Business
Baytex Announces Fourth Quarter and Full Year 2022 Financial and Operating Results and Year End Reserves
Calgary, Alberta--(Newsfile Corp. - February 23, 2023) - Baytex Energy Corp. (TSX: BTE) (NYSE: BT...
About this update from Baytex Energy Corp.
[{"type":"text","content":"Baytex Announces Fourth Quarter and Full Year 2022 Financial and Operating Results and Year End ReservesCalgary, Alberta--(Newsfile Corp. - February 23, 2023) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (\"Baytex\") reports its operating and financial results for the three months and year ended December 31, 2022 (all amounts are in Canadian dollars unless otherwise noted).\"2022 was an exciting year for Baytex as we delivered strong operating results, generated record free cash flow, further strengthened our balance sheet and initiated direct shareholder returns. We generated a 4% year-over-year increase in production, repurchased 4.3% of our shares outstanding and reduced net debt by 30%. We expect another strong year in 2023 as we advance development across our high-quality oil weighted portfolio, further delineate our Peavine Clearwater acreage and progress our Duvernay light oil resource play. At current commodity prices, we anticipate hitting our next debt target during the third quarter at which point we intend to increase direct shareholder returns to 50% of our free cash flow,\" commented Eric T. Greager, President and Chief Executive Officer.2022 HighlightsGenerated production of 86,864 boe/d (84% oil and NGL) in Q4/2022, an 8% increase over Q4/2021. Production for the full-year 2022 averaged 83,519 boe/d (84% oil and NGL), a 4% increase over 2021. Delivered adjusted funds flow(1) of $256 million ($0.47 per basic share) in Q4/2022 and $1,165 million ($2.09 per basic share) for 2022.Generated free cash flow(2) of $143 million ($0.26 per basic share) in Q4/2022 and $622 million ($1.11 per basic share) for 2022.Cash flows from operating activities was $303 million ($0.56 per basic share) in Q4/2022 and $1,173 million ($2.10 per basic share) for 2022.Exploration and development expenditures totaled $104 million in Q4/2022, bringing aggregate spending for 2022 to $522 million. Reduced net debt(1) by 30% in 2022 to $987 million, from $1.4 billion at year-end 2021. Repurchased 24.3 million common shares in 2022, representing 4.3% of our shares outstanding, at an average price of $6.54 per share. Reduced our GHG emissions intensity in 2022 by 15% from 2021 levels and have now achieved a 59% reduction, relative to our 2018 baseline.At year-end 2022, proved developed producing (\"PDP\") reserves total 124 MMboe, proved reserves ...