I own both Johnny and I think BTE will outperform cpg over the next year. They need 1 ull quarter of oil above $80 and the Ranger numbers to show the market what they can do.

[jack4567]

Q3 may be that quarter:  it will have Ranger numbers in, and WTI should average $80, or very close.