Producer · Mid-Tier · Upstream · Oil-weighted · Oil · Canada
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Baytex Canadian Portfolio
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Continuing Canadian operations of Baytex Energy following the December 19, 2025 divestiture of US Eagle Ford assets for net proceeds of US$2.2bn (C$3.0bn). Portfolio centred on heavy oil (Peace River, Peavine, Lloydminster) and light oil (Pembina Duvernay, Viking) across the Western Canadian Sedimentary Basin. 2025 average production of 65,528 boe/d (89% oil & NGL) representing 6% organic growth over 2024. 2026 budget targets 67,000-69,000 boe/d (3-5% organic growth) at E&D capex of C$550-625M; Q1/2026 forecast 68-69k boe/d with year-end exit ~70k boe/d. Sustaining breakeven US$52/bbl WTI. Reserves are evaluated annually by independent NI 51-101 qualified reserves evaluator McDaniel & Associates Consultants Ltd. After-tax impairment-test discount rates between 12% and 14% applied to proved plus probable reserves cash flows.
Portfolio Aggregate
Multiple effective dates
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Oil & Gas inventory & footprint
Multiple effective dates
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Operating · 5 projects
Lloydminster
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Heavy oil fairway targeting the broader Mannville stack across the Saskatchewan/Alberta border. 2025 production averaged 12,928 boe/d (98% heavy oil). Increased development activity in 2025 contributed to higher drilling and completion spend. Lloydminster CGU was assessed for impairment reversal in 2025 due to a decrease in the asset-specific discount rate; no reversal recorded as recoverable amount (C$327.2M) supported carrying value. After-tax discount rate applied was between 12% and 14% (proved plus probable reserves cash flow model). Five drilling rigs currently active across heavy oil fairway (split between Peavine Clearwater and Lloydminster Mannville).
Oil & Gas metrics
As at 31 December 2025
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Peace River
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Heavy oil operations in the Peace River area of northwestern Alberta. 2025 production averaged 11,374 boe/d (86% heavy oil, 14% natural gas). Part of Baytex's broader Canadian heavy oil business unit which collectively has 750,000 net acres and ~1,100 drilling locations supporting ~12 years of drilling. Cold flow primary heavy oil (not SAGD/thermal).
Oil & Gas metrics
As at 31 December 2025
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Peavine
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Heavy oil development in the Peavine area of Alberta targeting the Clearwater formation via multi-lateral primary horizontal wells. 2025 production averaged 19,235 bbl/d heavy oil (100% heavy oil). Largest producing area in Baytex's heavy oil business unit. 2026 program: advancing two waterflood pilot projects testing enhanced recovery and moderated decline rates; included in broader 91-well heavy oil drilling program planned onstream in 2026 across the heavy oil business unit. Five drilling rigs currently active across the heavy oil fairway (Peavine Clearwater + Lloydminster Mannville).
Oil & Gas metrics
As at 31 December 2025
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Pembina Duvernay
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Light oil unconventional shale play (Duvernay) in the Pembina area of Alberta — Baytex's premier light-oil growth asset. 91,500 net acres with approximately 210 identified drilling locations (58 proved + 11 probable booked + 141 unbooked). 2025 production averaged 8,328 boe/d (45% light oil & condensate, 33% NGL, 22% gas). 2026 development plan: one rig drilling a four-well pad on southern acreage with completions scheduled for Q2 and wells onstream by mid-year; remaining two pads onstream in Q3 and Q4. Production expected to increase 35% to average ~11,000 boe/d in 2026, with year-end exit target of 14,000-15,000 boe/d.
Oil & Gas metrics
As at 4 March 2026
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Oil & Gas inventory & footprint
As at 4 March 2026
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Viking
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Light oil tight oil development in the Viking play. 2025 production averaged 9,771 boe/d (80% light oil & condensate). Viking CGU recorded C$148.0M impairment in 2025 due to negative technical revisions in proved plus probable reserves; recoverable amount C$407.2M based on FVLCD model with after-tax discount rate between 12% and 14%. Drilling inventory: 457 net proved + 196 net probable + 263 unbooked locations as at Dec 31 2025 (total 916 net locations).
Oil & Gas metrics
As at 31 December 2025
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Oil & Gas inventory & footprint
As at 31 December 2025
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil equivalent (BOE)
Natural gas
NGL
Light oil
Heavy oil
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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