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Corporate Responsibility
Corporate Responsibility Environment, Health & Safety Baytex & Peace River Community Investment Community Policy IN FOCUS
Community InvestmentBaytex believes in supporting the communities in which our employees live and work.
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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 2013-2014 hedging positions are as follows:
Current Hedge Coverage
| Q2/2013 | Q3/2013 | Q4/2013 | FY2014 | |||
|---|---|---|---|---|---|---|
| Crude Oil | ||||||
| Natural Gas | ||||||
| % Volumes Hedged at Fixed Price (1)(2) | 24% | 24% | 24% | 6% | ||
| Average Fixed Price (US$/mmBtu) | 3.92 | 3.94 | 3.89 | 4.45 | ||
| % Volumes Hedged Using Collars | 28% | 28% | 28% | 9% | ||
| Average Collar Floor/Ceiling | 3.50/3.75 | 3.50/3.75 | 3.86/4.26 | 4.04/4.52 | ||
| Foreign Exchange | ||||||
| % of Foreign Exchange Hedged | 43% | 43% | 43% | - | ||
| Hedged Amount (US$ millions) | 87 | 87 | 85 | - | ||
| Average Swap Rate (CAD per USD) | 1.029 | 1.029 | 1.029 | - | ||
| Interest Rate (3) | ||||||
| Hedged Amount (US$ millions) | 45 | 45 | 45 | 135 | ||
| Fixed Rate | 4.22% | 4.22% | 4.22% | 4.22% | ||
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(1) Percentage of volumes hedged are based on mid-point of company guidance, net of royalties (i.e., hedgable volumes). (2) 2014 gas hedges include 2 mmcf/d swaptions which, if exercised by counterparty on Dec. 31, 2013, increase 2014 gas hedges to 11%. (3) Interest rate hedges for our US dollar bank line draw established in September 2009 are forward-starting pay-fixed swaps where the floating rate 3-month LIBOR has been swapped for the fixed rate noted. Interest rate hedges expire September 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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