Technology

Stock News Update: Baytex Energy Corp. (NYSE: BTE)

Baytex Energy Corp. (NYSE: BTE) stock observed trading -41.81% off 52-week high price. On the other end, the stock has been noted 35.00% away from low price over the last 52-weeks. The stock disclosed a move of 5.75% away from 50 day moving average and -9.26% away from 200 day moving average. Moving closer, we can see that shares have been trading -5.06% off 20-day moving average. It has market cap of $736.05M.

 On Jan. 20, 2020, Baytex Energy Corp. (NYSE: BTE) notified its year-end 2019 reserves and 2019 fourth quarter and year-end preliminary unaudited financial and operating results (all amounts are in Canadian dollars unless otherwise noted).

Our production in 2019 exceeded the high end of our annual guidance with outstanding capital efficiencies in our development program. As a result, we generated $329 million of free cash flow and a 17% reduction in net debt. Each of our core properties (Eagle Ford, Viking and Heavy Oil) contributed substantial asset level free cash flow. We also achieved a strong year of reserves development with proved developed producing reserves increasing 5% with finding & development costs of $13.04/boe and a recycle ratio of 2.3x. We are building on this momentum in 2020 as we continue to maximize free cash flow and further strengthen our balance sheet, commented Ed LaFehr, President and Chief Executive Officer.

Preliminary Financial and Operating Highlights

We will release our 2019 fourth quarter and year-end audited financial and operating results on March 4, 2020. In conjunction with the release of our 2019 reserves, we are providing preliminary unaudited financial and operating results.

  • Generated production of 96,360 boe/d (83% oil and NGL) during Q4/2019 and 97,680 boe/d for full-year 2019, exceeding the high end of guidance.
  • Exploration and development expenditures totaled $153 million in Q4/2019, bringing aggregate spending for 2019 to $552 million, which is at the low end of our original guidance. 
  • Delivered adjusted funds flow of $232 million ($0.42 per basic share) in Q4/2019 and $902 million ($1.62 per basic share) for the full-year 2019.
  • Generated EBITDA of $256 million in Q4/2019 and $1.01 billion for the full-year 2019.
  • Reduced net debt by $100 million in Q4/2019 and by $394 million in 2019 as adjusted funds flow exceeded capital expenditures and the Canadian dollar strengthened relative to the U.S. dollar. Net debt totaled $1.87 billion at December 31, 2019.
  • Maintained strong financial liquidity with our credit facilities approximately 50% undrawn and $524 million of liquidity at year-end 2019.
  • Realized an operating netback (inclusive of hedging) of $29.89/boe in Q4/2019 and $29.47/boe for the full-year 2019.

 The Canada based company Baytex Energy Corp. moved with change of 0.75% to $1.35 with the total traded volume of 1607958 shares in recent session versus to an average volume of 1.86M. The stock was observed in the 5 days activity at -5.59%. The one month performance of stock was 3.05%. BTE’s shares are at 11.57% for the quarter and driving a -31.47% return over the course of the past year and is now at -6.90% since this point in 2018.  Right now the stock beta is 2.7. The average volatility for the week and month was at 3.92% and 5.00% respectively. There are 545.22M shares outstanding and 542.38M shares are floated in market.

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