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Researched by Industrial Info Resources (Sugar Land, Texas)--Until wildfires began to tear across Western Canada earlier this month, Baytex Energy (NYSE:BTE) was enjoying steady growth in its oil and gas production, with its 86,760 barrels of oil equivalent per day (BOE/d) representing a 7% jump from the first quarter of 2022. The company also broadened its role in the Eagle Ford Shale with an agreement to acquire Ranger Oil Corporation (NASDAQ:ROCC) (Houston, Texas). Industrial Info is tracking more than US$1.3 billion worth of active projects from Baytex, nearly half of which is attributed to projects already in their engineering or construction phases.
As many as 90 wildfires have devastated the forested regions of Alberta, British Columbia and Saskatchewan, with smoke blanketing major cities such as Calgary and often drifting across the U.S. border. Baytex was forced to shut in about 20,000 BOE/d of production in the Peace River and Peavine regions of northwest Alberta since May 13, as well as 4,000 BOE/d in west-central Alberta since May 5. The west-central Alberta closures were brought about by third-party infrastructure developers halting their services.
Click on the image at right for a graph detailing Baytex's active projects, by state or province.
Baytex says it has safely evacuated its personnel from the affected areas.
In the Peace River region, Baytex was planning to begin two major heavy-crude drilling programs scheduled to run through the end of the year: an estimated US$85 million expansion of the Clearwater development, which would involve drilling 33 new, shallow wells, and an estimated US$25 million expansion of the Bluesky development, which would involve drilling 10 such wells. Baytex also was in the early planning stages for its 2024 programs at Clearwater and Bluesky, which would involve drilling up to 40 and 15 new wells, respectively.
It is not yet known how the wildfires will affect these and other Baytex programs across Canada. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can read detailed reports on the 2023 and 2024 programs in Clearwater, and 2023 and 2024 programs in Bluesky.
"Operationally, the highlight continues to be our Clearwater development at Peavine," said Eric Greager, the chief executive officer of Baytex, in an earnings-related conference call in February. "This is an asset that, at current commodity prices, generates the strongest economics within our portfolio and has the ability to grow organically." He later added: "We expect another strong year in 2023, as we advance development across our high-quality oil-weighted portfolio, further delineate our Peavine-Clearwater acreage and progress our Duvernay light oil resource play."
In southern Alberta, Baytex kicked off a US$70 million expansion of its Sedalia light-oil development, which would add six wells, and was planning next year's estimated US$90 million expansion at Sedalia, which would include up to nine wells. Subscribers can read detailed reports on the 2023 and 2024 programs.
Earlier this month, Baytex estimated its 2023 capital expenditures would total between $575 million and $650 million, with companywide production averaging between 86,000 and 89,000 BOE/d. But those numbers were announced before the wildfire outbreaks and do not include effects from the expected integration of Ranger's assets.
On Monday, Baytex shareholders approved the US$2.5 billion acquisition of Ranger, first announced in February. Ranger will bring Baytex's holdings in the Eagle Ford Shale in Texas up to 162,000 net acres. Baytex says the Eagle Ford currently represents about 30% of its total production.
Baytex kicked off a US$130 million crude-drilling expansion at its development in Karnes City, Texas, in February, drilling 15 new wells to further evaluate and expand its Longhorn, Sugarloaf, Ipanema and Excelsior fields. The company's estimated US$145 million program for 2024 could see as many as 18 wells added. Subscribers can read detailed reports on the 2023 and 2024 expansion programs.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active projects from Baytex.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
As many as 90 wildfires have devastated the forested regions of Alberta, British Columbia and Saskatchewan, with smoke blanketing major cities such as Calgary and often drifting across the U.S. border. Baytex was forced to shut in about 20,000 BOE/d of production in the Peace River and Peavine regions of northwest Alberta since May 13, as well as 4,000 BOE/d in west-central Alberta since May 5. The west-central Alberta closures were brought about by third-party infrastructure developers halting their services.
Click on the image at right for a graph detailing Baytex's active projects, by state or province.Baytex says it has safely evacuated its personnel from the affected areas.
In the Peace River region, Baytex was planning to begin two major heavy-crude drilling programs scheduled to run through the end of the year: an estimated US$85 million expansion of the Clearwater development, which would involve drilling 33 new, shallow wells, and an estimated US$25 million expansion of the Bluesky development, which would involve drilling 10 such wells. Baytex also was in the early planning stages for its 2024 programs at Clearwater and Bluesky, which would involve drilling up to 40 and 15 new wells, respectively.
It is not yet known how the wildfires will affect these and other Baytex programs across Canada. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can read detailed reports on the 2023 and 2024 programs in Clearwater, and 2023 and 2024 programs in Bluesky.
"Operationally, the highlight continues to be our Clearwater development at Peavine," said Eric Greager, the chief executive officer of Baytex, in an earnings-related conference call in February. "This is an asset that, at current commodity prices, generates the strongest economics within our portfolio and has the ability to grow organically." He later added: "We expect another strong year in 2023, as we advance development across our high-quality oil-weighted portfolio, further delineate our Peavine-Clearwater acreage and progress our Duvernay light oil resource play."
In southern Alberta, Baytex kicked off a US$70 million expansion of its Sedalia light-oil development, which would add six wells, and was planning next year's estimated US$90 million expansion at Sedalia, which would include up to nine wells. Subscribers can read detailed reports on the 2023 and 2024 programs.
Earlier this month, Baytex estimated its 2023 capital expenditures would total between $575 million and $650 million, with companywide production averaging between 86,000 and 89,000 BOE/d. But those numbers were announced before the wildfire outbreaks and do not include effects from the expected integration of Ranger's assets.
On Monday, Baytex shareholders approved the US$2.5 billion acquisition of Ranger, first announced in February. Ranger will bring Baytex's holdings in the Eagle Ford Shale in Texas up to 162,000 net acres. Baytex says the Eagle Ford currently represents about 30% of its total production.
Baytex kicked off a US$130 million crude-drilling expansion at its development in Karnes City, Texas, in February, drilling 15 new wells to further evaluate and expand its Longhorn, Sugarloaf, Ipanema and Excelsior fields. The company's estimated US$145 million program for 2024 could see as many as 18 wells added. Subscribers can read detailed reports on the 2023 and 2024 expansion programs.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active projects from Baytex.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
