BAYTEX ENERGY CORP.

8 Nov 2022drilling result▲ GoodMajor

Baytex's Q3 2022 report shows production of 83,194 boe/d (84% oil and NGL), adjusted funds flow of $284 million and free cash flow of $112 million, with net debt of $1.1 billion (0.9x trailing EBITDA), down 21% from $1.4 billion at year-end 2021. It bought back 21.6 million shares year to date (3.8% of shares) at an average $6.53, and sold non-core west central Alberta gas assets for net proceeds of $26 million. Eric Greager became President and CEO on November 4, 2022, succeeding Ed LaFehr, who left the board. Baytex plans to hit $800 million net debt by mid-2023 and then raise shareholder returns to 50% of free cash flow, with an ultimate $400 million target. Clearwater production at Peavine reached about 10,000 bbl/d in October. 2022 capital spending guidance rose to about $515 million.

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2 Nov 2018drilling result▲ GoodMajor

Baytex's Q3 2018 report (press release headline: strong results and a significant Duvernay light oil discovery) shows Q3 net income of $27.4 million versus a $9.2 million loss a year earlier, and a nine-month net loss of $94.1 million. Oil and gas properties rose to $5.89 billion from $3.96 billion at the end of 2017, and shares issued on the corporate acquisition added $1.24 billion to equity, consistent with the Raging River deal. Weighted average basic shares were 375.4 million in Q3 versus 235.5 million a year earlier. Bank loan was $488.8 million and long-term notes $1,514.5 million. Q3 included $13.1 million of transaction costs. The text seen does not include the Duvernay well details.

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