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Baytex to Focus on Eagle Ford in 2016; Axes Heavy Oil Ops
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Baytex Energy Corp. reports its operating and financial results for the three months and year ended December 31, 2015 (all amounts are in Canadian dollars unless otherwise noted).
2016 Plans Capital Expenditure: $225-265 million Wells Plan to Complete : 30 net wells Rig Count: 4-5 rigs (Eagle Ford only) Risk ManagementAs part of our normal operations, we are exposed to movements in commodity prices, foreign exchange rates and interest rates. In an effort to manage these exposures, we utilize various financial derivative contracts which are intended to partially reduce the volatility in our FFO. We realized financial derivative gains of $30.4 million in Q4/2015 and $197.5 million for the full-year 2015. These gains were primarily due to crude oil prices being at levels significantly…
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