Baytex Energy Corp. (TSE:BTE) (NYSE:BTE), a Canadian heavy-crude producer, inched lower in New York trades after updating spending and production guidance for the second half of this year that includes the acquisition of Aurora Oil & Gas Ltd, which was completed on June 11.
The company's U.S.-listed shares fell 0.4 percent to $45.82 at 9:31 a.m. in New York.
The Calgary, Alberta-based company said in a statement today that it now expects capital expenditures for exploration and development activities in the range of $440 million - $465 million, which in turn is expected to generate an average production rate of 88,000 to 90,000 barrels of oil equivalent per day.
The firm said it continues to expect second quarter production of 60,000 boe/d.
"We are pleased to provide our initial guidance following the closing of the Aurora acquisition," Chief Executive Officer James Bowzer said. "Over 90 percent of our spending in the second half of this year will be directed to our three key oil resource plays which provide some of the highest rates of return in North America.
"We are well positioned to continue to deliver on our growth and income model."
As of June 27, the company has WTI fixed price hedges on approximately 28,100 barresl per day at a price of US$95.95 per barrel for the second half of 2014 and approximately 14,300 barrels per day at a price of US$94.38 per barrel for the first half of 2015.
Included in these figures are pre-existing Aurora WTI fixed price hedges on approximately 7,300 barrels per day at a price of US$93.17 per barrel for the second half of 2014 and approximately 5,800 barrels per day at a price of US$91.03 per barrel for the first half of 2015, which the company assumed upon closing of the deal
Meanwhile, stock analysts at Raymond James raised their target price on shares of Baytex Energy Corp. (TSE:BTE) to C$58.00 from C$51.00 in a report issued today.
Raymond James’ target price indicates a potential upside of 19.4 percent from the stock’s previous close.
Reported by Proactive Investors 12 hours ago.
The company's U.S.-listed shares fell 0.4 percent to $45.82 at 9:31 a.m. in New York.
The Calgary, Alberta-based company said in a statement today that it now expects capital expenditures for exploration and development activities in the range of $440 million - $465 million, which in turn is expected to generate an average production rate of 88,000 to 90,000 barrels of oil equivalent per day.
The firm said it continues to expect second quarter production of 60,000 boe/d.
"We are pleased to provide our initial guidance following the closing of the Aurora acquisition," Chief Executive Officer James Bowzer said. "Over 90 percent of our spending in the second half of this year will be directed to our three key oil resource plays which provide some of the highest rates of return in North America.
"We are well positioned to continue to deliver on our growth and income model."
As of June 27, the company has WTI fixed price hedges on approximately 28,100 barresl per day at a price of US$95.95 per barrel for the second half of 2014 and approximately 14,300 barrels per day at a price of US$94.38 per barrel for the first half of 2015.
Included in these figures are pre-existing Aurora WTI fixed price hedges on approximately 7,300 barrels per day at a price of US$93.17 per barrel for the second half of 2014 and approximately 5,800 barrels per day at a price of US$91.03 per barrel for the first half of 2015, which the company assumed upon closing of the deal
Meanwhile, stock analysts at Raymond James raised their target price on shares of Baytex Energy Corp. (TSE:BTE) to C$58.00 from C$51.00 in a report issued today.
Raymond James’ target price indicates a potential upside of 19.4 percent from the stock’s previous close.
Reported by Proactive Investors 12 hours ago.