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Strategies & Market Trends : Natural Resource Stocks -- Ignore unavailable to you. Want to Upgrade?

To: roguedolphin who wrote (108750)	12/21/2025 8:48:45 PM
From: roguedolphin	1 Recommendation Recommended By isopatch Respond to of 108765

Calgary, Alberta--(Newsfile Corp. - December 19, 2025) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex" or the "Company") today announced that it has closed the sale of its U.S. Eagle Ford Assets for net proceeds of US$2.14 billion (approximately $2.96 billion in Canadian dollars) after closing adjustments. This strategic divestiture significantly strengthens Baytex's financial position and sharpens its focus on a high-return Canadian energy platform, positioning the Company for long-term value creation. With the closing of the transaction, Baytex is now in a net cash position. The Company intends to use a portion of these proceeds to repay its outstanding credit facilities and redeem its outstanding 8.500% Senior Notes due 2030 (the "2030 Notes") and has also commenced a cash tender offer for its US$575 million of outstanding 7.375% Senior Notes due 2032 (the "2032 Notes"). < Baytex will be effectively debt free after the dust settles. Baytex remains committed to returning a significant portion of the net proceeds (after debt repayment) to shareholders and intends to resume purchases under its normal course issuer bid. Baytex expects to release its 2026 guidance on December 22, 2025. BTE.TO closed at $4.29Cdn on December 19 ($3.09US) < As of today the $Cdn to $US dollar exchange rate is 0.72. TipRanks: Since the South Texas Sale was announced on November 12th, five energy sector analysts have submitted updated forecasts to TipRanks range from $4.75 to $6.00 Canadian with an average of $5.30Cdn. As of today, my updated valuation is $5.90Cdn ($4.25US). After Baytex announces guidance for 2026 on Monday, December 22nd a lot of the energy sector analysts will update their price targets. My current forecast/valuation model has been posted to the EPG website. It is based on Baytex's production averaging 70,000 Boepd in 2026 and 75,000 Boepd in 2027. Production mix is expected to be 18% Light Oil & Condensate, 66% heavy oil, 5% NGLs, and 11% natural gas. Baytex's realized prices in Q3 2025, including cash settlements on their hedges, were: $Cdn Dollars > $87.52/bbl for Light Oil & Condensate > $78.99/bbl for Heavy Oil > $23.60/bbl for NGLs > $2.16/mcf for natural gas < Much lower for their Canadian gas Dan Steffens Energy Prospectus Group

To: roguedolphin who wrote (108750)	12/21/2025 10:40:46 PM
From: robert b furman	2 Recommendations Recommended By roguedolphin sixty2nds Respond to of 108765

Hi Rogue, Just a note of appreciation for that link on energyrogue.com. I also read and agree with GOEHRING & ROZENCWAJG that permian has reached a decline (they say October 2024). I have NOG and they note some of their operators have backed off future drilling. There are some well healed operators that don't mind stopping production or depleting it for sure, until prices go up. KEEP IT IN THE GROUND TILL THE PRICE IS RIGHT, is beginning, not big but out there to be known to a small beginning degree. G&R talks in generalities ER.com looked to have good detailed numbers. The real long term driver will be India PLUS in no small way the emerging markets - where population is growing! IEA always misses the faster growing EM demand. They simply want to get where we are, but we've spent trillions on unreliable (during ZIRP) and more importantly more expensive (in the total view , which also shows in our energy bills) = renewables are not well intended. Hope for a final shake out dip (where dividend keep on getting made) PLUS MORE IN THE LONG TERM. All Good Reads and I really like the Dan Steffens notes on his 16 gassers. Good FA numbers. Mostly showing acquisitions and mergers amongst minors, majors still adjusting AND benefitting from their terms a year plus ago. Although scale is considered an advantage, I still like a high tech, well capitalized and operating at lower costs like PR.. They claim the lowest cost per lateral foot drilled. Definition is not known. They (PR) are only doing 3-4 mile laterals now (after learning how to do it safely), and running Duel Fuel electric generators. I know some roughnecks and the torque on a pipe is very high. Lord knows what it is on a 4 mile lateral pipe. YIKES! Thanks again. Bob