Baytex Energy Corp., an energy company, engages in the acquisition, development, and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford, the United States.

• Recent Highlights- Generated production of 154,468 boe/d (86% oil and NGL) inQ3/2024, up 3% from Q3/2023. Crude oil production (light oil, condensate, and heavy oil) increased 2% from Q3/2023 to average 112,602 bbl/d. 
• Increased production per basic share by 10% inQ3/2024, compared to Q3/2023. Executed a $306 million exploration and development program inQ3/2024, consistent with our full-year plan.

• In the third quarter, we met our full-year production and financial targets. We increased production per basic share by 10% in Q3/2024 compared to Q3/2023, with a daily average of 154,468 boe (86% oil and NGL). We spent $306 million on exploration and development, bringing 82 (69.2 net) wells onstream. 

• Our adjusted funds flow (4) was $538 million, or $0.68 per basic share, and we made net income of $185 million ($0.23 per basic share). During the third quarter, we reported approximately $22 million in insurance claim proceeds from the 2023 Alberta wildfires, as well as prior-period adjustments for previously paid royalties. 

• In the third quarter, we generated free cash flow of $220 million ($0.28 per basic share) and returned $101 million to shareholders. We repurchased 17.6 million common shares for $83 million, or $4.68 per share, and declared a quarterly cash dividend of $18 million ($0.0225 per share).

Acrobull UK Recommendation Based on Evaluation