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Baytex to Spend +71% More in 2019; Bets Bulk on Viking, Eagle Ford
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Baytex Energy has planned a 2019 capital budget of $550 to $650 million, which is an increase of +71% from 2018.
The company noted that it is targeting 2019 capital expenditures to approximate adjusted funds flow (assumes a WTI price of US$52/bbl). The increase in spending is likely due to the company's $2.1B acquisition of Raging River Exploration - which closed in August 2018 (Raging River had a 2018 budget of $335 million and a 2017 budget of $365 million).The company expects to generate average annual production of 93,000 to 97,000 boe/d - up +36% from 2018's original guidance.
The 2019 program is approximately 45% weighted to the first half of the year and we have the operational flexibility to adjust our spending plans based on changes in commodity prices. The budget is 90%…
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