The reduced 2016e budget forecasts capex and production to be down ~53% and ~17% year-over-year, respectively. Our 2016e CFPS estimate has increased 49% (better realizations, lower costs). While Eagle Ford 2P reserves per well are up ~14% year-over-year, at ~750 mboe this is still below what BTE and operator Marathon suggest. 2016e total Eagle Ford capex per well drilled looks to be down ~14% vs. 2015, in US$ terms. Securitization of bank debt sounds likely. However, the senior notes covenant ma ....
14 Mar 2016
4Q15 & Year-End Update
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4Q15 & Year-End Update
Baytex Energy Corp. (BTE:TSE) | 0 0 (-2.1%) | Mkt Cap: 758.2m
- Published:
14 Mar 2016 -
Author:
Michael P. Dunn -
Pages:
13
The reduced 2016e budget forecasts capex and production to be down ~53% and ~17% year-over-year, respectively. Our 2016e CFPS estimate has increased 49% (better realizations, lower costs). While Eagle Ford 2P reserves per well are up ~14% year-over-year, at ~750 mboe this is still below what BTE and operator Marathon suggest. 2016e total Eagle Ford capex per well drilled looks to be down ~14% vs. 2015, in US$ terms. Securitization of bank debt sounds likely. However, the senior notes covenant ma ....