Baytex Energy Corp

Latest Results (06.07.2026):

Baytex Energy Corp.'s results for the first quarter of 2026 (Q1 2026) show outperformance across its Canadian heavy oil portfolio: production exceeded guidance at 69,478 boe/d (88% oil and NGL), adjusted funds flow was $151 million, the company exited the quarter with net cash of $591 million, completed significant share buybacks and raised both 2026 production guidance and its three‑year growth outlook; a net loss of $67 million was recorded largely due to unrealized derivatives losses.

Production

Q1 2026 production averaged 69,478 boe/d (88% oil & NGL), above the high end of guidance; liquids were 61,111 bbl/d and natural gas 50,205 Mcf/d. Peavine wells outperformed with first six wells averaging ~680 bbl/d (30‑day IP).

Financial results

Adjusted funds flow was $151.1 million ($0.20 per basic share) and cash flow from operations was $122.2 million. Free cash flow was minimal at $1.7 million. Baytex reported a net loss of $67.3 million mainly driven by unrealized financial derivatives losses.

Balance sheet and liquidity

The company exited Q1 2026 with net cash of $591 million and total debt of about $89.5 million (long‑term notes). Working capital showed a surplus position contributing to the net cash result.

Share buybacks & capital allocation

Baytex repurchased 35.1 million shares for $174 million in Q1 (4.6% of shares outstanding) and, through May 6, repurchased 45.1 million shares for $229 million (5.9%). 2026 E&D spending is targeted at ~ $625 million (high end of prior range), with incremental capital focused on heavy oil and the Pembina Duvernay.

Guidance and outlook

2026 production guidance was increased to 69,000–71,000 boe/d (exit 71,000–72,000 boe/d) and full‑year organic growth is now targeted at ~7% (up from 3–5%). The updated three‑year outlook targets 6–8% annual production growth and a 15% annual total shareholder return target at a US$70/bbl WTI assumption.

Operations & project development

Baytex brought 54 (52.7 net) wells onstream in Q1, stepped up Mannville activity, and added 40 sections at Utikuma (now 109 sections). Duvernay drilling is underway (four wells drilled in Q1) with 13 Duvernay wells expected onstream in 2026. The Gemini SAGD project remains a strategic optionality with potential FID in 2027 (initial 5,000 bbl/d, 44 MMbbl probable reserves).

Corporate actions & dividend

Chad Lundberg became President & CEO effective May 7, 2026; Kendall Arthur named COO and Adrian Blazevic VP, Heavy Oil. Brian Ector will retire July 31, 2026. The Board declared a quarterly dividend of $0.0225 per share payable July 2, 2026.