Welcome to our dedicated page for Baytex Energy news (Ticker: BTE), a resource for investors and traders seeking the latest updates and insights on Baytex Energy stock.
Baytex Energy Corp. (TSX: BTE, NYSE: BTE) is a dividend-paying oil and gas corporation headquartered in Calgary, Alberta. The company is engaged in the acquisition, development, and production of crude oil and natural gas in two main regions: the Western Canadian Sedimentary Basin and the Williston Basin in the United States. Approximately 89% of Baytex's production is weighted toward crude oil, with a notable focus on heavy oil.
Key Operations and Assets:
- Western Canadian Sedimentary Basin: This region is crucial for Baytex's exploration, development, and production activities. The company has a strong foothold in this area, particularly in heavy oil production.
- Williston Basin: Located in the United States, this basin is another significant area for crude oil and natural gas production, contributing to Baytex's diversified energy portfolio.
Baytex consistently pays monthly dividends on its common shares, which are traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.
Recent Achievements and Financial Performance:
In its latest updates, Baytex announced a 2024 budget for exploration and development expenditures ranging from $1.2 to $1.3 billion. This budget aims to generate an average annual production of 150,000 to 156,000 barrels of oil equivalent per day (boe/d). The company expects to generate approximately $530 million of free cash flow in 2024, with a significant portion directed toward enhancing shareholder value through share buybacks and dividends.
Strategic Developments:
Baytex's strategic plan includes progressing key projects such as the Pembina Duvernay, further delineating its Clearwater and Mannville heavy oil positions, and achieving strong drilling and completion performance in the Eagle Ford shale in Texas. The company is also committed to improving its operational efficiencies, expecting an 8% reduction in drilling and completion costs in 2024.
Environmental and Social Responsibility:
As a responsible energy producer, Baytex is dedicated to reducing its greenhouse gas emissions, minimizing freshwater use, and reclaiming its assets at the end of their economic life. The company achieved its 65% GHG emissions intensity reduction target two years early and continues to set higher standards for environmental stewardship.
Investor Relations:
For further information about Baytex Energy Corp., please visit their website at www.baytexenergy.com or contact their investor relations team through the toll-free number 1-800-524-5521 or via email at investor@baytexenergy.com.
Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) has completed the sale of its Kerrobert thermal asset in southwest Saskatchewan for $42 million. The sold asset produced approximately 2,000 bbl/d of heavy oil. Following this non-core disposition, Baytex has updated its 2025 production guidance to 148,000-152,000 boe/d, down from the previous 150,000-154,000 boe/d. The company plans to apply the proceeds toward reducing bank debt. The sale is not expected to significantly impact their 2025 exploration and development expenditures or free cash flow profile.
Baytex Energy has announced its 2025 budget with exploration and development expenditures of $1.2-1.3 billion, targeting average annual production of 150,000-154,000 boe/d. The budget is based on US$65/bbl WTI price, with 60% of capital program weighted to first half of 2025.
The company plans to allocate 55-60% of expenditures to Eagle Ford assets and 40-45% to Canadian assets. Production mix will be 85% liquids and 15% natural gas. The company intends to split free cash flow equally between shareholder returns (buybacks and dividends) and balance sheet strengthening.
In the Eagle Ford, Baytex expects to bring 54 net wells onstream, while in Canada, plans include nine net wells in Pembina Duvernay, 90 net wells in Viking, and 112 net wells in heavy oil operations, including 33 Clearwater wells at Peavine.
Baytex Energy reported Q3 2024 results with production of 154,468 boe/d (86% oil and NGL), up 3% from Q3 2023. The company generated $220 million in free cash flow and returned $101 million to shareholders through share buybacks ($83 million) and dividends ($18 million). Net income was $185 million ($0.23 per share) with adjusted funds flow of $538 million. The company reduced net debt by 5% to $2.5 billion.
For full-year 2024, Baytex expects production of approximately 153,000 boe/d with exploration and development expenditures of $1.25 billion. Based on current forward strip prices, the company anticipates generating free cash flow of about $570 million ($0.71 per basic share) in 2024.
Baytex Energy Corp (TSX: BTE) (NYSE: BTE) has declared a quarterly cash dividend of CDN$0.0225 per share, payable on January 2, 2025, to shareholders of record on December 13, 2024. The U.S. dollar equivalent is approximately US$0.0163 per share, assuming a foreign exchange rate of 1.38 CAD/US. The dividend qualifies as an 'eligible dividend' for Canadian tax purposes and a 'qualified dividend' for U.S. tax purposes, subject to applicable withholding taxes for non-Canadian residents.
Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) has scheduled the release of its third quarter 2024 financial and operating results after market close on Thursday, October 31, 2024. The company will host a conference call and webcast to discuss the results on Friday, November 1, 2024, at 9:00 a.m. MST (11:00 a.m. EST). Participants can register through the company's website for express access, or dial in directly using the provided international and North American toll-free numbers. The webcast recording will be available shortly after the event and archived on the Baytex website for three months.
Baytex Energy (TSX: BTE, NYSE: BTE) reported strong Q2 2024 financial results, highlighting increased production, disciplined capital spending, and significant free cash flow.
Production averaged 154,194 boe/d, up 2% from Q1 2024. Crude oil production increased 4% to 110,734 bbl/d. Reported cash flow from operations was $506 million ($0.62 per share), and adjusted funds flow was $533 million ($0.65 per share). The company generated $181 million in free cash flow and returned $97 million to shareholders through buybacks and dividends.
Key achievements include repurchasing 16.4 million shares at an average price of $4.84 and paying a quarterly dividend of $0.0225 per share. Baytex executed a $340 million exploration and development program and completed a $575 million private placement offering. The company extended the maturity of its $1.1 billion credit facilities to May 2028 and maintained a total debt to Bank EBITDA ratio of 1.1x.
For full-year 2024, Baytex expects production between 152,000 to 154,000 boe/d and plans to generate $700 million in free cash flow, 75% of which is anticipated in H2. The company continues to focus on shareholder returns and debt reduction.
Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) has declared a quarterly cash dividend of CDN$0.0225 per share, payable on October 1, 2024, for shareholders of record on September 16, 2024. The U.S. dollar equivalent is approximately US$0.0163 per share, assuming a foreign exchange rate of 1.38 CAD/US. This dividend is designated an "eligible dividend" for Canadian tax purposes and a "qualified dividend" for U.S. income tax purposes. Baytex Energy Corp. is an energy company focused on crude oil and natural gas acquisition, development, and production in the Western Canadian Sedimentary Basin and the Eagle Ford in the United States.
Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) has announced the release of its second quarter 2024 financial and operating results on Thursday, July 25, 2024, after market close. The company will host a conference call and webcast on Friday, July 26, 2024, at 9:00 a.m. MST (11:00 a.m. EST) to discuss the results.
Interested parties can register for express access and calendar booking on the Baytex website. Dial-in options are available for those who prefer to speak with an operator. The webcast link and archived recording will be accessible on the company's website for three months following the event.
Baytex Energy Corp. is a Calgary-based energy company focused on the acquisition, development, and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and the Eagle Ford in the United States.
Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) announced the renewal of its Normal Course Issuer Bid (NCIB), permitting the repurchase of up to 70,112,570 common shares from July 2, 2024, to July 1, 2025. This equals 10% of Baytex's public float as of June 18, 2024, when 808,045,238 common shares were outstanding. The NCIB aims to return capital to shareholders and optimize per share metrics. Repurchases will occur on the TSX, NYSE, and other platforms at market prices, including compliance with Rule 10b-18 under the Securities Exchange Act of 1934. Baytex has an exemption allowing up to 10% of purchases through U.S. markets, valid until August 1, 2025. BMO Nesbitt Burns Inc. will facilitate the purchases under an automatic share purchase plan.
Baytex Energy Corp. held its annual meeting of shareholders where all matters were approved, including the election of directors, appointment of auditor, and approval of executive compensation. The company is engaged in the acquisition, development, and production of crude oil and natural gas in Canada and the US.
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