Jan 31st - WTI Settlement price - Q1=80.4% & 1H=40.7% complete

Oil above $80....every day above $70 is a great day!

2022 Information

January 31st WTI settled at $88.15 (Front month Mar 2022)

March 2022 contracts expire February 18th, 2022.

March 2022 contracts 40.0% complete

1st Quarter 2022 WTI Pricing now 80.4%complete! (If the last 18 days of Q1 is at or above $73.25 we will beat the Q4 WTI average)

1st Half 2022 WTI Pricing now 40.7% complete!  (If the next 108 days of 1H is at or above $65.35 we will hit a $70 average for 1H which was the key to getting to $1.2B debt) 

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $76.68 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

Jan 28th - WTI Settlement price - Q1=77.2% & 1H=39.0% complete

 Oil above $80....every day above $70 is a great day!

2022 Information

January 28th WTI settled at $86.82 (Front month Mar 2022)

March 2022 contracts expire February 18th, 2022.

March 2022 contracts 30.0% complete

1st Quarter 2022 WTI Pricing now 77.2%complete! (If the last 21 days of Q1 is at or above $75.46 we will beat the Q4 WTI average)

1st Half 2022 WTI Pricing now 39.0% complete!  (If the next 110 days of 1H is at or above $65.95 we will hit a $70 average for 1H which was the key to getting to $1.2B debt) 

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $76.21 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

Jan 27th - WTI Settlement price - Q1=76.1% & 1H=38.5% complete

Oil above $80....every day above $70 is a great day!

2022 Information

January 27th WTI settled at $86.61 (Front month Mar 2022)

March 2022 contracts expire February 18th, 2022.

March 2022 contracts 26.7% complete

1st Quarter 2022 WTI Pricing now 76.1%complete! (If the last 22 days of Q1 is at or above $76.01 we will beat the Q4 WTI average)

1st Half 2022 WTI Pricing now 38.5% complete!  (If the next 111 days of 1H is at or above $66.15 we will hit a $70 average for 1H which was the key to getting to $1.2B debt) 

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $76.06 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

Jan 26th - WTI Settlement price - Q1=75.0% & 1H=37.9% complete

Oil above $80....every day above $70 is a great day!

2022 Information

January 26th WTI settled at $87.35 (Front month Mar 2022)

March 2022 contracts expire February 18th, 2022.

March 2022 contracts 23.3% complete

1st Quarter 2022 WTI Pricing now 75.0%complete! (If the last 23 days of Q1 is at or above $76.49 we will beat the Q4 WTI average)

1st Half 2022 WTI Pricing now 37.9% complete!  (If the next 112 days of 1H is at or above $66.32 we will hit a $70 average for 1H which was the key to getting to $1.2B debt) 

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $75.92 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

Jan 26th ...EIA Report. Net draw (including SPR)

Net Draw including SPR draw

Crude +2.377M 

SPR -1.252M

Gas +1.297M 

Dist -2.798M 

Cush -1.823M

ITEMS BELOW TO BE UPDATED LATER IN BLUE

WHITE IS UPDATED

BLUE FROM LAST WEEK

Other info

Domestic production dropped 11.6 vs 11.7 last week

Imports 6,236

Exports 2,796

US crude inventories rose by 1.125 mb last week (commercial +2.377mb, SPR -1.252mb)

Updated Jan 26th

Crude Stock 92.3% of 5 yr average

Gas stock 98.1% of 5 yr average

Dis stock 82.6% of 5 yr average

Updated Jan 26th

Updated Jan 26th

SPR below 600!!

Jan 25th - WTI Settlement price - Q1=73.9% & 1H=37.4% complete

 Oil above $80....every day above $70 is a great day!

2022 Information

January 25th WTI settled at $85.60 (Front month Mar 2022)

March 2022 contracts expire February 18th, 2022.

March 2022 contracts 20.0% complete

1st Quarter 2022 WTI Pricing now 73.9%complete! (If the last 24 days of Q1 is at or above $77.01 we will beat the Q4 WTI average)

1st Half 2022 WTI Pricing now 37.4% complete!  (If the next 113 days of 1H is at or above $66.52 we will hit a $70 average for 1H which was the key to getting to $1.2B debt) 

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $75.73 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

Baytex Management Executive Compensation

Reference:

https://www.baytexenergy.com/files/pdf/AGM/2020-information-circular1.pdf

 

SPR down 1.2m from last week

 SPR released ~1.2m barrels of crude oil last week. YTD total release is ~2.85m. In 2021 the total release from SPR was 43.7m 

Keep draining!

Wait for EIA.

Jan 24th - WTI Settlement price - Q1=72.8% & 1H=36.8% complete

 Oil above $80....every day above $70 is a great day!

2022 Information

January 24th WTI settled at $83.31 (Front month Mar 2022)

March 2022 contracts expire February 18th, 2022.

March 2022 contracts 16.7% complete

First Quarter-Q1 2022 contracts 72.8% complete 

First half-1H 2022 contracts 36.8% complete  (1H ends in 115 days. Getting closer to the BTE mgmt. team Q2 target-)

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $75.56 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

Jan 21st - WTI Settlement price - Q1=69.6% & 1H=35.2% complete

Oil above $80....every day above $70 is a great day!

2022 Information

January 21st WTI settled at $85.14 (Front month Mar 2022)

March 2022 contracts expire February 18th, 2022.

March 2022 contracts 6.7% complete

First Quarter-Q1 2022 contracts 69.6% complete 

First half-1H 2022 contracts 35.2% complete  (1H ends in 119 days. Getting closer to the BTE mgmt. team Q2 target-)

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $75.16 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

Jan 20th - WTI Settlement price - Q1=68.5% & 1H=34.6% complete

Oil above $80....every day above $70 is a great day!

2022 Information

January 20th WTI settled at $86.90 (Front month Mar 2022)

March 2022 contracts expire February 18th, 2022.

March 2022 contracts 3.3% complete

First Quarter-Q1 2022 contracts 68.5% complete 

First half-1H 2022 contracts 34.6% complete  (1H ends in 119 days. Getting closer to the BTE mgmt. team Q2 target-)

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $75.03 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

Jan 20th ...EIA Report. Crude draw (including SPR)

 Also an SPR draw

Crude +0.515M 

SPR -1.300M

Gas +5.873M 

Dist +-1.431M 

Cush -1.314M

ITEMS BELOW TO BE UPDATED LATER IN BLUE

WHITE IS UPDATED

BLUE FROM LAST WEEK

Other info

Domestic production flat 11.7 vs 11.7 last week

Imports 6,745

Exports 2,610

US crude inventories fell by 2.840 mb last week (commercial +0.515mb, SPR -1.348mb)

Updated Jan 20th

Crude Stock 91.6% of 5 yr average

Gas stock 98.5% of 5 yr average

Dis stock 84.2% of 5 yr average

Updated Jan 20th

Updated Jan 20th

SPR below 600!!

Jan 19th - WTI Settlement price - Q1=67.4% & 1H=34.1% complete

 That's a wrap February is done moving on to March WTI!

Oil above $80....every day above $70 is a great day!

2022 Information

January 19th WTI settled at $86.96 (Front month Feb 2022)

February 2022 contracts expired today January 19th, 2022.

February 2022 contracts 100.0% complete

First Quarter-Q1 2022 contracts 67.4% complete 

First half-1H 2022 contracts 34.1% complete  (1H ends in 120 days. Getting closer to the BTE mgmt. team Q2 target-)

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $74.84 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

Jan 19th - WTI Settlement price - Q1=67.4% & 1H=34.1% complete

That's a wrap February is done moving on to March WTI!

Oil above $80....every day above $70 is a great day!

2022 Information

January 19th WTI settled at $86.96 (Front month Feb 2022)

February 2022 contracts expired today January 19th, 2022.

February 2022 contracts 100.0% complete

First Quarter-Q1 2022 contracts 67.4% complete 

First half-1H 2022 contracts 34.1% complete  (1H ends in 120 days. Getting closer to the BTE mgmt. team Q2 target-)

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $74.84 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

SPR down 1.4m from last week

US SPR crude inventories fell by ~1.3mb w/w to 592.0mb last week. When will the loans be paid back  2022 or 2023. It will be interesting...

Keep draining!

Wait for EIA.

Jan 14th - WTI Settlement price - Q1=62.0% & 1H=31.3% complete

 Oil above $80....every day above $70 is a great day!

2022 Information

January 14th WTI settled at $83.82 (Front month Feb 2022)

February 2022 contracts expire January 19th, 2022.

February 2022 contracts 82.4% complete

First Quarter-Q1 2022 contracts 62.0% complete 

First half-1H 2022 contracts 31.3% complete  (1H ends in 124 days. Getting closer to the BTE mgmt. team Q2 target-)

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $73.93 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

6 Month Chart Jan 14th BTE, CNQ, CPG, ARX, CVE MEG, SU, WCP.

 

 

Jan 13th - WTI Settlement price - Q1=60.9% & 1H=30.4% complete

 Oil above $80....every day above $70 is a great day!

2022 Information

January 13th WTI settled at $82.12 (Front month Feb 2022)

February 2022 contracts expire January 19th, 2022.

February 2022 contracts 79.4% complete

First Quarter-Q1 2022 contracts 60.9% complete 

First half-1H 2022 contracts 30.4% complete  (1H ends in 126 days. Getting closer to the BTE mgmt. team Q2 target-)

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $73.73 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

Jan 12th - WTI Settlement price - Q1=60.9% & 1H=30.4% complete

Oil above $80....every day above $70 is a great day!

2022 Information

January 12th WTI settled at $82.64 (Front month Feb 2022)

February 2022 contracts expire January 19th, 2022.

February 2022 contracts 79.4% complete

First Quarter-Q1 2022 contracts 60.9% complete 

First half-1H 2022 contracts 30.4% complete  (1H ends in 127 days. Getting closer to the BTE mgmt. team Q2 target-)

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $73.54 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

Jan 12th ...EIA Report. Crude draw other builds

 Also an SPR draw

Crude -4.553M 

SPR -0.300M

Gas +7.961M 

Dist +2.537M 

Cush -2.537M

ITEMS BELOW TO BE UPDATED LATER IN BLUE

WHITE IS UPDATED

BLUE FROM LAST WEEK

Other info

Domestic production down 11.7 vs 11.8 last week

Imports 1.845

Exports 4.665

US crude inventories fell by 4.583 mb last week (commercial -4.553mb, SPR -0.300mb)

Updated Jan 12th

Crude Stock 91.8% of 5 yr average

Gas stock 97.3% of 5 yr average

Dis stock 84.4% of 5 yr average

Updated Dec 29nd

Updated Dec 15th

SPR below 600!!

Jan 11th - WTI Settlement price - Q1 22 over 59.8% complete

 Oil above $80....every day above $70 is a great day!

We are 59.8% done Q1-2022 pricing (getting closer to Q2) just waiting on production volumes now.

2022 Information

January 11th WTI settled at $81.22 (Front month Feb 2022)

February 2022 contracts expire January 19th, 2022.

February 2022 contracts 76.5% complete

Q1 2022 contracts 59.8% complete 

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $73.36 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

SP Global - Jan 11 - OPEC+ December oil output falls well short of quotas again

Note 14 of 18 members short....

OPEC+ hikes December oil output, but falls well short of quotas again. OPEC pumps 28.04mbpd of crude, non-OPEC adds 13.98mbpd. Compliance hits 116.5%. Venezuela, Kazakhstan biggest gainers; Libya, Nigeria hit by outages

Reference:

https://www.spglobal.com/platts/en/market-insights/latest-news/oil/011122-opec-hikes-december-oil-output-but-falls-well-short-of-quotas-again-platts-survey

"OPEC+ hikes December oil output, but falls well short of quotas again: Platts survey"

The gap between OPEC+ crude oil quotas and production has widened, as the group's steady loosening of its pandemic cuts once again outpaced actual output gains in December, according to the latest S&P Global Platts survey.

OPEC's 13 countries pumped 28.04 million b/d of crude, up 190,000 b/d from November, while nine non-OPEC partners pumped 13.98 million b/d, an increase of 120,000 b/d, the survey found.

Gains by Venezuela, Kazakhstan, Saudi Arabia, Iraq and Angola far outstripped losses by Libya and Nigeria, making December the 10th straight month that OPEC+ output increased.

However, 14 out of the 18 members with quotas fell short of their targets, including even its largest producer Russia, whose compliance rose above 100% for the first time since February, when severe winter temperatures shut in wells and reduced pipeline flows.

Jan 10th - WTI Settlement price - Q1 22 over 58.7% complete

Oil above $75....every day above $70 is a great day!

We are 58.7% done Q1-2022 pricing (getting closer to Q2) just waiting on production volumes now.

2022 Information

January 10th WTI settled at $78.23 (Front month Feb 2022)

February 2022 contracts expire January 19th, 2022.

February 2022 contracts 73.5% complete

Q1 2022 contracts 58.7% complete 

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $73.16 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

SPR down 0.3m from last week

US SPR crude inventories fell by ~0.3mb w/w to 593.4mb last week. When will the loans be paid back  2022 or 2023. It will be interesting...

Keep draining!

Wait for EIA.

Jan 7th - WTI Settlement price - Q1 22 over 55.4% complete

Looks like another great weekend of $$$

Oil above $75....every day above $70 is a great day!

We are 55.4% done Q1-2022 pricing (getting closer to Q2) just waiting on production volumes now.

2022 Information

January 7th WTI settled at $78.90 (Front month Feb 2022)

February 2022 contracts expire January 19th, 2022.

February 2022 contracts 64.7% complete

Q1 2022 contracts 55.4% complete 

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $72.86 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL! 

SP global Jan 7th - Capline. Great news for Cdn Oil

As we see takeaway capacity improve this will bring even more FCF to Canadian Oil & Gas companies.

As noted looking at Bloomberg today WCS today  $66+

Great news!

Reference:

https://www.spglobal.com/platts/en/market-insights/latest-news/oil/010722-capline-pipeline-reversal-fully-online-with-extra-canadian-crude-capacity

Capline Pipeline reversal fully online with extra Canadian crude capacity

The reversed Capline Pipeline is fully online and has enough excess capacity to roughly double its current Canadian oil sands crude volumes.

The Capline reversal project to send crude from Patoka, Illinois to St. James, Louisiana started interim service Dec. 18 and entered full service Jan. 1 with initial volumes of about 100,000 b/d. But the pipeline currently has capacity of about 200,000 b/d and excess capacity is available for both contracted and spot shipments, said Marathon Petroleum spokesman Jamal Kheiry.

"Currently, there is available space on the 200,000 b/d pipeline. When additional capacity is required based on market demand, existing pump stations can be reactivated," Kheiry said in a statement.

Capline is a 632-mile, 40-inch pipeline system that historically moved crude from the Louisiana Gulf Coast to Midwestern refiners. But, as demand has picked up for crude oil from Canada and the Bakken shale -- both for Gulf Coast refiners and export markets -- the decision was made to reverse the line and carry crude to the Louisiana Gulf Coast where it has easy access to refineries and LOOP.

Capline, which is owned by Marathon and Plains All American Pipeline, connects to Canada via Enbridge's Mainline pipeline system Enbridge's 300,000 b/d Southern Access Extension pipeline, which Enbridge eventually plans to increase to roughly 400,000 b/d through optimization efforts. TC Energy's Keystone Pipeline also stretches to Patoka.

Baker Hughes Drilling - Saudi Arabia

Not even SA has invested in maintaining drilling. Maybe some people think oil will just flow out of the ground after shooting a shotgun pointed down?

These things take time and money

Oil rigs in Saudi Arabia according to Baker Hughes 

Bloomberg Jan - Russia capacity issues

 As mentioned a few months ago....troubles in Russian territory...people are starting to talk a lot more about spare capacity issues. Here is the recent headline from Bloomberg

Reference:

https://www.bloomberg.com/news/articles/2022-01-02/russia-december-oil-output-flat-signaling-lack-of-capacity

"Russia December Oil Output Flat, Signaling Lack of Capacity"

"Russia failed to boost oil output last month despite a generous ramp-up quota in its OPEC+ agreement, indicating the country has deployed all of its current available production capacity. "

Jan 6th - WTI Settlement price - Q1 22 over 54.3% complete

Oil above $75....every day above $70 is a great day!

We are 54.3% done Q1-2022 pricing (getting closer to Q2) just waiting on production volumes now.

2022 Information

January 5th WTI settled at $79.46 (Front month Feb 2022)

February 2022 contracts expire January 19th, 2022.

February 2022 contracts 61.8% complete

Q1 2022 contracts 54.3% complete 

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $72.75 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL!

Jan 5th - WTI Settlement price - Q1 22 over 53.3% complete

Oil above $75....every day above $70 is a great day!

We are 53.3% done Q1-2022 pricing (getting closer to Q2) just waiting on production volumes now.

2022 Information

January 5th WTI settled at $77.85 (Front month Feb 2022)

February 2022 contracts expire January 19th, 2022.

February 2022 contracts 58.8% complete

Q1 2022 contracts 53.3% complete 

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $72.59 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL!

Jan 5th ...EIA Report. Crude draw other builds

Also an SPR draw

Crude -2.144M 

SPR -1.346M

Gas +10.128M 

Dist +4.418M 

Cush +2.577M

ITEMS BELOW TO BE UPDATED LATER IN BLUE

WHITE IS UPDATED

BLUE FROM LAST WEEK

Other info

Domestic production flat 11.8 vs 11.8 last week

Imports 3.330

Exports 2.554

US crude inventories fell by 3.490 mb last week (commercial -2.144mb, SPR -1.346mb)

Updated Jan 5th

Crude Stock 92.5% of 5 yr average

Gas stock 96.2% of 5 yr average

Dis stock 85.9% of 5 yr average

Updated Dec 29nd

Updated Dec 15th

SPR below 600!!

Jan 4th - WTI Settlement price - Q1 22 over 52.2% complete

 Oil above $75....every day above $70 is a great day!

We are 52.2% done Q1-2022 pricing (getting closer to Q2) just waiting on production volumes now.

2022 Information

January 4th WTI settled at $76.99 (Front month Feb 2022)

February 2022 contracts expire January 19th, 2022.

February 2022 contracts 55.9% complete

Q1 2022 contracts 52.2% complete 

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $72.46 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL!

Clearwater tracking blog

Company information below (in yellow) 

1. Additional information I have noticed

2. Information from the Company website

Clearwater summary (based on March presentation)

> 500 net sections in the NW Clearwater fairway with > 120 prospective for Spirit River (Clearwater equivalent)

Executed second strategic land agreement with the Peavine Métis Settlement; increased land position by a further 20 sections to 80 contiguous sections 

Operations Update

• Eight producing wells at Peavine

• Successful Clearwater exploration well on Seal legacy lands in late 2021 with followup well in H2/2022

• Production increased from zero at the beginning of 2021 to > 3,000 bbl/d in January 2022

• Four Baytex wells rank as the top Clearwater wells drilled to-date on an initial rate basis; outperforming Baytex type curve assumptions

• 20 sections de-risked with potential for greater than 200 locations pending further success

Q1/2022 Activity

•  Three wells drilled in Q4/2021 brought onstream in January, including two wells on the 14-36 pad adjacent to the highest rate well drilled to-date and one appraisal well on the recently acquired 20 sections

•  2 rig program and ten wells 

2022 Budget

• Expect to bring 18 wells onstream

UPDATED MARCH PRESENTATION

Reference:

https://www.baytexenergy.com/files/pdf/corporate-handouts/2022/2022-03%20March%20Presentation.pdf

SPR down again. 1.3m from last week

 US SPR crude inventories fell by ~1.3mb w/w to 593.7mb last week. Lowest since Nov 2002.

Keep draining!

Wait for EIA...will be an interesting week.

Jan 3rd - WTI Settlement price - Q1 22 over 51.1% complete

Oil above $75....every day above $70 is a great day!

We are 51.1% done Q1-2022 pricing (getting closer to Q2) just waiting on production volumes now.

2022 Information

January 3rd WTI settled at $76.08 (Front month Feb 2022)

February 2022 contracts expire January 19th, 2022.

February 2022 contracts 52.9% complete

Q1 2022 contracts 51.1% complete 

2022

Q1 2022 BTE Cash Flow AFF Q1 = $TBD avg $72.35 (PRIOR YEAR $52.09)

2021

Q1 2021 BTE Cash Flow AFF Q1 = $157M avg WTI $52.09

Q2 2021 BTE Cash Flow AFF Q2 = $176M avg WTI $62.71

Q3 2021 BTE Cash Flow AFF Q3 = $198M avg WTI $70.57

Q4 2021 BTE Cash Flow AFF Q4 = $TBD avg WTI $76.04

Full Year 2021 WTI $65.34 FINAL!