March 21, 2019 - 7:18 AM EDT
Baytex Energy: Mr. Market Is Still Stuck On The Fourth Quarter


Baytex Energy: Mr. Market Is Still Stuck On The Fourth Quarter

Baytex Energy (BTE) reported the fourth-quarter results. Adjusted funds flow fell to a disappointing C$110 million for the fourth quarter of 2018. Now, however, oil prices have rallied, and Alberta has tackled the takeaway issues. This has led to a doubling of the projected quarterly adjusted cash flow to C$200 million as shown below.

Source: Baytex Energy March 2019 Investor Presentation

Oil prices have rallied and some takeaway capacity issues have clearly eased for this forecast by management. Yet the market is still expecting disaster. This market sees ghosts and skeletons everywhere.

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Source: SeekingAlpha (March 21, 2019 - 7:18 AM EDT)