Exploration & Production | Production Rates | Capital Markets | Capital Expenditure | Drilling Program
Baytex Increases 2015 Budget
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Baytex Energy Corp. has announced that its Board of Directors has approved a 2015 capital budget of $575 to $650 million, which is designed to generate average production of 88,000 to 92,000 boe/d for 2015 after planned non-core asset sales of approximately 1,000 boe/d.
The Board of Directors has also approved a revised dividend level of $0.10 per share per month, down from $0.24 per share per month, currently.
James Bowzer, President and Chief Executive Officer, said: "Given the recent collapse in world oil prices, we believe our 2015 budget strikes the right balance between preserving our operational momentum in delivering organic production growth and managing our dividends prudently to maintain strong levels of financial liquidity."
The oil price environment has been extremely…
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