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Q3 2011 VideoBaytex's President & CEO, Anthony Marino discusses the Q3 2011 results and recent divestitures See our video »
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Corporate Responsibility
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Hedging
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- Hedging
Baytex is authorized by its Board of Directors to hedge up to 50% of its net exposure to commodity prices, interest rates and foreign exchange notes. Transactions in excess of this level must be pre-authorized by the Board of Directors. The details of our 2011 an 2012 hedging positions (see the pdf link at the bottom for all our hedging positions) are as follows:
Current Hedge Coverage
| 2nd Half 2011 | Full Year 2012 | Full Year 2013 |
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|---|---|---|---|---|---|
| Crude Oil | |||||
| % of Crude Oil Volumes Hedged (1) | |||||
| Fixed Price (2H2011 average: US$91.18/bbl, 2012 average: US$92.61/bbl) | 29% | 20% | 0% | ||
| Costless Collars (Floor-Ceiling: 2011: US$85.00/bbl - US$117.00/bbl, 2012: US$97.50/bbl - US$105.92/bbl) (2) | 16% | 4% | 0% | ||
| 45% | 24% | 0% | |||
| Heavy Oil Differentials | |||||
| % of Heavy Oil Volumes Hedged (1) | 39% | 22% | 21% | ||
| Equivalent Fixed Differential to WTI (US$/bbl) | 16.21 | 17.04 | 19.00 | ||
| Equivalent Percent Differential, % of WTI | 17.8% | 17.9% | 20.5% | ||
| (equivalent differentials using WTI prices: 2H2011: US$91.41/bbl, 2012: US$95.99/bbl, 2013: US$92.69/bbl) | |||||
| Natural Gas | |||||
| % of Natural Gas Volumes Hedged (1) | |||||
| Costless Collars (Floor-Ceiling: 2011: C$5.80/mcf - C$7.49/mcf) | 6% | 0% | 0% | ||
| Fixed Price (Average Price: 2011: C$4.76/mcf; 2012: C$4.39/mcf) | 31% | 17% | 0% | ||
| Sold Calls (Average Strike/Premium: 2011: US$5.67/mmbtu/ US$0.50/mmbtu; 2012: US$5.25/mmbtu / US$0.48/mmbtu) | 15% | 15% | 0% | ||
| Total Natural Gas | 52% | 32% | 0% | ||
| Condensate Purchases | |||||
| % of Condensate Requirement Purchased | 46% | 0% | 0% | ||
| Equivalent Premium (Discount) to WTI (US$/bbl) | 2.18 | ||||
| Foreign Exchange | |||||
| % of Foreign Exchange Hedged | 38% | 19% | 9% | ||
| Hedged Amount (US$ millions) | 155 | 160 | 70 | ||
| Average Swap Rate (USD/CAD) | 0.9710 | 0.9734 | 0.9919 | ||
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(1) Percentage of 2011 volumes hedged are based on 50,000 boe/d (low end of company guidance), net of royalties (i.e., hedgable volumes). (2) Average of WTI collar ranges are: 2011: US$89.46/bbl (floor) and US$95.66/bbl (ceiling), and 2012: US$98.92/bbl (floor) and US$104.92/bbl (ceiling). See notes to financial statements for individual collar contracts. |
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Interest Rate Hedge Positions
| Interest Rate (for Sr Unsecured Debentures) | ||
|---|---|---|
| Hedged Amount (C$ million) | 150 | |
| Swap Type | Receive-Fixed | |
| Floating Rate | 3-month LIBOR + 787.5 bps | |
| Fixed Rate | 915 bps | |
| Term of Contract | Oct 2009 - Sept 2011 | |
| Interest Rate (for US$ Bank Line Draw) | ||
| Hedged Amount (US$ million) | 90 | 90 |
| Swap Type | Forward-Starting Pay-Fixed | Forward-Starting Pay-Fixed |
| Floating Rate | 3-month LIBOR | 3-month LIBOR |
| Fixed Rate | 4.055% | 4.385% |
| Term of Contract | Oct 2011 - Sep 2014 | Oct 2012 - Sep 2014 |
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Our operations are organized into Canadian Heavy Oil, Canadian Light Oil and Gas and United States business units.
In addition to shareholders, Baytex has a responsibility to the communities in which we work and do business.
Learn more about the
business of heavy oil in our marketing section.
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