Baytex Energy
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Baytex Energy Corp. is an energy company based in
Calgary Calgary () is a major city in the Canadian province of Alberta. As of 2021, the city proper had a population of 1,306,784 and a metropolitan population of 1,481,806 making it the third-largest city and fifth-largest metropolitan area in C ...
, Alberta. The company is engaged in the acquisition, development and production of crude oil and
natural gas Natural gas (also fossil gas, methane gas, and gas) is a naturally occurring compound of gaseous hydrocarbons, primarily methane (95%), small amounts of higher alkanes, and traces of carbon dioxide and nitrogen, hydrogen sulfide and helium ...
in the
Western Canadian Sedimentary Basin The Western Canada Sedimentary Basin (WCSB) underlies of Western Canada including southwestern Manitoba, southern Saskatchewan, Alberta, northeastern British Columbia and the southwest corner of the Northwest Territories. This vast sedimentary b ...
and in the Eagle Ford in the United States. Baytex's common shares trade on the Toronto Stock Exchange and on the New York Stock Exchange under the symbol BTE.


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 Jan 19, 2006, Baytex Energy Trust announced that the New York Stock Exchange had cleared Baytex to file an Original Listing Application to list its trust units on the NYSE. The company began trading on the NYSE on March 27. 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 Boe, BOE or BoE may refer to: Arts, media and entertainment * Bastards of Evil, a comic book supervillain team * '' Blades of Exile'', a computer role-playing game * ''Boletín Oficial del Estado'', official gazette of the Spanish government Org ...
. 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 Saskatchewan is a Provinces and territories of Canada, province in Western Canada. It is bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, to the northeast by Nunavut, and to the south by the ...
(heavy oil) and also central
Alberta Alberta is a Provinces and territories of Canada, province in Canada. It is a part of Western Canada and is one of the three Canadian Prairies, prairie provinces. Alberta is bordered by British Columbia to its west, Saskatchewan to its east, t ...
(natural gas) increased production and cash flow by 7% and 6% respectively. 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). 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%. In 2011 and 2016, respectively, Baytex acquired "heavy oil assets located in the Reno and Seal areas of its northern Alberta Peace River area." In June 2014 Baytex acquired Aurora Oil & Gas Limited, which led to its significant new position in the EagleFord shale oil play in Texas. In 2014 Baytex 52-week high was $49.88 and its 52-week low was $14.56. For fiscal 2016 total production was /d, flat to the year before. Baytex's portfolio is 79% oil and liquids with the remaining 21% natural gas. Light and medium oil (oil with an API gravity over 22.3 degrees) makes up a growing part of its reserve base. In June 2018, Baytex announced an offer to buy Raging River Exploration Inc., another Canadian oil and gas firm, for C$2.8 billion. The all-stock deal was poorly received by markets and analysts, with both companys' share prices falling. On March 18, 2020, Baytex announces a 50% reduction to its 2020 capital budget to a range of $260 to $290 million, from the original range of $500 to $575 million. Ed LaFehr, the President and Chief Executive Officer of the company commented that they are "facing unprecedented challenge due to the significant degradation and volatility in global crude oil prices." On February 20, 2023, Baytex announced that it had agreed to acquire
Ranger Oil Corporation Ranger Oil Corporation (formerly Penn Virginia Corporation) is an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the United States, with a p ...
. On June 20, 2023, Baytex announced the closing of the merger.


Sustainability

In September 2019, Baytex published a
greenhouse gas Greenhouse gases (GHGs) are the gases in the atmosphere that raise the surface temperature of planets such as the Earth. Unlike other gases, greenhouse gases absorb the radiations that a planet emits, resulting in the greenhouse effect. T ...
("GHG") emissions reduction target with an objective of reducing corporate
emission intensity Emission may refer to: Chemical products * Emission of air pollutants, notably: ** Flue gas, gas exiting to the atmosphere via a flue ** Exhaust gas, flue gas generated by fuel combustion ** Emission of greenhouse gases, which absorb and emit ...
by 30% by 2021, relative to a 2018 baseline


Operations

Baytex's operations are organized into five main operating areas: Peace River, Lloydminster, Viking, Duvernay and the Eagle Ford. Approximately 82% of its production and reserves are derived from crude oil and liquids. The Eagle Ford in
Texas Texas ( , ; or ) is the most populous U.S. state, state in the South Central United States, South Central region of the United States. It borders Louisiana to the east, Arkansas to the northeast, Oklahoma to the north, New Mexico to the we ...
represents approximately 46% of production. * Eagle Ford - the Eagle Ford assets are located in the core of the liquids-rich Eagle Ford shale in South Texas and include non-operated working interests in approximately 78,205 (19,851 net) acres. The lands consist of four areas of mutual interest (Sugarloaf, Longhorn, Ipanema and Excelsior) with an average working interest of approximately 25%. In 2019, production in the Eagle Ford averaged 39,055 boe/d. * Viking - the Viking assets are located in the greater Dodsland area in southwest
Saskatchewan Saskatchewan is a Provinces and territories of Canada, province in Western Canada. It is bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, to the northeast by Nunavut, and to the south by the ...
and in the Esther area of southeastern Alberta. These assets were acquired through a business combination with Raging River and produce light oil from the Viking formation. In 2019, the Viking assets produced 22,546 boe/d. * Heavy Oil – Baytex's heavy oil assets are located at
Peace River The Peace River () is a river in Canada that originates in the Rocky Mountains of northern British Columbia and flows to the northeast through northern Alberta. The Peace River joins the Athabasca River in the Peace-Athabasca Delta to form the ...
in northwest
Alberta Alberta is a Provinces and territories of Canada, province in Canada. It is a part of Western Canada and is one of the three Canadian Prairies, prairie provinces. Alberta is bordered by British Columbia to its west, Saskatchewan to its east, t ...
and Lloydminster in Alberta and Saskatchewan. In Peace River, Baytex produces heavy oil from the Bluesky formation. In Lloydminster, operations include primary and thermal production. In 2019, the heavy oil assets produced 29,377 boe/d. * Duvernay - as a result of the merger with Raging River, Baytex acquired a land position in the emerging Pembina Area Duvernay shale in central Alberta. In 2019, the Duvernay assets produced 1,688 boe/d.


References

{{Authority control Companies formerly listed on the New York Stock Exchange Companies listed on the Toronto Stock Exchange Companies based in Calgary Natural gas companies of Canada Oil companies of Canada Energy companies established in 1993