Capital Markets | Capital Expenditure | Drilling Program - Wells | Capital Expenditure - 2021
Canadian E&P to Increase Drilling by 74% In 2021; 130 Wells
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Baytex Energy Corp. has approved a 2021 capital budget of $225 to $275 million (down 9% at the midpoint from 2020).
While spending is slightly declining YOY, the company plans to drill 51 more wells (+74%) in the Viking play in 2021.
The Eagle Ford will be basically flat in terms of wells and Heavy Oil well count will be reduced by 26%.
The 2021 capital program is expected to be equally weighted to the first and second half of the year and assumes $35/barrel WTI.
2021 Budget Highlights:- 2021 Capex: $225-275 million
Canada Viking: $101-124 million (45%) Eagle Ford: $90-110 million (40%) Canada Heavy Oil: $22.5-27.5 (10%) East Duvernay: $11-14 million (5%)- 2021 D&C Plans: 138 net wells confirmed (possibility of up to 172 net wells - see below)
Canada Viking: 120 net…- ✓ Full news archive — U.S., Canada & international coverage
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