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Researched by Industrial Info Resources (Sugar Land, Texas)--Baytex Energy Corporation (NYSE:BTE) expects to produce about 153,000 barrels of oil equivalent per day (BOE/d) in 2024, with about 60% in the Eagle Ford and 40% in Canada. From 2024 through 2028, Baytex expects to see annual production growth of 1% to 4%, with production reaching roughly 170,000 BOE/d in 2028. Industrial Info is tracking US$1.2 billion worth of active and planned projects from Baytex, more than half of which is in Alberta's Mannville and Montney shale formations.
Click on the image at right for a graph detailing Baytex's active projects, by state or province.
"Our 2024 budget and five-year outlook demonstrates the strength of our diversified oil-weighted portfolio in western Canada and the Eagle Ford shale in Texas," said Eric Greager, the chief executive officer of Baytex, in a press release. "In 2024, we intend to progress the Pembina Duvernay, further delineate our Clearwater and Mannville heavy oil positions, and deliver strong drilling and completion performance in the Eagle Ford."
Last month, Baytex wrapped up a US$130 million crude-drilling expansion at its development in Karnes City, Texas, in which it drilled 15 new wells in the Eagle Ford Shale to expand its Longhorn, Sugarloaf, Ipanema and Excelsior fields. The company's US$145 million program for 2024 could see as many as 20 wells added to maintain--if not increase--the 2023 production rate. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can read detailed reports on the 2023 and 2024 expansion programs.
Baytex significantly strengthened its role in the Eagle Ford earlier this year when it acquired pure-play Ranger Oil Corporation for US$2.5 billion. Following the deal, Baytex says it now commands 162,000 net acres of crude oil potential in the Eagle Ford, with up to 70 million barrels of oil per day of working interest and 174 million barrels of oil per day in proved reserves. The company expect to bring 62 wells onstream across the Eagle Ford in 2024, including 46 operated wells.
"We plan to direct 60% to 65% of our [2024] exploration and development expenditures to our Eagle Ford light oil assets in the U.S. and 35% to 40% to our Canadian assets," the company said in a press release. "In Canada, our capital program is expected to be equally split between light oil and heavy oil."
In southwestern Saskatchewan, Baytex agreed last month to sell some of its Viking assets in the Forgan and Plato areas to an undisclosed buyer for US$153.8 million. These assets produce about 4,000 barrels of light and medium crude oil per day, according to the company.
The Forgan and Plato developments are located southwest of Baytex's North Smiley project near Coleville, Saskatchewan, where the company will have added multiple well pads and drilled 144 shallow wells over a seven-month period ending in mid-December. Next year, Baytex aims to continue adding well pads and drill up to 155 new shallow wells in the same area. Subscribers can read detailed reports on North Smiley's 2023 and 2024 expansion programs.
Baytex also is finishing up a seven-month drilling program near Peace River, Alberta, which added 33 new wells; next year's program could add up to 40. Baytex was among the developers who applied for 81 licenses since January to drill in eastern Alberta's Waseca formation, about 30 more than were applied for in all of 2022, according to the Financial Post. The Waseca has become popular with developers, as it can be tapped with conventional, less expensive drilling gear that generates lower emissions, according to the Post. Subscribers can read detailed reports on Peace River's 2023 and 2024 expansion programs.
Baytex's petroleum and natural gas sales stood at US$850 million in the third quarter, compared with US$524.27 million in the same period of 2022. The company produced 150,600 BOE/d during the quarter, 85% of which was oil and natural gas liquids (NGLs).
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 and planned 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).
Click on the image at right for a graph detailing Baytex's active projects, by state or province."Our 2024 budget and five-year outlook demonstrates the strength of our diversified oil-weighted portfolio in western Canada and the Eagle Ford shale in Texas," said Eric Greager, the chief executive officer of Baytex, in a press release. "In 2024, we intend to progress the Pembina Duvernay, further delineate our Clearwater and Mannville heavy oil positions, and deliver strong drilling and completion performance in the Eagle Ford."
Last month, Baytex wrapped up a US$130 million crude-drilling expansion at its development in Karnes City, Texas, in which it drilled 15 new wells in the Eagle Ford Shale to expand its Longhorn, Sugarloaf, Ipanema and Excelsior fields. The company's US$145 million program for 2024 could see as many as 20 wells added to maintain--if not increase--the 2023 production rate. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can read detailed reports on the 2023 and 2024 expansion programs.
Baytex significantly strengthened its role in the Eagle Ford earlier this year when it acquired pure-play Ranger Oil Corporation for US$2.5 billion. Following the deal, Baytex says it now commands 162,000 net acres of crude oil potential in the Eagle Ford, with up to 70 million barrels of oil per day of working interest and 174 million barrels of oil per day in proved reserves. The company expect to bring 62 wells onstream across the Eagle Ford in 2024, including 46 operated wells.
"We plan to direct 60% to 65% of our [2024] exploration and development expenditures to our Eagle Ford light oil assets in the U.S. and 35% to 40% to our Canadian assets," the company said in a press release. "In Canada, our capital program is expected to be equally split between light oil and heavy oil."
In southwestern Saskatchewan, Baytex agreed last month to sell some of its Viking assets in the Forgan and Plato areas to an undisclosed buyer for US$153.8 million. These assets produce about 4,000 barrels of light and medium crude oil per day, according to the company.
The Forgan and Plato developments are located southwest of Baytex's North Smiley project near Coleville, Saskatchewan, where the company will have added multiple well pads and drilled 144 shallow wells over a seven-month period ending in mid-December. Next year, Baytex aims to continue adding well pads and drill up to 155 new shallow wells in the same area. Subscribers can read detailed reports on North Smiley's 2023 and 2024 expansion programs.
Baytex also is finishing up a seven-month drilling program near Peace River, Alberta, which added 33 new wells; next year's program could add up to 40. Baytex was among the developers who applied for 81 licenses since January to drill in eastern Alberta's Waseca formation, about 30 more than were applied for in all of 2022, according to the Financial Post. The Waseca has become popular with developers, as it can be tapped with conventional, less expensive drilling gear that generates lower emissions, according to the Post. Subscribers can read detailed reports on Peace River's 2023 and 2024 expansion programs.
Baytex's petroleum and natural gas sales stood at US$850 million in the third quarter, compared with US$524.27 million in the same period of 2022. The company produced 150,600 BOE/d during the quarter, 85% of which was oil and natural gas liquids (NGLs).
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 and planned 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).
