Dec 17 (Reuters) - Baytex Energy Corp BTE.TO :
* BAYTEX ANNOUNCES 2019 BUDGET
* APPROVED A 2019 CAPITAL BUDGET OF $550 TO $650 MILLION
* TARGETING 2019 CAPITAL EXPENDITURES TO APPROXIMATE ADJUSTED FUNDS FLOW (ASSUMES A WTI PRICE OF US$52/BBL)
* BAYTEX ENERGY - 2019 CAPITAL BUDGET DESIGNED TO GENERATE AVERAGE ANNUAL PRODUCTION OF 93,000 TO 97,000 BOE/D.
* TARGET A LONG-TERM PRODUCTION GROWTH RATE OF 5-10%
* BAYTEX - ADJUSTED FUNDS FLOW IN EXCESS OF CAPITAL EXPENDITURES, LEASE PAYMENTS AND ASSET RETIREMENT OBLIGATIONS WILL BE ALLOCATED TO DEBT REPAYMENT
* 2019 PROGRAM IS APPROXIMATELY 45% WEIGHTED TO FIRST HALF OF YEAR
* BAYTEX ENERGY - SEES 2019 AFFO EARNINGS PER SHARE $1.08
* BUDGET IS 90% WEIGHTED TO DRILLING AND COMPLETION ACTIVITIES.
* BASED ON MID-POINT OF 2019 GUIDANCE RANGE OF 95,000 BOE/D, APPROXIMATELY 62% OF PRODUCTION IS IN CANADA
* RECENTLY STREAMLINED EXECUTIVE TEAM WITH A REDUCTION OF THREE EXECUTIVE OFFICERS
* CONSOLIDATED PEACE RIVER AND LLOYDMINSTER OPERATIONS INTO ONE HEAVY OIL BUSINESS UNIT
* CHANGES SAW AN APPROXIMATE 10% REDUCTION IN HEAD OFFICE STAFF AND CONTRACTORS
* BAYTEX ENERGY - EXPECT A MODEST HEAVY OIL DEVELOPMENT PROGRAM THROUGH FIRST HALF OF 2019, WITH POTENTIAL TO SCALE ACTIVITY HIGHER SHOULD CRUDE OIL PRICES IMPROVE
* 2019 GUIDANCE ASSUMES CURTAILMENT OF APPROXIMATELY 1,000 BBL/D OF HEAVY OIL FOR FIRST SIX MONTHS OF YEAR