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Baytex Energy Trust Announces Third Quarter 2008 Results, Resource Play Land Acquisitions and Board of Directors and Management Appointments
Market Wire, November, 2008
Baytex Energy Trust (TSX: BTE.UN) (NYSE: BTE) is pleased to announce its operating and financial results for the three months and nine months ended September 30, 2008.
Highlights
- Generated record cash flow of $146.6 million in the quarter, 17% higher than the previous record set in Q2/08 and 96% higher than Q3/07;
- Achieved record quarterly production of 42,538 boe/d, an increase of 11% over Q2/08 and 12% over Q3/07;
- Generated record quarterly net income of $137.2 million, 299% higher than Q2/08 and 274% higher than Q3/07;
- Maintained conservative payout ratio of 50% in the quarter before DRIP (39% net of DRIP), and 47% year-to-date before DRIP (38% net of DRIP);
- Confirmed the commercial viability of heavy oil thermal development at Seal; and
- Acquired significant land positions in two light oil resource plays in North Dakota and Saskatchewan.
Three Months Ended Nine Months Ended
----------------------------------------------------------
September June 30, September September September
FINANCIAL 30, 2008 2008 30, 2007 30, 2008 30, 2007
----------------------------------------------------------
($ thousands,
except per unit
amounts)
Petroleum and
natural gas sales 363,044 332,336 193,784 959,828 512,029
Cash flow from
operations (1) 146,586 125,195 74,957 373,351 187,363
Per unit - basic 1.53 1.42 0.90 4.16 2.38
- diluted 1.47 1.33 0.84 3.94 2.23
Cash distributions 57,233 46,005 38,746 141,712 108,613
Per unit 0.75 0.65 0.54 1.96 1.62
Net income 137,228 34,417 36,674 207,493 91,507
Per unit - basic 1.44 0.39 0.44 2.31 1.16
- diluted 1.39 0.38 0.43 2.28 1.12
Exploration and
development 48,584 41,827 43,533 142,114 114,370
Acquisitions - net
of dispositions 78,635 178,409 752 256,925 240,363
Total capital
expenditures 127,219 220,236 44,285 399,039 354,733
Long-term notes 190,725 179,900 179,280 190,725 179,280
Bank loan 200,445 180,000 259,328 200,445 259,328
Convertible
debentures 10,377 11,654 16,531 10,377 16,531
Working capital
deficiency 56,446 42,119 12,189 56,446 12,189
Total monetary
debt (2) 457,993 413,673 467,328 457,993 467,328
Three Months Ended Nine Months Ended
----------------------------------------------------------
September June 30, September September September
OPERATING 30, 2008 2008 30, 2007 30, 2008 30, 2007
----------------------------------------------------------
Daily production
Light oil & NGL
(bbl/d) 8,377 6,778 6,556 7,498 4,593
Heavy oil
(bbl/d) 24,078 22,905 22,593 23,159 22,057
Total oil
(bbl/d) 32,455 29,683 29,149 30,657 26,650
Natural gas
(MMcf/d) 60.5 51.0 53.7 53.9 51.2
Oil equivalent
(boe/d @ 6:1) 42,538 38,179 38,094 39,635 35,184
Average prices
(before hedging)
WTI oil
(US$/bbl) 118.36 123.98 75.38 113.43 66.19
Edmonton par oil
($/bbl) 122.77 126.29 80.24 115.97 73.16
BTE light oil &
NGL ($/bbl) 107.41 109.26 67.82 100.66 60.03
BTE heavy oil
($/bbl) (3) 84.65 78.92 45.89 74.63 42.13
BTE total oil
($/bbl) 90.56 85.82 50.85 80.94 45.23
BTE natural gas
($/Mcf) 8.01 9.29 5.80 8.23 6.72
BTE oil
equivalent
($/boe) 80.44 79.15 47.06 73.84 44.04
TRUST UNIT INFORMATION
TSX (C$)
Unit Price
High $ 35.01 $ 35.37 $ 21.45 $ 35.37 $ 22.92
Low $ 23.15 $ 22.60 $ 16.68 $ 16.30 $ 16.68
Close $ 25.73 $ 34.79 $ 20.13 $ 25.73 $ 20.13
Volume traded
(thousands) 31,620 34,782 26,365 92,150 68,759
NYSE (US$)
Unit Price
High $ 35.20 $ 34.98 $ 21.03 $ 35.20 $ 21.18
Low $ 22.35 $ 21.90 $ 15.51 $ 15.88 $ 15.51
Close $ 24.71 $ 34.28 $ 20.33 $ 24.71 $ 20.33
Volume traded
(thousands) 10,240 4,990 5,315 20,016 12,630
Units
outstanding
(thousands) (4) 96,934 96,017 86,478 96,934 86,478
(1) Cash flow from operations is a non-GAAP term that represents cash
generated from operating activities before changes in non-cash working
capital and other operating items (see reconciliation under MD&A). The
Trust's cash flow from operations may not be comparable to other
issuers. The Trust considers cash flow from operations a key measure of
performance as it demonstrates the Trust's ability to generate the cash
flow necessary to fund future distributions and capital investments.
(2) Total monetary debt is a non-GAAP term, and is defined in note 16 to the
consolidated financial statements.
(3) Heavy oil wellhead prices are net of blending costs.
(4) Number of trust units outstanding includes the conversion of
exchangeable shares at the respective exchange ratios in effect at the
end of the reporting periods.
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