Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) is pleased to
announce its operating and financial results for the three months
and nine months ended September 30, 2012 (all amounts are in
Canadian dollars unless otherwise noted).
Summary
-- Produced record quarterly production of 54,381 boe/d (88% oil and NGL)
in Q3/2012, an increase of 3% over Q3/2011 and 2% over Q2/2012;
-- Generated funds from operations ("FFO") of $139.0 million ($1.15 per
basic share) in Q3/2012, a decrease of 4% from Q3/2011, and an increase
of 12% from Q2/2012;
-- Generated net income of $26.8 million ($0.22 per basic share) in
Q3/2012;
-- Maintained a conservative cash payout ratio in Q3/2012 of 38% net of
dividend reinvestment plan ("DRIP") participation (57% before DRIP);
-- Issued $300 million of 6.625% Series C senior unsecured debentures due
2022 at par and redeemed $150 million of 9.15% Series A senior unsecured
debentures due 2016; and
-- Subsequent to the end of the third quarter, completed the acquisition of
46 sections of undeveloped oil sands leases in the Cold Lake area for a
total purchase price of $120 million.
Three Months Ended Nine Months Ended
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September June September September September
30, 2012 30, 2012 30, 2011 30, 2012 30, 2011
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FINANCIAL
(thousands of Canadian
dollars, except per
common share amounts)
Petroleum and natural gas
sales 299,786 284,248 313,787 927,389 941,001
Funds from operations (1) 139,044 124,692 144,825 405,472 392,510
Per share - basic 1.15 1.04 1.24 3.39 3.40
Per share - diluted 1.14 1.03 1.22 3.34 3.31
Cash dividends declared
(2) 52,640 51,943 50,270 160,142 155,035
Cash dividends declared
per share 0.66 0.66 0.60 1.98 1.80
Net income 26,773 157,280 51,839 227,011 159,652
Per share - basic 0.22 1.32 0.45 1.90 1.38
Per share - diluted 0.22 1.30 0.46 1.87 1.35
Exploration and
development 113,126 102,895 100,368 351,939 295,835
Property acquisitions 958 10,173 28,502 13,467 65,835
Corporate acquisition - - 22 - 118,693
Proceeds from
divestitures 1,202 (313,834) - (316,200) -
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Total oil and natural gas
capital expenditures 115,286 (200,766) 128,892 49,206 480,363
Bank loan 181,785 396,207 368,184 181,785 368,184
Long-term debt 447,555 302,865 305,835 447,555 305,835
Working capital (surplus)
deficiency (149,329) (261,153) 65,180 (149,329) 65,180
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Total monetary debt (3) 480,011 437,919 739,199 480,011 739,199
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Three Months Ended Nine Months Ended
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September June 30, September September September
30, 2012 2012 30, 2011 30, 2012 30, 2011
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OPERATING
Daily production
Light oil and NGL (bbl/d) 7,047 7,090 7,170 7,233 6,612
Heavy oil (bbl/d) 40,580 38,579 37,280 39,176 34,324
Total oil and NGL (bbl/d) 47,627 45,669 44,450 46,409 40,936
Natural gas (mmcf/d) 40.5 44.4 49.0 43.3 49.3
Oil equivalent (boe/d @
6:1) (4) 54,381 53,073 52,625 53,633 49,147
Average prices (before
hedging)
WTI oil (US$/bbl) 92.22 93.49 89.76 96.20 95.48
Edmonton par oil ($/bbl) 84.79 84.42 92.45 87.29 94.85
BTE light oil and NGL
($/bbl) 70.34 71.62 80.48 74.80 81.53
BTE heavy oil ($/bbl) (5) 60.11 57.42 59.92 61.12 63.54
BTE total oil and NGL
($/bbl) 61.63 59.63 63.26 63.25 66.45
BTE natural gas ($/mcf) 2.34 2.00 4.20 2.26 4.25
BTE oil equivalent
($/boe) 55.70 52.97 57.31 56.56 59.61
CAD/USD noon rate at
period end 0.9837 1.0191 1.0389 0.9837 1.0389
CAD/USD average rate for
period 0.9953 1.0102 0.9785 1.0023 0.9774
COMMON SHARE INFORMATION
TSX
Share price (Cdn$)
High 50.37 53.61 55.93 59.40 58.76
Low 39.91 38.54 41.71 38.54 41.71
Close 46.72 42.89 43.81 46.72 43.81
Volume traded (thousands) 25,679 34,162 27,710 83,219 84,765
NYSE
Share price (US$)
High 51.73 54.44 59.04 59.50 61.95
Low 39.50 37.40 40.31 37.40 40.31
Close 47.44 42.11 41.67 47.44 41.67
Volume traded (thousands) 5,823 8,257 11,771 18,568 29,806
Common shares outstanding
(thousands) 120,962 119,914 116,755 120,962 116,755
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Notes:
(1) Funds from operations is a non-GAAP measure that represents cash
generated from operating activities adjusted for finance costs, changes
in non-cash operating working capital and other operating items.
Baytex's funds from operations may not be comparable to other issuers.
Baytex considers funds from operations a key measure of performance as
it demonstrates its ability to generate the cash flow necessary to fund
future dividends and capital investments. For a reconciliation of funds
from operations to cash flow from operating activities, see
Management's Discussion and Analysis of the operating and financial
results for the three months and nine months ended September 30, 2012.
(2) Cash dividends declared are net of DRIP participation.
(3) Total monetary debt is a non-GAAP measure which we define to be the sum
of monetary working capital (which is current assets less current
liabilities (excluding non-cash items such as deferred income tax
assets or liabilities and unrealized gains or losses on financial
derivatives)), the principal amount of long-term debt and long-term
bank loans.
(4) Barrel of oil equivalent ("boe") amounts have been calculated using a
conversion rate of six thousand cubic feet of natural gas to one barrel
of oil. The use of boe amounts may be misleading, particularly if used
in isolation. A boe conversion ratio of six thousand cubic feet of
natural gas to one barrel of oil is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.
(5) Heavy oil prices are net of blending costs.
Operations Review
Production averaged 54,381 boe/d (88% oil and NGL) during the
third quarter of 2012, as compared to 52,625 boe/d (84% oil and
NGL) in the third quarter of 2011 and 53,073 boe/d (86% oil and
NGL) in the second quarter of 2012. The third quarter of 2012 was
the first full quarter which reflected the Q2/2012 sale of
approximately 950 boe/d of light oil produced in North Dakota.
Compared to the third quarter of 2011, oil and NGL production
increased 7%, while natural gas production decreased 17%. Compared
to the second quarter of 2012, oil and NGL production increased 4%,
while natural gas production decreased 9%. During 2012, we have
focused our capital investment on more profitable crude oil
investment opportunities resulting in minimal drilling activity for
natural gas.
Our 2012 production guidance remains at 53,500 to 54,500 boe/d
with 2012 exploration and development capital expenditures forecast
to be approximately $400 million. Our production mix for 2012 is
forecast to be 73% heavy oil, 14% light oil and NGL and 13% natural
gas. We plan to provide production and capital budget guidance for
2013 in early December, following approval of our 2013 development
plan by our Board of Directors.
Capital expenditures for exploration and development activities
totaled $113 million for the third quarter of 2012. During the
third quarter, Baytex participated in the drilling of 55 (47.9 net)
wells with a 98% success rate. Through the first nine months of
2012, Baytex has participated in the drilling of 181 (142.2 net)
wells with a 98% success rate.
Wells Drilled - Three months ended September 30, 2012
Crude Oil
--------------------------------
Primary Thermal Natural Gas
----------------------------------------------------------------------------
Gross Net Gross Net Gross Net
----------------------------------------------------------------------------
Heavy oil
Lloydminster area 29 28.7 - - - -
Peace River area 9 9.0 - - - -
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38 37.7 - - - -
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Light oil, NGL and natural
gas
Western Canada 7 5.5 - - 1 1.0
North Dakota 8 2.7 - - - -
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15 8.2 - - 1 1.0
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Total 53 45.9 - - 1 1.0
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Stratigraphic Dry and
and Service Abandoned Total
----------------------------------------------------------------------------
Gross Net Gross Net Gross Net
----------------------------------------------------------------------------
Heavy oil
Lloydminster area - - 1 1.0 30 29.7
Peace River area - - - - 9 9.0
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- - 1 1.0 39 38.7
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Light oil, NGL and natural
gas
Western Canada - - - - 8 6.5
North Dakota - - - - 8 2.7
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- - - - 16 9.2
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Total - - 1 1.0 55 47.9
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Wells Drilled - Nine months ended September 30, 2012
Crude Oil
--------------------------------
Primary Thermal Natural Gas
----------------------------------------------------------------------------
Gross Net Gross Net Gross Net
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Heavy oil
Lloydminster area 77 67.1 - - - -
Peace River area 27 27.0 5 5.0 - -
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104 94.1 5 5.0 - -
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Light oil, NGL and natural
gas
Western Canada 18 14.3 - - 3 3.0
North Dakota 34 8.8 - - - -
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52 23.1 - - 3 3.0
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Total 156 117.2 5 5.0 3 3.0
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Stratigraphic Dry and
and Service Abandoned Total
----------------------------------------------------------------------------
Gross Net Gross Net Gross Net
----------------------------------------------------------------------------
Heavy oil
Lloydminster area 1 1.0 2 2.0 80 70.1
Peace River area 13 13.0 - - 45 45.0
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14 14.0 2 2.0 125 115.1
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Light oil, NGL and natural
gas
Western Canada - - 1 1.0 22 18.3
North Dakota - - - - 34 8.8
----------------------------------------------------------------------------
- - 1 1.0 56 27.1
----------------------------------------------------------------------------
Total 14 14.0 3 3.0 181 142.2
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Heavy Oil
In the third quarter of 2012, heavy oil production averaged
40,580 bbl/d, an increase of 9% over the third quarter of 2011 and
5% over the second quarter of 2012. During the third quarter of
2012, we drilled 39 (38.7 net) wells on our heavy oil properties
with a success rate of 97%.
Production from our Peace River area properties averaged
approximately 21,350 bbl/d in the third quarter, an increase of 20%
over the third quarter of 2011 and 11% over the second quarter of
2012. In the third quarter of 2012, we drilled nine (9.0 net)
horizontal oil wells in the Seal area (encompassing a total of 116
laterals). During the third quarter, ten wells established average
30-day peak production rates of approximately 410 bbl/d. We plan to
drill approximately six horizontal wells in the Peace River area in
the remainder of the year.
In the Cliffdale area, successful operations continued at our
10-well commercial cyclic steam stimulation ("CSS") module, with
production during the third quarter averaging approximately 420
bbl/d, consistent with project design parameters. During the third
quarter, five wells received steam and three wells commenced
post-steam flowback operations. Of those three wells, two wells
delivered first-cycle peak oil rates of 262 bbl/d and 330 bbl/d,
respectively, and one well delivered a second-cycle peak oil rate
of 310 bbl/d. First and second-cycle steam injection volumes were
encouraging and have exceeded the first-cycle injection performance
demonstrated by the pilot well. Fourth-cycle flowback operations on
the pilot well continued in the third quarter. Subsequent to the
end of third quarter, the final two wells commenced their initial
steam injection phase. To date, the Cliffdale project has
demonstrated a cumulative steam-oil-ratio of approximately 2.0
barrels of steam per barrel of oil. Subject to receipt of
regulatory approvals, we plan to initiate development of a new
15-well commercial CSS module in the first quarter of 2013.
In our Lloydminster heavy oil area, third quarter drilling
included nine (9.0 net) horizontal oil wells and 20 (19.7 net)
vertical oil wells. This area is characterized by stacked pay which
has led to successful exploitation of multiple horizons. Our
Lloydminster heavy oil projects generate consistent, repeatable
results with horizontal wells typically producing 30-day peak rates
of approximately 70-80 bbl/d and vertical wells typically producing
30-day peak rates of approximately 30-40 bbl/d. We expect to drill
approximately seven horizontal wells and one vertical well in the
Lloydminster area in the remainder of the year.
Subsequent to the end of the third quarter, we acquired a 100%
working interest in 46 sections of undeveloped oil sands leases in
the Cold Lake area of Northern Alberta for total consideration of
$120 million. The lands are proximal to our existing Cold Lake
heavy oil assets and are prospective for both cold and thermal
development. In addition, we increased our land position in the
Peace River area, adding 28.75 sections of prospective oil sands
leases.
Light Oil & Natural Gas
During the third quarter of 2012, light oil, NGL and natural gas
production averaged 13,801 boe/d, which was comprised of 7,047
bbl/d of light oil and NGL and 40.5 mmcf/d of natural gas. Compared
to the third quarter of 2011, light oil and NGL production
decreased 2% and natural gas production decreased 17%. Compared to
the second quarter of 2012, light oil and NGL production decreased
1%, and natural gas production decreased 9%. Third quarter light
oil production was impacted by the previously announced North
Dakota non-operated asset sale which closed in May and included
approximately 950 boe/d.
During the third quarter of 2012, we drilled four (3.5 net)
horizontal wells in our Viking light oil resource play in Central
Alberta. One Viking well drilled in the second quarter and three
Viking wells drilled in the third quarter established average
30-day peak rates of 90 bbl/d during the third quarter.
In our Bakken/Three Forks play in North Dakota, we participated
in the drilling of eight (2.7 net) horizontal oil wells, seven of
which were Baytex-operated, and the fracture-stimulation of 10 (3.2
net) wells in the third quarter. During the third quarter, seven
Baytex-operated wells (1,280-acre spacing ) established average
30-day peak rates of approximately 445 boe/d. We plan to drill
approximately five (1.5 net) wells on our Bakken/Three Forks play
in North Dakota during the remainder of 2012.
Financial Review
We generated FFO of $139 million ($1.15 per basic share) in
Q3/2012, a decrease of 4% compared to Q3/2011, and an increase of
12% compared to Q2/2012. The increase relative to Q2/2012 was the
result of increased sales volumes and higher realized oil
prices.
The average WTI price for Q3/2012 was US$92.22, a 3% increase
from Q3/2011 and a 1% decrease from Q2/2012. We received an average
oil and NGL price of $61.63/bbl in Q3/2012 (inclusive of our
physical hedging gains), down 3% from $63.26/bbl for Q3/2011 and up
3% from $59.63/bbl for Q2/2012. We received an average natural gas
price of $2.34/mcf in Q3/2012, down 44% from $4.20/mcf for Q3/2011
and up 17% from $2.00/mcf for Q2/2012.
The discount for Canadian heavy oil, as measured by the Western
Canadian Select ("WCS") price differential to WTI, averaged almost
24% in Q3/2012, the same as for the preceding quarter. As the third
quarter progressed, the monthly WCS differentials improved due to
higher U.S. refinery runs as well as increasing rail shipments of
Canadian heavy oil. During the nine months ended September 30,
2012, the WCS price differential was 23%, as compared to 20% for
the first nine months of 2011.
Baytex continues to actively hedge its exposure to commodity
prices and foreign exchange rates. We have established forward
contracts for the fourth quarter of 2012 on approximately 46% of
our WTI price exposure, 40% of our heavy oil differential exposure,
46% of our natural gas price exposure, and 31% of our exposure to
currency movements between the Canadian and U.S. dollars. We have
begun to secure hedging contracts on our 2013 exposures and have
established forward contracts for the first and second half of 2013
on approximately 24% and 16%, respectively, of our WTI exposure and
38% and 25%, respectively, of our heavy oil differential exposure.
Details of all hedging contracts are contained in the notes to our
interim financial statements. We continue to monitor the markets
for opportunities to add to our hedge positions. As part of our
hedging program, we continue to mitigate exposure to WCS price
differentials by transporting crude oil to higher value markets by
railways. By the end of this year we expect to deliver
approximately 30% of our heavy oil volumes by rail, and we continue
to explore opportunities for additional rail deliveries for 2013
and beyond.
During Q2/2012, Baytex completed the previously disclosed sale
of non-operated interests in North Dakota for net proceeds of $314
million (US$312 million). In order to potentially defer the payment
of income tax on the gain realized on the sale, we deposited the
sale proceeds into escrow pending the acquisition of qualifying
replacement properties. In July 2012, US$112 million of the sale
proceeds were returned from escrow and used to reduce borrowings on
our credit facilities. As we do not expect to acquire qualifying
replacement properties within the prescribed time frame, the
balance of the escrowed funds of US$200 million will be returned to
us in late November 2012 (at which time they will be used to reduce
borrowings on our credit facilities).
We ended the quarter with total monetary debt of $480 million
representing a debt-to-FFO ratio of 0.84 times, based on FFO over
the trailing twelve-month period. In July 2012, we issued $300
million of 6.625% Series C senior unsecured debentures due July 19,
2022 at par. A portion of the net proceeds of this issue was used
to redeem $150 million of 9.15% Series A senior unsecured
debentures on August 26, 2012 at 104.575% of principal amount, with
the remaining proceeds used to reduce borrowings on our credit
facilities. Pro forma the Cold Lake acquisition and the
repatriation of the remaining North Dakota sale proceeds, our total
bank borrowings would be approximately $104 million, leaving us
with $596 million of undrawn credit facilities.
Additional Information
Our unaudited interim condensed consolidated financial
statements for the three months and nine months ended September 30,
2012 and 2011 and related Management's Discussion and Analysis of
the operating and financial results can be accessed immediately on
our website at www.baytex.ab.ca and will be available shortly
through SEDAR at www.sedar.com and EDGAR at
www.sec.gov/edgar.shtml.
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Conference Call Today
9:00 a.m. MST (11:00 a.m. EST)
Baytex will host a conference call today, November 13, 2012, starting at
9:00am MST (11:00am EST). To participate, please dial 416-340-2216 or toll
free in North America 1-866-226-1792. Alternatively, to listen to the
conference call online, please enter
http://events.digitalmedia.telus.com/baytex/111312/index.php in your web
browser.
An archived recording of the conference call will be available until
November 20, 2012 by dialing toll free 1-800-408-3053 within North America
(Toronto local dial 905-694-9451, International toll free 800-3366-3052) and
entering reservation code 7190805. The conference call will also be archived
on the Baytex website at http://www.baytex.ab.ca/.
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Advisory Regarding Forward-Looking Statements
In the interest of providing Baytex's shareholders and potential
investors with information regarding Baytex, including management's
assessment of Baytex's future plans and operations, certain
statements in this press release are "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and "forward-looking information"
within the meaning of applicable Canadian securities legislation
(collectively, "forward-looking statements"). In some cases,
forward-looking statements can be identified by terminology such as
"anticipate", "believe", "continue", "could", "estimate", "expect",
"forecast", "intend", "may", "objective", "ongoing", "outlook",
"potential", "project", "plan", "should", "target", "would", "will"
or similar words suggesting future outcomes, events or performance.
The forward-looking statements contained in this press release
speak only as of the date thereof and are expressly qualified by
this cautionary statement.
Specifically, this press release contains forward-looking
statements relating to: our average production rate for 2012; our
exploration and development capital expenditures for 2012; our
production mix for 2012, development plans for our properties,
including the number of wells to be drilled in the remainder of
2012; initial production rates from wells drilled; our Cliffdale
cyclic steam stimulation project, including our assessment of the
steam and flowback operations, the cumulative steam-oil ratio for
the project and our plan for a second commercial module of CSS; our
Lloydminster heavy oil area, including the development potential of
these properties, our ability to exploit multiple horizons and
estimated 30-day peak productions rates from new horizontal and
vertical wells; the outlook for Canadian heavy oil prices and the
pricing differential between Canadian heavy oil and West Texas
Intermediate; the demand for Canadian heavy oil by U.S. refiners;
the existence, operation and strategy of our risk management
program for commodity prices, heavy oil differentials and interest
and foreign exchange rates; our ability to mitigate our exposure to
heavy oil price differentials by transporting our crude oil to
market by railways; the volume of heavy oil to be transported to
market by railways in 2012; the application of the proceeds from
the sale of our non-operated interests in North Dakota; the amount
of our undrawn credit facilities at September 30, 2012; our
debt-to-FFO ratio; our pro forma financial position following the
acquisition of undeveloped oil sands leases at Cold Lake and the
repatriation of the proceeds from the sale of our non-operated
interests in North Dakota; and our liquidity and financial
capacity. In addition, information and statements relating to
reserves are deemed to be forward-looking statements, as they
involve implied assessment, based on certain estimates and
assumptions, that the reserves described exist in quantities
predicted or estimated, and that the reserves can be profitably
produced in the future. Cash dividends on our common shares are
paid at the discretion of our Board of Directors and can fluctuate.
In establishing the level of cash dividends, the Board of Directors
considers all factors that it deems relevant, including, without
limitation, the outlook for commodity prices, our operational
execution, the amount of FFO and capital expenditures and our
prevailing financial circumstances at the time.
These forward-looking statements are based on certain key
assumptions regarding, among other things: petroleum and natural
gas prices and differentials between light, medium and heavy oil
prices; well production rates and reserve volumes; our ability to
add production and reserves through our exploration and development
activities; capital expenditure levels; the receipt, in a timely
manner, of regulatory and other required approvals; the
availability and cost of labour and other industry services; the
amount of future cash dividends that we intend to pay; interest and
foreign exchange rates; and the continuance of existing and, in
certain circumstances, proposed tax and royalty regimes. The reader
is cautioned that such assumptions, although considered reasonable
by Baytex at the time of preparation, may prove to be
incorrect.
Actual results achieved during the forecast period will vary
from the information provided herein as a result of numerous known
and unknown risks and uncertainties and other factors. Such factors
include, but are not limited to: fluctuations in market prices for
petroleum and natural gas; fluctuations in foreign exchange or
interest rates; general economic, market and business conditions;
stock market volatility and market valuations; changes in income
tax laws; industry capacity; geological, technical, drilling and
processing problems and other difficulties in producing petroleum
and natural gas reserves; uncertainties associated with estimating
petroleum and natural gas reserves; liabilities inherent in oil and
natural gas operations; competition for, among other things,
capital, acquisitions of reserves, undeveloped lands and skilled
personnel; risks associated with oil and gas operations; changes in
royalty rates and incentive programs relating to the oil and gas
industry; changes in environmental and other regulations; incorrect
assessments of the value of acquisitions; failure to obtain the
necessary regulatory and other approvals on the planned timelines;
and other factors, many of which are beyond the control of Baytex.
These risk factors are discussed in Baytex's Annual Information
Form, Annual Report on Form 40-F and Management's Discussion and
Analysis for the year ended December 31, 2011, as filed with
Canadian securities regulatory authorities and the U.S. Securities
and Exchange Commission.
There is no representation by Baytex that actual results
achieved during the forecast period will be the same in whole or in
part as those forecast and Baytex does not undertake any obligation
to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities
law.
Non-GAAP Financial Measures
Funds from operations is not a measurement based on Generally
Accepted Accounting Principles ("GAAP") in Canada, but is a
financial term commonly used in the oil and gas industry. Funds
from operations represents cash generated from operating activities
adjusted for financing costs, changes in non-cash operating working
capital and other operating items. Baytex's determination of funds
from operations may not be comparable with the calculation of
similar measures for other entities. Baytex considers funds from
operations a key measure of performance as it demonstrates its
ability to generate the cash flow necessary to fund future
dividends to shareholders and capital investments. The most
directly comparable measures calculated in accordance with GAAP are
cash flow from operating activities and net income.
Total monetary debt is not a measurement based on GAAP in
Canada. Baytex defines total monetary debt as the sum of monetary
working capital (which is current assets less current liabilities
(excluding non-cash items such as deferred income tax assets or
liabilities and unrealized gains or losses on financial
derivatives)), the principal amount of long-term debt and long-term
bank loans. Baytex believes that this measure assists in providing
a more complete understanding of its cash liabilities.
Baytex Energy Corp.
Baytex Energy Corp. is a dividend-paying oil and gas corporation
based in Calgary, Alberta. The company is engaged in the
acquisition, development and production of crude oil and natural
gas in the Western Canadian Sedimentary Basin and in the Williston
Basin in the United States. Approximately 87% of Baytex's
production is weighted toward crude oil, with a particular emphasis
on heavy oil. Baytex pays a monthly dividend on its common shares
which are traded on the Toronto Stock Exchange and the New York
Stock Exchange under the symbol BTE. For further information about
Baytex, please visit our website at www.baytex.ab.ca.
Contacts: Baytex Energy Corp. Brian Ector Vice President,
Investor Relations Toll Free Number: 1-800-524-5521
www.baytex.ab.ca
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