At current commodity prices, the resumption of production from these previously shut-in barrels is expected to have a positive impact on our adjusted funds flow and improve our financial liquidity. EDGAR Online is not affiliated with or approved by the U.S. Securities and Exchange Commission. The following table shows Baytex’s disaggregated production volumes for the three and six months ended June 30, 2020. Operating netback is equal to petroleum and natural gas sales less blending expense, royalties, production and operating expense and transportation expense divided by barrels of oil equivalent sales volume for the applicable period. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Nosotros y nuestros socios almacenaremos y/o accederemos a la información de tu dispositivo mediante el uso de cookies y tecnologías similares, a fin de mostrar anuncios y contenido personalizados, evaluar anuncios y contenido, obtener datos sobre la audiencia y desarrollar el producto. We believe that this measure assists in providing a more complete understanding of our cash liabilities and provides a key measure to assess our liquidity. BOEs may be misleading, particularly if used in isolation. The quarterly impact of voluntary shut-ins for the Pembina Duvernay was approximately 1,000 boe/d. Operating netback is not a measurement based on GAAP in Canada, but is a financial term commonly used in the oil and gas industry. Should operating netbacks change, we have the ability to shut-in additional volumes or restart wells in short order. The use of boe amounts may be misleading, particularly if used in isolation. Throughout this news release, “oil and NGL” refers to heavy oil, bitumen, light and medium oil, tight oil, condensate and natural gas liquids (“NGL”) product types as defined by NI 51-101. Exploration and development expenditures is not a measurement based on GAAP in Canada. With this revised capital program, we suspended drilling operations in Canada and moderated the pace of activity in the Eagle Ford. Our determination of operating netback may not be comparable with the calculation of similar measures for other entities. When autocomplete results are available use up and down arrows to review and enter to select. In the first half of 2020, we invested $40 million on exploration and development and drilled 33 (33.0 net) wells. Yes! Production in the Pembina Duvernay averaged 717 boe/d (85% oil and NGL) during Q2/2020, as compared to 1,717 boe/d in Q1/2020. var dom1 = document.querySelector('#form1783 #field1');var field1 = new LiveValidation(dom1, {validMessage: "", onlyOnBlur: false, wait: 300});field1.add(Validate.Presence, {failureMessage:"This field is required"});field1.add(Validate.Format, {pattern: /^([^@\s]+)@((?:[-a-z0-9]+\. We define exploration and development expenditures as additions to exploration and evaluation assets combined with additions to oil and gas properties. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As of June 30, 2020, we had $363 million of undrawn capacity on our credit facilities, resulting in liquidity, net of working capital, of approximately $300 million. Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Our net debt, which includes our bank loan, long-term notes and working capital, totaled $2.0 billion at June 30, 2020. In 2019, Baytex established for the first time a GHG emissions reduction target. Our objective is to reduce our corporate GHG emission intensity (tonnes of CO2 per boe) by 30% by 2021, relative to our 2018 baseline. 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. We continue to emphasize cost reductions across all facets of our organization. We expect to bring approximately 16 to 18 net wells on production in the Eagle Ford in 2020, down from our original guidance of 22 net wells. Touch device users, explore by touch or with swipe gestures. Advisory Regarding Oil and Gas Information. Crude-by-rail is an integral part of our egress and marketing strategy for our heavy oil production. Baytex Energy Corp. (BTE) ... (and not for trading purposes), and is not intended to provide legal, accounting, tax, investment, financial … EDGAR® is a federally registered trademark of the U.S. Securities and Exchange Commission. Our determination of free cash flow may not be comparable to other issuers. We delivered adjusted funds flow of $18 million ($0.03 per basic share) in Q2/2020 and generated an operating netback of $5.96/boe ($8.02/boe inclusive of realized financial derivatives gain). Our determination of adjusted funds flow may not be comparable to other issuers. These and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management's Discussion and Analysis for the year ended December 31, 2019, filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission and in our other public filings. Barrel of oil equivalent ("boe") amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. We are committed to managing the environmental and social impacts of our business and continual improvement is an important element of this commitment. Net debt is not a measurement based on GAAP in Canada. Baytex Energy Corp. is an oil and gas corporation based in Calgary, Alberta. nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? The quarterly impact of voluntary shut-ins for heavy oil was approximately 17,000 boe/d. Our credit facilities total approximately $1.1 billion and have a maturity date of April 2, 2024. In some cases, forward-looking statements can be identified by terminology such as "believe", "continue", ""estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook", "potential", "project", "plan", "should", "target", "would", "will" or similar words suggesting future outcomes, events or performance. Baytex’s average sold put, bought put and sold call for Q3/2020 and Q4/2020 are, For Q3/2020 and Q4/2020, Baytex receives WTI plus, Based on the forward strip for the balance of 2020, Baytex will receive WTI plus. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. In addition, our first long-term note maturity of US$400 million is not until June 2024. baytex announces second quarter 2020 financial and operating results CALGARY, ALBERTA (July 29, 2020) - Baytex Energy Corp. ("Baytex")(TSX, NYSE: BTE) reports its operating and financial … I would like to receive Nasdaq communications related to Products, Industry News and Events.You can always change your preferences or unsubscribe and your contact information is covered by our Privacy Policy. Completion activities, originally scheduled for Q2/2020 have been deferred. Find out the revenue, expenses and profit or loss over the last fiscal year. Readers are cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect. Financing and interest expense, excluding accretion of debt issue costs and asset retirement obligations, for the twelve months ended, WTI 3-way options consist of a sold put, a bought put and a sold call. For a reconciliation of adjusted funds flow to cash flow from operating activities, see Management's Discussion and Analysis of the operating and financial results for the three and six months ended June 30, 2020. As operating netbacks improved in June, these volumes were brought back on-line. There is no representation by Baytex that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and Baytex does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

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