Baytex Energy

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Baytex Energy Corp.
Type Public
Traded as TSX: BTE NYSE: BTE
Industry Petroleum industry
Founded 1993
Headquarters Calgary, Canada
Key people Raymond Chan Exec Chair
Anthony W. Marino Pres,CEO,Dir
W. Derek Aylesworth CFO
Marty L. Proctor COO
Randal J. Best Sen.VP
Products Heavy Light oil
Natural Gas
Revenue C$852.74 (2010)Increase24%[1]
Net income C$177.63 million (2010)Increase103%
Total assets C$2.047 billion dec 201011px
Total equity C$1.029 billion dec 201011px
Employees 200 (March'11)
Divisions 5
Website www.baytex.ab.ca

Baytex Energy Corp. (TSX: BTE, NYSE: BTE) is a Canadian producer, developer and explorer of oil (mostly heavy but also lighter conventional) and natural gas. Though formerly a trust it converted to a corporation January 2011 because of government changes to tax incentives.[2] Heavy oil makes up 67% of production and 70% of reserves. Assets in Alberta and BC are located within the Western Canadian Sedimentary Basin. Outside of Canada Baytex operates in North Dakota.

For fiscal 2010 total production was 44,341 bbls/d (53% from Alberta) 7% higher than the year before (with a high of over 45,015 bbls/d in the fourth quarter); for the year heavy oil made up 67% of production with the rest split between light oil and natural gas (16% each).[1] In the first nine months of 2010 production averaged 44,113 boe per day (44,799 in the third quarter 64.6% of which was heavy oil) 7.77% higher than the same period in 2009 and 6.6% higher year on year (41,382 boe/d in 2009 2.8% higher than 2008) with light oil and NGL's contributing a smaller fraction, 14.9% in January to September 2010 compared to 16.8% in 2009 and 18.8% the year before;[3] That will eventually change since light and medium oil (oil with an API gravity over 22.3 degrees) makes up a growing part of its reserve base.[2][4]

History

Early on (1993–2000) the company was more focused on developing light oil and natural gas containing properties in North and SE Alberta. In April 2008 it completed a $181 million takeover of Burmis Energy Inc, a Calgary based oil and natural gas producer (72% of production was natural gas) that was nine times smaller than Baytex at the time. The deal gave Baytex control of the Seal heavy oil property in Alberta and increased daily production by 3,650 boe.[5] Many key heavy oil and natural gas assets were purchased from True Energy Trust in the summer of 2009 for US$79.9 million (when the US:Cdn exchange rate was 1:1.164). The deal which included properties near Lloydminster and Kerrobert, Saskatchewan (heavy oil) and also central Alberta (natural gas) increased production and cash flow by 7% and 6% respectively.[6]

In October 2010 it sold half of the interest it had in the Kerrobert heavy oil properties to Petrobank Energy and Resources (including another asset acquired in Dawson the transaction cost Petrobank $15 million, Petrobank's THAI and CAPRI technology can help Baytex exploit more of the resource).[7][8]

In February 2011 it completed a $156.5 million deal with a private company for heavy oil assets in Saskatchewan (near Seal Lake and Lloydminster). The acquisition added over 10 million boe of proved and probable reserves and raised company production by about 5%.

Operations

There are 5 principal subsidiaries that the company operates through; Baytex Energy Ltd., Baytex Energy Partnership, Baytex Energy Oil & Gas Ltd and Baytex Energy (USA) Ltd.[9] 2P reserves totalled 197 million barrels of oil equivalent at the end of 2009.[10]

Canadian Heavy Oil[11]

  • Alberta - Seal, Ardmore, Cold Lake, Lindbergh
    • Seal (63,000 acres undeveloped) - Oil sands property 100% owned through long term leases. 2009 production averaged 5,095 bbls/d.
    • Ardmore (39,000 acres undeveloped) - owned since 2002, produces about 2,100 bbls/d (includes 374 mcf natural gas).
    • Cold Lake (13,600 acres net undeveloped) - Oil production 476 bbls/d.
    • Lindbergh (21.25% owned) - not a significant producer (less than 600 bbls/d).
  • Saskatchewan - Lloydminster and Kerrobert
    • Templeflags (7,800 acres undeveloped) - owned since 2000, produced 4,238 bbls/d of oil (48.7%) and natural gas (51.3%).

Canadian Light and Medium Oil and Gas[12] (less than 290,000 acres of undeveloped land, produced at an average rate of 15,063 boe/d in 2009, 56.6% natural gas)

  • British Colombia (owned since December 2004) - in and around Stoddart. All of the oil is processed by Baytex owned batteries (oil makes up 49.4% of production), natural gas is processed initially at its own facilities before being treated at other sites in BC (not owned).
  • Alberta - in and around Bon Accorrd, Pembina as well as many small properties between there and Calgary (its corporate headquarters)
    • Bon Accord - part of the company since 1997, currently produces light oil and natural gas (in terms of barrels of oil equivalent light oil contributes twice as much as natural gas). Baytex has more recently (since 2009) utilized the method of horizontal well drilling to increase production.
    • Pembina (28,000 acres of net undeveloped land) - assets in the area were acquired in the summers of 2007 and 2008. Most of the extracted gas comes from the Nisku formation. Production is processed by facilities operated by the company and others run by other producers and refiners. Light oil and natural gas production are about the same, together they totaled 7,057 boe/d in 2009.
  • Saskatchewan - Dodsland, SE Saskatchewan. Its 34,500 net acres contain light oil. Drilling involves fractured horizontal wells.

United States

References

  1. ↑ 1.0 1.1 "Baytex Energy April 1, 2011 Corporate Handout". 2011-04-01. http://www.baytex.ab.ca/files/pdf/corporate-handouts/April%20Corporate%20Handout%20-%20Apr%201,%202011.pdf.
  2. ↑ 2.0 2.1 "Baytex Energy 2010 Third Quarter Report". 2010-11-10. http://cnrp.marketwire.com/cnrp_files/20101109-e1110bte.pdf.
  3. ↑ "Baytex Energy Trust 2009 40K SEC Filing". 2010-03-15. http://www.sec.gov/Archives/edgar/data/1279495/000127949510000059/ex99-2.htm.
  4. ↑ "Canadian Light Oil & Gas Business Unit". http://www.baytex.ab.ca/index.php?option=com_content&view=article&id=64&Itemid=81. Retrieved 2010-12-20.
  5. ↑ "Baytex gobbles up Burmis". 2010-04-10. http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=eb6630b7-7aa9-4cfa-9951-64c15cfc46d8.
  6. ↑ "Baytex to buy assets from True Energy for C$93 mln". Reuters. 2010-07-08. http://www.reuters.com/article/idUSBNG45736820090708.
  7. ↑ "Petrobank Energy buys out partners in two heavy oil projects". 2010-10-19. http://www.oilweek.com/news.asp?ID=30472.
  8. ↑ "Petrobank's THAI Technology Expands Exploitable Bitumen In Place". 2010-03-12. http://www.newtechmagazine.com/issues/story.aspx?aid=1000363947.
  9. ↑ "Recent Study: Baytex Energy Trust". 2010-08-30. http://www.pr-inside.com/recent-study-baytex-energy-trust-bte-un-r2083699.htm.
  10. ↑ "Baytex Energy Trust". Reuters. http://www.reuters.com/finance/stocks/companyProfile?symbol=BTE.N. Retrieved 2010-12-20.
  11. ↑ "Canadian Heavy Oil Business Unit". http://www.baytex.ab.ca/index.php?option=com_content&view=article&id=65&catid=6&Itemid=48. Retrieved 2010-12-20.
  12. ↑ "Canadian Light Oil & Gas Business Unit". http://www.baytex.ab.ca/index.php?option=com_content&view=article&id=64&catid=6&Itemid=48. Retrieved 2010-12-20.


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