Amir Arif

Greg Pardy

Laique Ahmad Amir Arif

Menno Hulshof

Dennis Fong

Jeremy McCrea

- Baytex Energy Corp. generated **$143 million in free cash flow** and **$422 million** in adjusted funds flow, or **$0.55 per basic share**, in Q3 2025, while reducing net debt to **$2.2 billion**.  **[0001279495_2221546_0]** **[0001279495_2221546_1]** 
- The company achieved **record production in Pembina Dubernet**, averaging just over **10,000 BOE per day**, contributing to a total production average of **151,000 BOE per day**.  **[0001279495_2221546_0]** **[0001279495_2221546_1]** 
- Baytex revised its 2025 free cash flow forecast down to approximately **$300 million** from **$400 million**, attributing the change to lower commodity prices, but maintained its production guidance and expects to reach **$2.1 billion of net debt by year-end**.  **[0001279495_2221546_1]** 
- The company is targeting Pembina Dubernet production of **20,000 BOE per day by 2029** and plans an expanded Eagleford refract program in **2026**.  **[0001279495_2221546_1]**

BAYTEX ENERGY (BTE)