Baytex Energy (US:BTE)2020-07-30 18:44Company Overview - Baytex Energy Corp is listed on the TSX and NYSE under the ticker symbol BTE[12] - The company's production guidance for 2020 is between 78,000 and 82,000 boe/d[12] - As of December 31, 2019, Baytex's 2P gross reserves were 529 million boe[12] Financial Highlights - Baytex generated free cash flow of $329 million in 2019[9] - As of June 30, 2020, the company had approximately $300 million in liquidity[9, 18] - The company issued US$500 million principal amount of 8.75% senior unsecured notes due April 2027[15] Operational Adjustments due to COVID-19 - Baytex reduced its 2020 exploration and development capital expenditure guidance to between $260 million and $290 million, a 50% reduction from the previous $575 million[23] - The company voluntarily shut-in approximately 25,000 boe/d of production in April and May, with approximately 80% of shut-in volumes restarted in June[23] - Baytex is targeting approximately $98 million in cost reductions for 2020[3, 26] Environmental, Social, and Governance (ESG) - Baytex has established a target to reduce GHG emissions intensity by 30% by 2021[10, 58] - The company achieved a 15% reduction in GHG emissions intensity in 2019[15]