Baytex Energy Corp. ( (BTE) ) has released its Q3 earnings. Here is a breakdown of the information Baytex Energy Corp. presented to its investors.
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Baytex Energy Corp., headquartered in Calgary, Alberta, is a North American oil and gas producer primarily operating in the Western Canadian Sedimentary Basin and the Eagle Ford in the United States, focusing on the acquisition, development, and production of crude oil and natural gas.
In its third-quarter 2024 earnings report, Baytex Energy Corp. highlighted a solid financial performance, generating significant free cash flow and delivering shareholder returns through share buybacks and dividends. The company also emphasized its commitment to maintaining a strong balance sheet and stable production.
Key financial highlights from the third quarter include the generation of $220 million in free cash flow and the return of $101 million to shareholders. Baytex reported a 3% increase in production compared to the same period last year, averaging 154,468 boe/d, with 86% of production being oil and natural gas liquids. The company successfully reduced its net debt by 5% during the quarter and 12% over the last year, while maintaining a debt-to-EBITDA ratio of 1.0x.
The company’s outlook remains positive with anticipated full-year 2024 production of approximately 153,000 boe/d and exploration and development expenditures aligning with previous guidance. Baytex plans to prioritize free cash flow and maintain stable crude oil production amid current commodity price conditions.
Looking ahead, Baytex Energy Corp. is set to release its 2025 budget in December, with a continued focus on free cash flow generation and shareholder returns, while adjusting its growth profile to the prevailing market environment.
