Suncor Energy: Baytex Energy Corp.

Baytex Energy Corp. - BTE.t is an oil and gas corporation engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States.

Approximately 78% of Baytex's production is weighted toward crude oil and natural gas liquids.

On May 3, 2016 the company reported Numbers

"Baytex Energy Corp. has released its operating and financial results for the three months ended March 31, 2016.

Highlights:

Generated production of 75,776 barrels of oil equivalent per day (78 per cent oil and natural gas liquids) in Q1 2016;
Delivered funds from operations of $45.6-million (22 cents per share) in Q1 2016;
Realized an operating netback (sales price less royalties, operating and transportation expenses) in Q1 2016 of $5.82/boe ($12.29/boe including financial derivatives gain);
Produced 41,067 boe/d in the Eagle Ford, an increase of 2 per cent from fourth quarter 2015 and 5 per cent from third quarter 2015;
Advanced the multizone potential of the Sugarkane acreage with 19 wells establishing an average 30-day initial production rate of approximately 1,300 boe/d;
Amended the company's bank credit facilities and financial covenants to provide increased financial flexibility;
Maintained strong levels of financial liquidity with a senior-secured-debt-to-bank-EBITDA (earnings before interest, taxes, depreciation and amortization) ratio of 0.61 to 1.00.

                     FINANCIAL AND OPERATING HIGHLIGHTS
              (In thousands, except per share and where noted)

                                                          Three months ended
                                      March 31,       Dec. 31,      March 31,
                                          2016           2015           2015

Petroleum and natural gas sales       $153,598       $229,361       $283,384
Funds from operations                   45,645         93,095        160,221
Per share -- basic                        0.22           0.44           0.95
Per share -- diluted                      0.22           0.44           0.95
Net income (loss)                          607       (412,924)      (175,916)
Per share -- basic                        0.00          (1.96)         (1.04)
Per share -- diluted                      0.00          (1.96)         (1.04)
Exploration and development             81,685        140,796        147,429
Acquisitions, net of
divestitures                                (9)          (574)         1,550
                                     ---------      ---------      ---------
Total oil and natural gas
capital expenditures                    81,676        140,222        148,979
                                     ---------      ---------      ---------
Bank loan(1)                           290,465        256,749        780,447
Long-term notes(1)                   1,540,546      1,623,658      1,513,002
Long-term debt                       1,831,011      1,880,407      2,296,449
Working capital deficiency             150,332        169,498        162,546
                                     ---------      ---------      ---------
Net debt                             1,981,343      2,049,905      2,455,995
Daily production
Heavy oil (bbl/d)                       24,807         31,733         39,226
Light oil and condensate (bbl/d)        24,489         24,930         28,056
NGL (bbl/d)                             10,109          8,996          8,224
Total oil and NGL (bbl/d)               59,405         65,659         75,506
Natural gas (mcf/d)                     98,220         92,708         91,010
Oil equivalent (boe/d @ 6:1)(2)         75,776         81,110         90,675
Benchmark prices
WTI oil (US$/bbl)                        33.45          42.18          48.64
WCS heavy oil (US$/bbl)                  19.22          27.69          33.91
Edmonton par oil ($/bbl)                 40.80          52.94          51.94
LLS oil (US$/bbl)                        33.24          43.33          50.55
Baytex average prices (before
hedging)
Heavy oil ($/bbl)(3)                     12.54          24.41          28.57
Light oil and condensate ($/bbl)         37.97          50.17          52.34
NGL ($/bbl)                              18.38          17.23          19.35
Total oil and NGL ($/bbl)                24.02          33.21          36.40
Natural gas ($/mcf)                       2.40           2.76           3.22
Oil equivalent ($/boe)                   21.93          30.03          33.54
$Cdn/$US noon rate at period-end        1.2971         1.3840         1.2683
$Cdn/$US average rate for period        1.3748         1.3353         1.2308