Baytex Energy: Cash flow expected to exceed requirements in 2010

By Lisa Kerner

Charlotte, N.C., Dec. 1 - Baytex Energy Trust continues to expect it will generate C$450 million of free cash flow this year, said Brian Ector, director of investor relations, at the Canaccord Genuity Global Energy Conference on Wednesday in Miami.

The company's total cash requirement for the year is C$423 million, which includes C$235 million for exploration and development and C$188 million for cash distribution.

"We are in fact likely to generate excess cash flow over and above our requirements for this year, something that I would suggest is somewhat unique in the energy space," Ector said.

Baytex had total debt of C$536 million and a debt-to-EBITDA ratio of 1.2 times at Sept. 30.

The company has C$168 million of unutilized credit facilities, interest coverage of 15.6 times and a debt-to-enterprise value of just 11%, according to Ector.

Ector noted that a Canadian dollar invested in Baytex in September 2003 would be worth about C$8 today.

The Calgary, Alta.-based issuer is a conventional oil and gas income trust engaged in the acquisition, development and production of oil and natural gas in the Western Canadian Sedimentary Basin.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.