Business
Baytex Announces First Quarter 2023 Results
Calgary, Alberta--(Newsfile Corp. - May 4, 2023) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("B...
About this update from Baytex Energy Corp.
[{"type":"text","content":"Baytex Announces First Quarter 2023 ResultsCalgary, Alberta--(Newsfile Corp. - May 4, 2023) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (\"Baytex\") reports its operating and financial results for the three months ended March 31, 2023 (all amounts are in Canadian dollars unless otherwise noted).\"We continued to deliver on our operating and financial targets in the first quarter, which included strong results from our Peavine Clearwater development. We continue to make significant progress on the Ranger acquisition, which materially increases Eagle Ford scale in Texas, while building a quality operating capability in a premier basin. The combined company will deliver a powerful combination of substantial free cash flow and increased shareholder returns on a per-share basis. We are in a strong financial position that is supported by significant liquidity and a balanced note maturity profile and we are excited to increase direct shareholder returns to 50% of free cash flow on closing of the acquisition,\" commented Eric T. Greager, President and Chief Executive Officer. HighlightsEntered into an agreement to acquire Ranger Oil Corporation (\"Ranger\") for approximately US$2.5 billion. Generated production of 86,760 boe/d (84% oil and NGL) in Q1/2023, a 7% increase over Q1/2022. Delivered adjusted funds flow(1) of $237 million ($0.43 per basic share) in Q1/2023. Reported cash flows from operating activities of $185 million ($0.34 per basic share) in Q1/2023.Exploration and development expenditures totaled $234 million in Q1/2023, consistent with our full-year plan. Generated production from our Clearwater play at Peavine of 11,760 bbl/d in Q1/2023. The first 12 wells from our 2023 drilling program at Peavine generated an average 30-day initial production rate of 661 bbl/d per well.Subsequent to quarter-end, completed a US$800 million private offering of senior unsecured notes due 2030 that bear interest at a rate of 8.5% per annum. Ranger AcquisitionOn February 28, 2023, Baytex announced the acquisition of Ranger (the \"Merger\"), a pure play Eagle Ford operator. With this transaction, we are building a quality, scaled North American oil-weighted exploration and production company with a portfolio across the Western Canadian Sedimentary Basin and the Eagle Ford. The transaction enhances our inventory and creates a more resilient a...