16 Apr 2012dividend declaration● Neutral
Baytex confirmed a $0.22 per share dividend for April, payable May 15, 2012 to holders of record April 30, 2012. The annualized $2.64 is about a 5.3% yield at a $49.40 share price. The rate is unchanged.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Mar 2012dividend declaration● Neutral
Baytex confirmed a $0.22 per share dividend for March, payable April 13, 2012 to holders of record March 30, 2012. The annualized $2.64 is about a 5.0% yield at a $52.30 share price. The rate is unchanged.
16 Feb 2012dividend declaration● Neutral
Baytex confirmed a $0.22 per share dividend for February, payable March 15, 2012 to holders of record February 29, 2012. The annualized $2.64 is about a 4.7% yield at a $55.60 share price. The rate is unchanged from January.
17 Jan 2012dividend declaration● Neutral
Baytex confirmed a $0.22 per share dividend for January, payable February 15, 2012 to holders of record January 31, 2012. The annualized $2.64 is about a 4.7% yield at a $55.90 share price. The release also warns non-resident shareholders that new Canada Revenue Agency rules may require them to certify tax treaty eligibility; until registered holders return the form mailed December 2, 2011, the lower treaty withholding rate will not be applied.
16 Dec 2011dividend declaration● Neutral
Baytex confirmed the $0.22 per share dividend for December, payable January 17, 2012 to holders of record December 30, 2011, an eligible dividend for Canadian tax purposes. The annualized $2.64 is about a 5.1% yield at a $52.24 share price. This is the first payment at the higher rate announced December 6.
6 Dec 2011dividend declaration▲ GoodMajor
Baytex set a 2012 capital budget of $400 million (versus $355 million in 2011) aimed at 54,000-55,000 boe/d of production, against current 2011 guidance of 50,000-50,500 boe/d. It raised the monthly dividend 10% to $0.22 from $0.20 starting with the December 2011 dividend payable January 17, 2012, cut the discount on treasury shares issued under the dividend reinvestment plan to 3% from 5%, and reported that the Dodsland, Saskatchewan sale (13,200 net hectares, about 60 bbls/day, $36 million) closed November 24, 2011 with proceeds used to reduce bank debt.
16 Nov 2011dividend declaration● Neutral
Baytex confirmed a $0.20 per share dividend for November, payable December 15, 2011 to holders of record November 30, 2011, an eligible dividend for Canadian tax purposes. The annualized $2.40 is about a 4.5% yield at a $53.50 share price. The rate is unchanged.
18 Oct 2011dividend declaration● Neutral
Baytex confirmed a $0.20 per share dividend for October, payable November 15, 2011 to holders of record October 31, 2011, an eligible dividend for Canadian tax purposes. The annualized $2.40 is about a 4.8% yield at a $50.25 share price. The rate is unchanged.
15 Sept 2011dividend declaration● Neutral
Baytex confirmed a $0.20 per share dividend for September, payable October 17, 2011 to holders of record September 30, 2011, an eligible dividend for Canadian tax purposes. The annualized $2.40 is about a 5.2% yield at a $46.02 share price. The rate is unchanged.
15 Aug 2011dividend declaration● Neutral
Baytex confirmed a $0.20 per share dividend for August, payable September 15, 2011 to holders of record August 31, 2011, again an eligible dividend for Canadian tax purposes. The annualized $2.40 is about a 4.8% yield at a $50.24 share price. The rate is unchanged.
14 July 2011dividend declaration● Neutral
Baytex confirmed a $0.20 per share dividend for July, payable August 15, 2011 to holders of record July 29, 2011, and designated it an eligible dividend for Canadian tax purposes. The annualized $2.40 is about a 4.6% yield at a $52.18 share price. The rate is unchanged.
15 June 2011dividend declaration● Neutral
Baytex confirmed a $0.20 per share dividend for June, payable July 14, 2011 to holders of record June 30, 2011. The annualized $2.40 is about a 4.7% yield at a $50.62 share price. The rate is unchanged.
15 Apr 2011dividend declaration● Neutral
Baytex confirmed a $0.20 per share dividend for April, payable May 16, 2011 to holders of record April 29, 2011. The annualized $2.40 is about a 4.2% yield at a $57.12 share price. The rate is unchanged.
16 Mar 2011dividend declaration● Neutral
Baytex confirmed a $0.20 per share dividend for March, payable April 14, 2011 to holders of record March 31, 2011. The annualized $2.40 is about a 4.6% yield at a $52.39 share price. The rate is unchanged.
16 Feb 2011dividend declaration● Neutral
Baytex confirmed a $0.20 per share dividend for February, payable March 15, 2011 to holders of record February 28, 2011. The annualized $2.40 is about a 4.6% yield at a $51.67 share price. The monthly rate is unchanged.
27 Jan 2011dividend declaration● Neutral
Baytex opened its dividend reinvestment plan to U.S.-resident shareholders. Shares bought through the plan from treasury are issued at a 5% discount to the average market price, and Baytex says it currently intends to issue from treasury, which would add new shares; it can change or remove the discount at any time.
18 Jan 2011dividend declaration● Neutral
Now filing as Baytex Energy Corp., the company confirmed a $0.20 per share dividend for January, payable February 15, 2011 to holders of record January 31, 2011. The annualized $2.40 is about a 5.0% yield on a $48.05 share price. This is the first dividend notice after the conversion and holds the level set in December 2010.
7 Dec 2010dividend declaration▲ GoodMajor
Baytex set a 2011 capital budget of $325 million (up from $235 million in 2010) aiming for 47,000-48,000 boe/d production, and raised the monthly payout to $0.20 from $0.18 (11% increase), also applying to the final trust distribution for December 2010 payable January 17, 2011. Credit facilities rise to $625 million from $550 million (about $250 million currently available), and an independent evaluator (Sproule) estimated contingent resources (not reserves) on three plays at 551 million to 1.08 billion barrels, best estimate 713 million. The release confirms the planned conversion from trust to corporation (Baytex Energy Corp.) is expected to complete December 31, 2010, subject to a unitholder vote on December 9, 2010 and court and regulatory approvals.
15 Apr 2010business combination▲ GoodMajor
Baytex agreed to buy the shares of a private company with heavy oil assets near Lloydminster in southwest Saskatchewan for about $40.9 million cash (net of working capital), to be funded from its revolving credit facility. The assets produce about 900 barrels of oil per day and include roughly 32,100 net acres of undeveloped land; closing is expected in late May 2010, subject to shareholder, regulatory and court approvals. Baytex estimates it adds 2% to funds from operations and production per unit, and its 2010 capital budget stays at $235 million.
14 Apr 2009capital raising announcement● NeutralMajor
Baytex closed the bought deal announced in March, issuing 7,935,000 trust units at $14.50 for gross proceeds of $115,057,500, including the full 1,035,000-unit over-allotment option. Proceeds will first go to general working capital and may later fund capital spending or repay debt; this completes the financing and increases the unit count.
2 Apr 2009regulatory community update● Neutral
Baytex filed the preliminary Canadian prospectus for the 6,900,000-unit, $100,050,000 offering announced on March 23, 2009, at $14.50 per unit (net about $95.0 million after a 5% underwriters' fee). It notes proceeds may be used to repay a portion of debt owed to banks that are lenders to Baytex Energy and parent companies of five of the underwriters. This is the paperwork step for the announced financing, not a new deal.
23 Mar 2009capital raising announcement● NeutralMajor
Baytex agreed to sell 6,900,000 trust units at $14.50 each to a group of underwriters led by TD Securities, for gross proceeds of $100,050,000 (up to $115,057,500 if the underwriters' extra 1,035,000-unit option is used). Proceeds are for general corporate purposes; closing is expected around April 14, 2009. Issuing new units dilutes existing unitholders.
10 Apr 2008business combination▲ GoodMajor
Baytex agreed to buy Burmis Energy Inc., a west central Alberta producer, by issuing 0.1525 Baytex trust unit for each Burmis share, valuing the deal at about $181 million (8% premium for Burmis holders at the 10-day average prices). Closing is expected in June 2008, subject to Burmis shareholder, court and regulatory approvals; Baytex estimates it adds 4% to cash flow per unit and 3% to production per unit. Existing Baytex unitholders are diluted by the new units issued.
4 Dec 2006financial restatement● Neutral
Baytex Energy Trust said it will restate its U.S. GAAP reconciliation for 2003-2005 after an internal check in November 2006 found errors in how Canadian and U.S. accounting differences were handled. The filing says Canadian GAAP statements and reported revenue and cash flow are unchanged; U.S. GAAP accumulated earnings rise by $170.6 million to December 31, 2005, while 2005 U.S. GAAP net income falls by $6.5 million (interest rate swap) plus $0.4 million (non-controlling interest), or $0.10 per unit.