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Baytex Revises 2015 Production & Capital Guidance; 84,000 Boe/d
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Baytex Energy Corp. has announced updated guidance for 2015 and enhanced sustainability through a reduced capital program and suspension of the monthly dividend.
Sustainability in a Low Crude Oil Price EnvironmentWe are suspending our monthly cash dividend after the September 15, 2015 payment previously declared. We believe this is a prudent step to minimize additional bank borrowings during this period of extremely low commodity prices. We continue to believe in returning a portion of our funds from operations to shareholders under normal operating conditions. However, based on the current forward strip, we would not generate sufficient funds from operations to pay a dividend. We will reinstate the monthly dividend when commodity prices recover to a supportive level.
We expect total…
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