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Baytex Reduces Capex, 80% of Remaining to Eagle Ford
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Baytex Energy Corp. has announced that its Board of Directors has approved a revised 2015 capital budget of $500 to $575 million, down from an initial 2015 capital budget of $575 to $650 million.
Baytex also announces amendments to the financial covenants contained in its bank credit facilities which will provide the company with increased financial flexibility.
James Bowzer, President and Chief Executive Officer, said: "We will prudently manage our business in order to preserve financial flexibility in the current commodity price environment. We remain focused on creating long-term value for our shareholders."
The challenging oil price environment that occurred in late 2014 has continued into 2015. To maintain strong levels of financial liquidity, we have continued to evaluate our…
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