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 BTE.UN 1 year  |  | | Sep 2, 2010 | | CAD $35.35 |  0.712% |
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|  | | Sep 2, 2010 | | USD $33.49 | 0.480% |
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|  | | Aug 31, 2010 | | CAD $240.00 | 3.779% |
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| Amount: CAD $0.18 per unit |
| Ex-Date: Aug. 27, 2010 |
| Record Date: Aug. 31, 2010 |
| Payment: Sept. 15, 2010 |
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2009 Corporate Profile
Q2 2010 Interim Report
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Company Description
Baytex Energy Trust is a Calgary, Alberta based oil and gas trust engaged in the acquisition, development and production of oil and natural gas in the Western Canadian Sedimentary Basin. The trust also has an emerging presence in the United States. With changes to trust taxation laws in Canada set to take effect January 1, 2011, Baytex’s current plan is to convert to a corporation, executing a growth-and-income model, by the end of 2010. Baytex is committed to maintaining its production and asset base through internal property development and delivering consistent returns to its unitholders. Baytex currently pays a monthly distribution of C$0.18 per unit. Baytex’s trust units are traded on the Toronto Stock Exchange under the symbol BTE.UN and on the New York Stock Exchange under the symbol BTE.
| (as of Aug. 9, 2010) |
YTD
High Price |
YTD
Low Price |
YTD Average Daily Volume |
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TSX: BTE.UN(C$)
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36.80 |
27.72 |
388,000 |
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NYSE: BTE(US$)
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36.23 |
25.64 |
234,000 |
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Operating Highlights
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Investment Perspective
- Proven operational and financial track record with industry-leading capital efficiencies
- Diversified asset portfolio with quality heavy oil, light oil and natural gas assets located in the United States and Western Canada
- Significant position in heavy oil and light oil resource plays
- Multi-year low-cost development inventory
- Strong balance sheet providing financial flexibility
- Long-term market out-performance but still compelling relative market valuation
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Snapshot of Baytex Energy Trust
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Aug. 9, 2010
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Q2 2010 |
Dec. 31, 2009 |
| Enterprise Value (C$, billion)* |
$4.4
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| Monthly Distribution (C$/unit) |
$0.18
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| Payout Ratio (before DRIP) |
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55% |
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| Production Volume (boe/d) |
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44,104 |
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| Net Asset Value (before taxes) |
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C$32.16 |
| P+P Reserves (MMboe) |
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197.0 |
| Reserve Life Index (P+P, years) |
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12.4 |
* calculated based on trading values as of Aug. 9, 2010 and trust units outstanding as of June 30, 2010.
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Operating Highlights
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Q2 2010 |
Q2 2009 |
| Production (before royalties) |
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| Light Oil & NGL (bbl/d) |
6,443 |
7,073 |
| Heavy Oil (bbl/d) |
28,263 |
23,284 |
| Total Oil (bbl/d) |
34,706 |
30,357 |
| Natural Gas (MMcf/d) |
56.4 |
60.2 |
| Oil Equivalent (boe/d) |
44,104 |
40,387 |
| Drilling Program |
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| Wells Drilled (gross/net) |
29/24.3 |
26/22.5 |
| Success Rate % (gross/net) |
100/100 |
100/100 |
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Financial Highlights
| (C$ thousand, except per unit amounts) |
Q2 2010 |
Q2 2009 |
| Petroleum & Natural Gas Sales |
241,564 |
193,239 |
| Funds from operations |
109,123 |
86,661 |
| Per Unit (basic) |
0.98 |
0.82 |
| Cash distributions declared |
46,761 |
32,569 |
| Per Unit |
0.54 |
0.36 |
| Trust Units Outstanding (000’s) |
111,259 |
106,988 |
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Capital Investment Efficiency
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2007-2009
3 Year Average |
| Capital Expenditures (C$ million) |
1,134(1) |
| Finding, Development & Acquisition – Proved plus Probable (C$/boe) |
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| Exploration & Development |
9.67 |
| Acquisitions – net |
14.41 |
| Total Corporate |
11.89 |
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| Recycle Ratio – Proved plus Probable Excluding FDC |
2.5 |
| Recycle Ratio – Proved plus Probable Including FDC |
1.9 |
| Reserves Replacement Ratio – P+P |
222% |
(1) Total capital expenditures for the 3 year period
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