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Be the first with the news that moves the market- Baytex Energy (BTE) confirmed Monday, the State of Emergency in Alberta is forcing the company to temporarily cut its oil and gas production
- The province declared the State of Emergency over the weekend with more than 100 wildfires now burning
- The Calgary-based energy company has curtailed approximately 10,000 barrels of oil per day since May 5
- That figure represents approximately 70 percent of crude oil sales volumes.
- Baytex Energy (TSX:BTE) Stock is down 1.47 percent, trading at $4.69 at 2:04 pm ET
Baytex Energy (BTE) confirmed Monday, the State of Emergency in Alberta is forcing the company to temporarily cut its oil and gas production.
The province declared the State of Emergency over the weekend with more than 100 wildfires now burning.
The Calgary-based energy company has curtailed approximately 10,000 barrels of oil per day since May 5.
That figure represents approximately 70 percent of crude oil sales volumes.
As of Monday afternoon, approximately 60 percent of the curtailed volumes remain on-line and are producing into inventory.
The company said it is monitoring the rapidly-changing situation and will make changes as necessary.
The company is predominantly focused on the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin.
The company is far from the only entity being forced to pull back.
Pipeline operator TC Energy is halting some of its operations due to the out of control fires.
Baytex Energy (TSX:BTE) is down 1.47 percent, trading at $4.69 at 2:04 pm ET.
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