Business
Baytex Announces First Quarter 2025 Results
Calgary, Alberta--(Newsfile Corp. - May 5, 2025) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("B...
About this update from Baytex Energy Corp.
[{"type":"text","content":"Baytex Announces First Quarter 2025 ResultsCalgary, Alberta--(Newsfile Corp. - May 5, 2025) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (\"Baytex\" or the \"Company\") reports its operating and financial results for the three months ended March 31, 2025 (all amounts are in Canadian dollars unless otherwise noted).\"Baytex efficiently executed its exploration and development program and delivered first quarter results consistent with our full-year plan,\" said Eric T. Greager, President and Chief Executive Officer. \"In a challenging operating environment marked by macroeconomic uncertainty and a volatile commodity price, we are pleased to have delivered free cash flow and returns to shareholders. As these headwinds persist, we remain focused on disciplined capital allocation and managing factors within our control to ensure financial resilience.\"First Quarter 2025 HighlightsReported cash flows from operating activities of $431 million ($0.56 per basic share).Generated net income of $70 million ($0.09 per basic share). Delivered adjusted funds flow(1) of $464 million ($0.60 per basic share).Achieved production of 144,194 boe/d (84% oil and NGL), a 2% increase in production per basic share, compared to Q1/2024. Generated free cash flow(2) of $53 million ($0.07 per basic share) and returned $30 million to shareholders. Repurchased 3.7 million common shares for $13 million, at an average price of $3.49 per share. Paid a quarterly cash dividend of $17 million ($0.0225 per share) on April 1, 2025.Executed a $405 million exploration and development program, which at its peak, had 13 rigs running. Maintained balance sheet strength with a total debt(3) to Bank EBITDA(3) ratio of 1.0x.2025 OutlookGlobal crude oil markets remain under pressure due to broad economic uncertainty driven by concerns related to U.S. tariffs, global trade tensions, and OPEC's recent decision to increase crude oil supply. The benchmark WTI price has recently been trading in the US$55 to US$60/bbl range, down from a peak of US$80/bbl in early January. Against this global economic backdrop, we continue to prioritize free cash flow, while taking a disciplined approach to capital allocation and our balance sheet. Our 2025 exploration and development budget is set at $1.2 to $1.3 billion and supports annual production of 148,000 to 152,000 boe/d. In light of the cur...