Baytex Announces Third Quarter 2023 Results

Calgary, Alberta–(Newsfile Corp. – November 2, 2023) – Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (“Baytex”) reports its operating and financial results for the three and nine months ended September 30, 2023 (all amounts are in Canadian dollars unless otherwise noted).

“Our third quarter results represent the first full quarter of combined operations following the Ranger acquisition and demonstrate the strength of our diversified North American oil-weighted portfolio. The integration has progressed extremely well and we have delivered strong results from Western Canada and the Eagle Ford in Texas. We are building momentum with current production exceeding 155,000 boe/d (84% oil and NGLs). Currently, we expect to generate free cash flow of approximately $400 million in Q4/2023 and $650 million for this year. As a result of this strong free cash flow, we have increased the pace of our share buyback program during the fourth quarter. We are also excited to announce two new land extensions at Peavine and Cold Lake as we continue to leverage our heavy oil expertise and recent exploration successes,” commented Eric T. Greager, President and Chief Executive Officer.

Highlights

• Generated production of 150,600 boe/d (85% oil and NGLs) in Q3/2023.
• Reported cash flows from operating activities of $444 million ($0.52 per basic share) in Q3/2023.
• Delivered adjusted funds flow⁽¹⁾ of $582 million ($0.68 per basic share) in Q3/2023.
• Generated free cash flow⁽²⁾ of $158 million ($0.19 per basic share) in Q3/2023.
• Exploration and development expenditures totaled $409 million in Q3/2023, consistent with our full-year plan.
• Repurchased 16.8 million common shares in Q3/2023, representing 2.0% of our shares outstanding, at an average price of $5.29 per share.
• Paid a quarterly cash dividend of $0.0225 per share ($0.09 per share annualized) on October 2, 2023.
• Brought 13 operated Eagle Ford wells onstream in Q3/2023, of which seven wells from three pads generated average 30-day initial production rates of approximately 2,000 boe/d (65% oil and NGLs) per well.
• Executed a two-rig drilling program at Peavine and brought 14 Clearwater wells onstream. Production at Peavine averaged 13,821 bbl/d in Q3/2023, up 69% from Q3/2022. Production during September averaged 16,400 bbl/d.
• Continued commercialization program in our Pembina Duvernay with six-well program delivering strong results.
• Expanded our heavy oil development fairway through two land extensions, including a 10-section agreement with the Peavine Métis settlement adjacent to our existing 80 section land position and a farm-in on 17.75 sections of land prospective for Mannville development near Cold Lake in northeast Alberta.

Quarterly Dividend

The Board of Directors declared a quarterly cash dividend of $0.0225 per share to be paid on January 2, 2024 for shareholders of record on December 15, 2023.

https://www.barchart.com/story/news/21677569/baytex-announces-third-quarter-2023-results