Baytex Energy Corp BTE

Competitive advantage analysis · energy

Corporate Default
Overall moat score
50/100
Developing

Ranked against 92 peers in Oil & Gas E&P

About Baytex Energy Corp

Baytex Energy Corp., an energy company, engages in the acquisition, development, and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford, the United States. It offers light oil and condensate, heavy oil, natural gas liquids, and natural gas. The company also holds interest in the Eagle Ford property in Texas; Viking … Full BTE analysis →

Key strengths

  • Consistent Cash Generation Cash generation is strong and consistent (score 0.74).
  • Margins Stable Across Cycles Operating margin volatility is low (stability score 0.78), demonstrating pricing resilience across cycles.

Key risks

  • Scale Without Profitability Despite scale, profitability lags peers (score 0.31), suggesting limited competitive advantage.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Developing
50
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Cost Advantage

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Signals, strengths and risks for Customer Stickiness

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Resilience

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Signals, strengths and risks for Scale & Market Position

Where BTE ranks in Oil & Gas E&P

Baytex Energy Corp ranks #42 of 93 scored companies in Oil & Gas E&P by moat score — the top 45%. The widest moat in the group is Texas Pacific Land Corporation (TPL) at 84/100.

# Company Moat score Rating
38 CNX Resources Corporation CNX 54/100 Moderate
39 Kolibri Global Energy Inc. KGEI 54/100 Moderate
40 Antero Resources Corporation AR 53/100 Moderate
41 Mach Natural Resources LP MNR 51/100 Moderate
42 Baytex Energy Corp BTE 50/100 Developing
43 Murphy Oil Corporation MUR 49/100 Developing
44 San Juan Basin Royalty Trust SJT 49/100 Developing
45 Diversified Energy Company plc DEC 49/100 Developing
46 Expand Energy Corporation EXEEZ 48/100 Developing

See every Commodities & Mining company ranked by moat score →

How BTE scores on the Corporate Default defenses

Pricing Power

Score 50 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 56 · 15% of the moat score

A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.

Customer Stickiness

Score 66 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 20 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 72 · 17% of the moat score

Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.

Scale & Market Position

Score 38 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding BTE's moat

What is Baytex Energy Corp's moat score?

Baytex Energy Corp (BTE) scores 50 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #42 of 93 scored companies in Oil & Gas E&P, the top 45%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 92 companies in Oil & Gas E&P. Its strongest defense is Resilience (72/100) and its weakest is Capital Efficiency (20/100).

How does Baytex Energy Corp compare with other Oil & Gas E&P companies?

Baytex Energy Corp ranks #42 of 93 scored companies in Oil & Gas E&P by moat score. The widest moat in Oil & Gas E&P is Texas Pacific Land Corporation (TPL) at 84/100. The companies ranked closest are Mach Natural Resources LP (MNR) at 51 just above it and Murphy Oil Corporation (MUR) at 49 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 92 companies in Oil & Gas E&P. The defenses are then weighted to produce the overall score out of 100.

Why is Baytex Energy Corp scored with the Corporate Default template?

Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.

Which competitive defenses are measured for Baytex Energy Corp?

The Corporate Default template measures 6 defenses, and BTE scores: Pricing Power (50), Cost Advantage (56), Customer Stickiness (66), Capital Efficiency (20), Resilience (72), Scale & Market Position (38). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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