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Baytex stock jumps after reporting Q3 results

Energy, Market News
TSX:BTE
01 November 2024 11:18 (EST)
Baytex worker

(Source: Baytex Energy Corp.)

Canadian oil and natural gas stock Baytex Energy (TSX:BTE) announced financial and operational results for its Q3 2024.

The results, announced after markets closed Thursday, cover the three and six months ended Sept. 30, 2024.

Q3 2024 financial and operational highlights

Operational performance

2024 outlook

Baytex continues to execute its 2024 plan, anticipating full-year production of approximately 153,000 boe/d, within the previous guidance range of 152,000 to 154,000 boe/d. The company expects full-year exploration and development expenditures to be around C$1.25 billion, consistent with its guidance range of C$1.2 billion to C$1.3 billion. Based on year-to-date results and the forward strip for the remainder of 2024, Baytex projects free cash flow of approximately C$570 million ($0.71 per basic share) for the year.

Management’s insights

“During the third quarter we generated $220 million of free cash flow, returned $101 million to shareholders through our share buyback program and quarterly dividend, and reduced net debt by 5 per cent. Over the past 15 months we have repurchased 9 per cent of our shares outstanding,” Baytex’s president and chief executive officer, Eric Greager, said in a news release. “Our third quarter results demonstrate continued solid operational performance as well as our commitment to generating meaningful free cash flow and the delivery of strong shareholder returns. We expect to release our 2025 budget in early December. We are committed to prioritizing free cash flow, and in the current commodity price environment this means moderating our growth profile and delivering stable crude oil production.”

Baytex Energy Corp. is an energy company with headquarters in Calgary and offices in Houston, Texas. The company is focused on the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford area of Texas.

Baytex Energy stock (TSX:BTE) opened trading more than 7 per cent higher at C$4.08. Though it has lost 3.88 per cent since the year began, its share value has risen 2.43 per cent over the past five days.

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(Top photo: Baytex Energy Corp.)


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