Research analysts who have asked questions during BAYTEX ENERGY earnings calls.
AA
Amir Arif
ATB Capital Markets
3 questions for BTE
Also covers: OILSF, VET
GP
Greg Pardy
RBC Capital Markets
2 questions for BTE
Also covers: CNQ, CVE, GTE +4 more
LA
Laique Ahmad Amir Arif
National Bank Financial
2 questions for BTE
Also covers: OILSF, VET
MH
Menno Hulshof
TD Cowen
2 questions for BTE
Also covers: CNQ, CVE, IMO +2 more
Dennis Fong
CIBC World Markets
1 question for BTE
Also covers: CNQ, CVE, IMO +2 more
Jeremy McCrea
BMO Capital Markets
1 question for BTE
Also covers: OBE, VET
Recent press releases and 8-K filings for BTE.
Baytex Energy Corp. Reports Strong Canadian Reserves Growth and Operations Update
BTE
Guidance Update
Share Buyback
New Projects/Investments
- Baytex Energy Corp. announced its year-end 2025 reserves and operations update, following the strategic divestiture of its U.S. assets to focus on its Canadian energy platform.
- The company entered 2026 with a net cash position of approximately $857 million and plans to return a significant portion of net proceeds to shareholders, prioritizing share buybacks, and maintaining an annual dividend of $0.09 per share. Through January 30, 2026, 17.1 million common shares were repurchased for $78 million at an average price of $4.55 per share.
- Baytex reported significant Canadian reserves growth at year-end 2025, with Proved Developed Producing (PDP) reserves increasing 12% to 69 MMboe, Proved (1P) reserves increasing 15% to 151 MMboe, and Proved Plus Probable (2P) reserves increasing 9% to 282 MMboe.
- For 2025, consolidated production averaged 145,079 boe/d, with Canadian production growing 6% over 2024 to 65,528 boe/d. The company targets 2026 annual Canadian production of 67,000 to 69,000 boe/d with exploration and development expenditures of $550 to $625 million.
5 days ago
Baytex Energy Corp. Announces 2026 Budget, Three-Year Outlook, and Executive Appointment
BTE
Guidance Update
Share Buyback
Management Change
- Baytex Energy Corp. approved a 2026 capital budget of $550 to $625 million, targeting 3% to 5% production growth and average annual production of 67,000 to 69,000 boe/d. The budget is based on a US$60/bbl WTI price and reflects an improved sustaining breakeven price of US$52/bbl.
- The company plans to return a significant portion of Eagle Ford sale proceeds to shareholders, including resuming its Normal Course Issuer Bid (NCIB) and maintaining an annual dividend of $0.09 per share. Baytex also secured an updated $750 million credit facility, extending its maturity to 2030.
- Baytex's three-year outlook (2026-2028) projects 3%-5% annual production growth, reaching approximately 75,000 boe/d in 2028, while maintaining a net cash position. The company will focus on its Canadian assets, including targeting 30% annual production growth in the Pembina Duvernay by 2028.
- Chad E. Lundberg has been appointed President and Chief Operating Officer, effective December 22, 2025. Additionally, two directors, Tiffany (TJ) Thom Cepak and Angela S. Lekatsas, will step down effective January 1, 2026.
Dec 22, 2025, 12:26 PM
Baytex Energy Corp. Announces Expected Eagle Ford Sale Closing and Early Tender Offer Results
BTE
M&A
Debt Issuance
- Baytex Energy Corp. expects to close the previously announced sale of its U.S. Eagle Ford assets on December 19, 2025.
- As of the early tender date of December 12, 2025, US$480,717,000 of the US$575 million outstanding 7.375% Senior Notes due 2032 were validly tendered in a cash tender offer.
- The total consideration for the 2032 Notes is US$1,040 for each US$1,000 principal amount, which includes an early tender payment of US$40.
- The early settlement date for the tendered notes is expected to be December 22, 2025, and the tender offer will remain open until December 30, 2025. The obligation to purchase the notes is conditioned upon the consummation of the Eagle Ford Asset Sale.
Dec 15, 2025, 1:14 PM
Baytex Announces Cash Tender Offer for 2032 Senior Notes and Intent to Redeem 2030 Senior Notes
BTE
Debt Issuance
M&A
- Baytex Energy Corp. has commenced a cash tender offer to purchase its US$575 million outstanding 7.375% Senior Notes due 2032, offering a total consideration of US$1,040 per US$1,000 principal amount for early tenders by December 12, 2025.
- The company also announced its intent to redeem all US$759,440,000 outstanding principal amount of its 8.500% Senior Notes due 2030, with the redemption scheduled for December 22, 2025.
- Both the tender offer and the redemption are conditional upon the consummation of the previously announced Eagle Ford Asset Sale.
Dec 1, 2025, 11:01 PM
Baytex Energy Corp. to Divest U.S. Eagle Ford Assets for US$2.305 Billion
BTE
M&A
Share Buyback
Dividends
- Baytex Energy Corp. has entered into a definitive agreement to sell its U.S. Eagle Ford assets for US$2.305 billion (approximately $3.25 billion Canadian) in cash, with the transaction expected to close in late 2025 or early 2026.
- The divestment aims to recapitalize the balance sheet, resulting in an initial net cash position and plans to repay outstanding credit facilities and 2030 Senior Notes.
- Baytex intends to resume share repurchases and return a significant portion of the proceeds to shareholders, while expecting to maintain its current dividend of $0.09 per share (annualized).
- Post-transaction, Baytex will focus on its Canadian portfolio, targeting an annual production growth rate of 3-5% and achieving a corporate sustaining break-even of US$52/bbl.
Nov 12, 2025, 2:53 PM
Baytex Energy Corp. Reports Solid Q3 2025 Results and Updates Full-Year Guidance
BTE
Earnings
Guidance Update
Share Buyback
- Baytex Energy Corp. reported Q3 2025 production of 150,950 boe/d and generated $143 million in free cash flow ($0.19 per basic share).
- The company achieved record Pembina Duvernay production of 10,185 boe/d, marking a 53% increase from Q2 2025.
- Net debt was reduced by $50 million (2%) during Q3 2025, maintaining a total debt to Bank EBITDA ratio of 1.1x.
- Baytex anticipates full-year 2025 production of approximately 148,000 boe/d and expects to generate approximately $300 million in free cash flow, targeting net debt of approximately $2.1 billion by year-end.
- During the nine months ended September 30, 2025, the company repurchased and cancelled 5.4 million common shares for $16.8 million and declared quarterly cash dividends of $0.0225 per share.
Nov 4, 2025, 5:23 PM
Baytex Energy Corp. Reports Strong Q3 2025 Results and Updates 2025 Free Cash Flow Guidance
BTE
Earnings
Guidance Update
New Projects/Investments
- 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.
- 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.
- 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.
- The company is targeting Pembina Dubernet production of 20,000 BOE per day by 2029 and plans an expanded Eagleford refract program in 2026.
Oct 31, 2025, 3:00 PM
Baytex Energy Corp. Reports Strong Q3 2025 Results and Updates 2025 Free Cash Flow Guidance
BTE
Earnings
Guidance Update
New Projects/Investments
- Baytex Energy Corp. reported Q3 2025 adjusted funds flow of CAD 422 million (or CAD 0.55 per basic share) and net income of CAD 32 million, generating CAD 143 million in free cash flow.
- The company achieved record production in the Pembina Duvernay, averaging over 10,000 boe/day, contributing to a total production of 151,000 boe/day with 86% liquids. Heavy oil production grew 5% and Eagle Ford oil production grew 3% quarter-over-quarter.
- Net debt was reduced by CAD 50 million in Q3 2025, bringing the quarter-end net debt to CAD 2.2 billion.
- The 2025 free cash flow forecast was revised to approximately CAD 300 million from CAD 400 million, primarily due to lower commodity prices, with a year-end net debt target of CAD 2.1 billion.
Oct 31, 2025, 3:00 PM
Baytex Energy Corp. Reports Strong Q3 2025 Financial and Operational Results
BTE
Earnings
Guidance Update
New Projects/Investments
- Baytex Energy Corp. reported $143 million in free cash flow for Q3 2025, contributing to a $50 million reduction in net debt, bringing the total to $2.2 billion at quarter-end. The company also revised its 2025 free cash flow forecast to approximately $300 million from $400 million, primarily due to lower commodity prices, and expects to reach $2.1 billion in net debt by year-end.
- The company achieved record production in Pembina Dubernet, averaging 10,200 BOE per day, a 53% increase from the previous quarter. Total production averaged 151,000 BOE per day, with heavy oil production up 5% to 47,300 BOE per day and Eagleford volumes up 3% to 82,800 BOE per day.
- Strategic initiatives included a land swap to consolidate Southern Dubernet acreage and the commissioning of new gathering and midstream infrastructure. Additionally, Baytex invested $24 million in Q3 2025 for undeveloped land acquisitions across its Ardmore, Peace River Oil Sands, and Pembina Dubernet areas.
- Baytex aims to accelerate full commercialization of the Pembina Dubernet asset, targeting 18 to 20 wells per year by 2027 and ramping production to 20,000 BOE per day by 2029.
Oct 31, 2025, 3:00 PM
Quarterly earnings call transcripts for BAYTEX ENERGY.
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