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. will release its first quarter 2024 financial and operating results on May 9, 2024. A conference call and webcast to discuss the results will be held on May 10, 2024. Baytex is an energy company engaged in the acquisition, development, and production of crude oil and natural gas in Canada and the US. The company's common shares trade on the TSX and NYSE under the symbol BTE.
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