Baytex Energy Corp. Oil & Gas Exploration and Production Operations and Cost Analysis - Q4, 2014

 Published On: Jun, 2015 |    No of Pages: 93 |  Published By: GlobalData | Format: PDF
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Summary

Baytex Energy Corp. (Baytex Energy) is an independent oil and gas company. It undertakes the acquisition, development and production of petroleum and natural gas at its properties in the Western Canadian Sedimentary basin and in the Eagle Ford US. The company’s products include heavy oil, light oil, natural gas and natural gas liquids (NGL’s). Baytex Energy’s crude oil and natural gas operations are organized in the core operating areas including Peace River oil sands area in Alberta; heavy oil operations in Lloydminster area at Saskatchewan; and Sugarkane Field in the Eagle Ford shale, the US. Baytex Energy is headquartered in Calgary, Alberta, Canada

Baytex Energy Corp. Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational data, analysis and strategic insight into company. The report provides latest annual and quarterly overview of production, reserves, share price performance, reserve changes, capital expenditures, acreage, performance metrics and results of oil & gas operations.

Scope

The report provides in-depth analysis and insights into companies’ capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes -
- The report provides detailed and unique insights information on the key operational parameters. The report provides a comprehensive overview of production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations.
- Provides analysis of the share price performance of the company and the key valuation multiples. The report provides a comprehensive overview of share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($boe/d) and EV/Proved Reserve ($/boe)
- Provides annual and quarterly information on key operational and financial parameters. Annual information is for the current and the last four years while the quarterly information is for the current and the last four quarters
- The report provides detailed crude oil and natural gas reserves and production information of the company by country as disclosed in their annual report and regulatory filings.
- Contains in-depth and latest information on exploration, development, finding & development, acquisition expenditure, gross and net developed and undeveloped acreage position; key costs and revenue information; and performance metrics of the company as disclosed in their annual report and regulatory filings.

Note: Scope of the report mentioned above is generic and may not be applicable to all the companies. The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.

Quarterly information is covered only for those companies which are December ending and files quarter report. There might be cases where countries/regions data column/Charts will be blank for last five years. This is due to companies might have discontinued reporting of that countries/regions during the last five year time period.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Provides up-to-date information and in-depth analysis on operational parameters of the company.
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational parameters of your competitors.
- Rank your performance against other E&P companies using operational and financial benchmarking metrics.
- Formulate your strategies based on in-depth analysis of your competitors’ financial and operational data.
- Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational parameters.
- Establish relative performance among the industry’s players based on key operational and financial measures.

Table of Contents
Table of Contents 2
List of Tables 5
List of Figures 6
Company Snapshot 8
Key Information 8
Company Overview 8
Baytex Energy Corp., Valuation and Financial Data 9
Baytex Energy Corp., Share Price Performance 9
Share Price Performance, Q4, 2013-Q4, 2014 9
Baytex Energy Corp., Key Valuation Metrics 10
Key Valuation Metrics, Q4, 2013-Q4, 2014 10
Baytex Energy Corp., Quarterly Results of Oil & Gas Operations Per boe Produced 11
Results of Oil & Gas Operations Per boe Produced, Q4, 2013-Q4, 2014 11
Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2013-Q4, 2014 12
Baytex Energy Corp., Quarterly E&P Costs Trends 13
Upstream Capital Expenditure, Q4, 2013-Q4, 2014 13
Baytex Energy Corp., Quarterly Production Trends 14
Baytex Energy Corp., Total Oil and Gas Production 14
Total Crude Oil and Natural Gas Production Trend, Q4, 2013-Q4, 2014 14
Baytex Energy Corp., Crude Oil Production 15
Total Crude Oil Production Trend, Q4, 2013-Q4, 2014 15
Baytex Energy Corp., Natural Gas Production 16
Total Natural Gas Production Trend, Q4, 2013-Q4, 2014 16
Baytex Energy Corp., Valuation and Financial Data, 2010-2014 17
Baytex Energy Corp., Share Price Performance, 2010-2014 17
Share Price Performance, 2010-2014 17
Key Valuation Metrics, 2010-2014 18
Baytex Energy Corp., Production and Reserves Trends 19
Total Oil and Gas, Reserves and Production 19
Total Crude Oil and Natural Gas Production and Reserves Trend, 2010-2014 19
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2010-2014 21
Total Crude Oil and Natural Gas Reserve Changes, 2010-2014 23
Crude Oil/Liquids Production and Reserve 24
Crude Oil/Liquids Production and Reserve Trend, 2010-2014 24
Crude Oil Production and Reserves By Country/Region, 2010-2014 25
Crude Oil/Liquids Reserve Changes, 2010-2014 27
Natural Gas Production and Reserve 28
Natural Gas Production and Reserve Trend, 2010-2014 28
Natural Gas Production and Reserves, By Country/Region, 2010-2014 29
Natural Gas Reserve Changes, 2010-2014 31
Total Crude Oil and Natural Gas Reserves Life Index 32
Total Crude Oil and Natural Gas Reserves Life Index, 2010-2014 32
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2010-2014 33
Baytex Energy Corp., E&P Costs Trends 35
Allocation of the Upstream Capital Expenditure 35
Upstream Capital Expenditure, 2010-2014 35
Acquisition Costs By Country/Region, 2010-2014 36
Exploration and Development Costs, By Country/Region, 2010-2014 38
Oil and Gas Cost Per boe, US$/boe 40
Oil and Gas Cost Per boe, US$/boe, 2010-2014 40
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2010-2014 42
Baytex Energy Corp., Reserve Replacement Ratio 44
Oil and Gas Production Replacement Ratio 44
Oil and Gas Production Replacement Ratio, 2010-2014 44
Oil and Gas Production Replacement Ratio, By Country/Region, 2010-2014 46
Baytex Energy Corp., Results of Oil & Gas Operations Trend 50
Oil and Gas Revenue and Expenses 50
Oil and Gas Revenue and Expenses, 2010-2014 50
Oil and Gas Revenue and Expenses, By Country/Region, 2010-2014 52
Oil and Gas Revenue and Expenses, Per boe 55
Oil and Gas Revenue and Expenses, By boe, 2010-2014 55
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2010-2014 56
Oil and Gas Performance Metrics 59
Baytex Energy Corp., Land Holdings and Well Data 60
Developed and Undeveloped Acreage 60
Gross and Net Developed and Undeveloped Acreage, 2010-2014 60
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2010-2014 61
Well Statistics 63
Producible Oil and Gas Well, 2010-2014 63
Producible Oil and Gas Well, By Country/Region, 2010-2014 64
Exploration and Development Wells Drilled, 2010-2014 69
Exploration and Development Wells Drilled, By Country/Region, 2010-2014 71
Recent Developments 72
Baytex Energy Corp. - Recent Developments 72
May 05, 2015: Baytex Reports Q1 2015 Results 72
Mar 05, 2015: Baytex Reports Record Production And Funds From Operations And Strong Reserves Growth For 2014 75
Feb 19, 2015: Baytex Announces Revised 2015 Budget And Amendments To Bank Credit Facilities 81
Feb 17, 2015: Baytex Confirms Monthly Dividend For February At $0.10 Per Share 82
Jan 15, 2015: Baytex Confirms Monthly Dividend For January At $0.10 Per Share 83
Dec 15, 2014: Baytex Confirms Monthly Dividend For December At $0.10 Per Share 83
Dec 08, 2014: Baytex Announces 2015 Budget And Change To Dividends 84
Nov 17, 2014: Baytex Confirms Monthly Dividend For November At $0.24 Per Share 86
Oct 30, 2014: Baytex Reports Record Production and Funds From Operations for Third Quarter 2014 86
Oct 15, 2014: Baytex Confirms Monthly Dividend for October at $0.24 Per Share 89
Appendix 91
Methodology 91
Coverage 91
Secondary Research 91
Primary Research 91
Data Information Sources 92
Company Source 92
SEC/Other Regulatory Filings 92
Other Sources 92
Expert Panel Validation 92
Data Definition 92
Oil and Gas Reserves 92
Units of Measure 93
About GlobalData 93
Disclosure 93
Disclaimer 93

List of Tables
Table 1: Baytex Energy Corp., Key Facts 8
Table 2: Baytex Energy Corp., Share Price Performance, Q4, 2013-Q4, 2014 9
Table 3: Baytex Energy Corp., Key Valuation Metrics, Q4, 2013-Q4, 2014 10
Table 4: Baytex Energy Corp., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2013-Q4, 2014 11
Table 5: Baytex Energy Corp., Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2013-Q4, 2014 12
Table 6: Baytex Energy Corp., Upstream Capital Expenditure, Q4, 2013-Q4, 2014 13
Table 7: Baytex Energy Corp., Total Crude Oil and Natural Gas, Production, Q4, 2013-Q4, 2014 14
Table 8: Baytex Energy Corp., Total Crude Oil Production, mmbbl, Q4, 2013-Q4, 2014 15
Table 9: Baytex Energy Corp., Total Natural Gas Production, bcf, Q4, 2013-Q4, 2014 16
Table 10: Baytex Energy Corp., Share Price Performance, 2010-2014 17
Table 11: Baytex Energy Corp., Key Valuation Metrics, 2010-2014 18
Table 12: Baytex Energy Corp., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014 20
Table 13: Baytex Energy Corp., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2010-2014 22
Table 14: Baytex Energy Corp., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2010-2014 23
Table 15: Baytex Energy Corp., Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014 24
Table 16: Baytex Energy Corp., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2010-2014 26
Table 17: Baytex Energy Corp., Crude Oil Reserve Changes, mmbbl, 2010-2014 27
Table 18: Baytex Energy Corp., Natural Gas Production and Reserves Metrics, bcf, 2010-2014 28
Table 19: Baytex Energy Corp., Natural Gas Production and Reserves, By Country/Region, bcf, 2010-2014 30
Table 20: Baytex Energy Corp., Natural Gas Reserve Changes, bcf, 2010-2014 31
Table 21: Baytex Energy Corp., Oil and Gas Reserves Life Index, Years, 2010-2014 32
Table 22: Baytex Energy Corp., Oil and Gas Reserves Life Index, By Country/Region, Years, 2010-2014 34
Table 23: Baytex Energy Corp., Upstream Capital Expenditure, US$ mil, 2010-2014 35
Table 24: Baytex Energy Corp., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 37
Table 25: Baytex Energy Corp., Exploration and Development Costs, By Country/Region, US$ mil, 2010-2014 39
Table 26: Baytex Energy Corp., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2010-2014 41
Table 27: Baytex Energy Corp., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2010-2014 43
Table 28: Baytex Energy Corp., Oil and Gas Production Replacement Ratio, %, 2010-2014 45
Table 29: Baytex Energy Corp., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2010-2014 49
Table 30: Baytex Energy Corp., Revenue and Expenses, US$ mil, 2010-2014 51
Table 31: Baytex Energy Corp., Revenue and Expenses, By Country/Region, US$ mil, 2010-2014 54
Table 32: Baytex Energy Corp., Oil and Gas Revenue and Expenses, US$/boe, 2010-2014 55
Table 33: Baytex Energy Corp., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2010-2014 58
Table 34: Baytex Energy Corp., Oil and Gas Performance Metrics, 2010-2014 59
Table 35: Baytex Energy Corp., Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014 60
Table 36: Baytex Energy Corp., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2010-2014 62
Table 37: Baytex Energy Corp., Producible Oil and Gas Wells, 2010-2014 63
Table 38: Baytex Energy Corp., Producible Oil and Gas Wells, By Country/Region, 2010-2014 68
Table 39: Baytex Energy Corp., Exploratory and Developed Wells, 2010-2014 70
Table 40: Baytex Energy Corp., Exploratory and Developed Wells, By Country/Region, 2010-2014 71

List of Figures
Figure 1: Baytex Energy Corp., Share Price Performance, CAD/Share, Q4, 2013-Q4, 2014 9
Figure 2: Baytex Energy Corp., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2013-Q4, 2014 10
Figure 3: Baytex Energy Corp., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2013-Q4, 2014 11
Figure 4: Baytex Energy Corp., Upstream Capital Expenditure, US$ mil, Q4, 2013-Q4, 2014 13
Figure 5: Baytex Energy Corp., Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2013-Q4, 2014 14
Figure 6: Baytex Energy Corp., Total Crude Oil Production, mmbbl, Q4, 2013-Q4, 2014 15
Figure 7: Baytex Energy Corp., Total Natural Gas Production, bcf, Q4, 2013-Q4, 2014 16
Figure 8: Baytex Energy Corp., Share Price Performance, CAD/Share, 2010-2014 17
Figure 9: Baytex Energy Corp., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2010-2014 18
Figure 10: Baytex Energy Corp., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014 19
Figure 11: Baytex Energy Corp., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2010-2014 21
Figure 12: Baytex Energy Corp., Total Oil & Gas Production, By Country/Region, mmboe, 2010-2014 21
Figure 13: Baytex Energy Corp., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2014 23
Figure 14: Baytex Energy Corp., Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014 24
Figure 15: Baytex Energy Corp., Oil Reserves, End of Period, By Country/Region, mmbbl, 2010-2014 25
Figure 16: Baytex Energy Corp., Oil Production, By Country/Region, mmbbl, 2010-2014 25
Figure 17: Baytex Energy Corp., Crude Oil Reserve Changes, mmbbl, 2014 27
Figure 18: Baytex Energy Corp., Natural Gas Production and Reserves Metrics, bcf, 2010-2014 28
Figure 19: Baytex Energy Corp., Gas Reserves, End of Period, By Country/Region, bcf, 2010-2014 29
Figure 20: Baytex Energy Corp., Gas Production, By Country/Region, bcf, 2010-2014 29
Figure 21: Baytex Energy Corp., Natural Gas Reserve Changes, bcf, 2014 31
Figure 22: Baytex Energy Corp., Oil and Gas Reserves Life Index, Years, 2010-2014 32
Figure 23: Baytex Energy Corp., Gas Reserve Life Index, By Country/Region, Years, 2010-2014 33
Figure 24: Baytex Energy Corp., Oil & Gas Reserve Life Index, By Country/Region, Years, 2010-2014 33
Figure 25: Baytex Energy Corp., Oil Reserve Life Index, By Country/Region, Years, 2010-2014 34
Figure 26: Baytex Energy Corp., Upstream Capital Expenditure, US$ mil, 2010-2014 35
Figure 27: Baytex Energy Corp., Proved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 36
Figure 28: Baytex Energy Corp., Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 36
Figure 29: Baytex Energy Corp., Development Costs, By Country/Region, US$ mil, 2010-2014 38
Figure 30: Baytex Energy Corp., Exploration Costs, By Country/Region, US$ mil, 2010-2014 38
Figure 31: Baytex Energy Corp., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2010-2014 40
Figure 32: Baytex Energy Corp., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2010-2014 42
Figure 33: Baytex Energy Corp., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2010-2014 42
Figure 34: Baytex Energy Corp., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2010-2014 43
Figure 35: Baytex Energy Corp., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2010-2014 44
Figure 36: Baytex Energy Corp., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2010-2014 46
Figure 37: Baytex Energy Corp., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2010-2014 46
Figure 38: Baytex Energy Corp., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2010-2014 47
Figure 39: Baytex Energy Corp., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2010-2014 47
Figure 40: Baytex Energy Corp., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2010-2014 48
Figure 41: Baytex Energy Corp., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2010-2014 48
Figure 42: Baytex Energy Corp., Revenue and Expenses, US$ mil, 2010-2014 50
Figure 43: Baytex Energy Corp., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 52
Figure 44: Baytex Energy Corp., Exploration Expenses, By Country/Region, US$ mil, 2010-2014 52
Figure 45: Baytex Energy Corp., Oil & Gas Revenue, By Country/Region, US$ mil, 2010-2014 53
Figure 46: Baytex Energy Corp., Production Costs, By Country/Region, US$ mil, 2010-2014 53
Figure 47: Baytex Energy Corp., Oil and Gas Revenue and Expenses, US$/boe, 2010-2014 55
Figure 48: Baytex Energy Corp., Exploration Expenses per boe, By Country/Region, US$/boe, 2010-2014 56
Figure 49: Baytex Energy Corp., Lifting Cost per boe, By Country/Region, US$/boe, 2010-2014 56
Figure 50: Baytex Energy Corp., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2010-2014 57
Figure 51: Baytex Energy Corp., Total DD&A per boe, By Country/Region, US$/boe, 2010-2014 57
Figure 52: Baytex Energy Corp., Total Revenue per boe, By Country/Region, US$/boe, 2010-2014 58
Figure 53: Baytex Energy Corp., Oil and Gas Performance Metrics, 2010-2014 59
Figure 54: Baytex Energy Corp., Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014 60
Figure 55: Baytex Energy Corp., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2010-2014 61
Figure 56: Baytex Energy Corp., Total Net Undeveloped Acreage, By Country/Region, Acres, 2010-2014 61
Figure 57: Baytex Energy Corp., Producible Oil and Gas Wells, 2010-2014 63
Figure 58: Baytex Energy Corp., Gross Productive Gas Wells, By Country/Region, Number, 2010-2014 64
Figure 59: Baytex Energy Corp., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2010-2014 64
Figure 60: Baytex Energy Corp., Gross Productive Oil Wells, By Country/Region, Number, 2010-2014 65
Figure 61: Baytex Energy Corp., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2010-2014 65
Figure 62: Baytex Energy Corp., Net Productive Gas Wells, By Country/Region, Number, 2010-2014 66
Figure 63: Baytex Energy Corp., Net Productive Oil & Gas Wells, By Country/Region, Number, 2010-2014 66
Figure 64: Baytex Energy Corp., Net Productive Oil Wells, By Country/Region, Number, 2010-2014 67
Figure 65: Baytex Energy Corp., Exploratory and Developed Wells, 2010-2014 69


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