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Recent moves by Baytex Energy (BTE) may have shored up the balance sheet and sufficiently increased cash flow. Baytex Energy began as a heavy oil producer. Up until 2014 that was a decent proposition. But just before the big price decline, management acquired the Eagle Ford properties and debt ballooned. The recent acquisition of Raging River (RRENF) should have increased cash flow enough to ensure a comfortable survival.
Source: Baytex Energy March 2020 Investor Presentation
As shown above, once oil prices declined, the key net debt ratio climbed to unacceptable