Baytex Energy Corp. announces updated guidance for 2015 and enhanced sustainability through a reduced capital program and suspension of the monthly dividend.
"It is imperative that we position our company to withstand the current low commodity price environment. We are committed to taking the difficult but necessary steps to ensure the long-term sustainability of our business. We are also focused on driving our cost structure lower. Through negotiated cost savings with service providers, we have materially reduced the amount of exploration and development capital we must spend to maintain our production. Based on the current outlook, we anticipate an approximate 25% reduction in capital spending in 2016," commented James Bowzer, President and Chief Executive Officer.