Baytex Announces Second Quarter 2023 Results

About this update from Baytex Energy Corp.

[{"type":"text","content":"Baytex Announces Second Quarter 2023 ResultsCalgary, Alberta--(Newsfile Corp. - July 27, 2023) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (\"Baytex\") reports its operating and financial results for the three and six months ended June 30, 2023 (all amounts are in Canadian dollars unless otherwise noted).\"We continue to execute on our base business, and following the Ranger transaction, have emerged as a well-capitalized and diversified North American exploration and production company. We have a strong portfolio of high-quality oil weighted assets in Western Canada and the Eagle Ford shale in Texas and we are poised to deliver a powerful combination of free cash flow and increased shareholder returns on a per-share basis. We have initiated our share buyback program (repurchased 4.7 million shares to-date in July) and declared a quarterly dividend of $0.0225 per share ($0.09 per share annualized). We are committed to operational excellence and delivering long-term value and enhanced shareholder returns,\" commented Eric T. Greager, President and Chief Executive Officer.HighlightsCompleted the acquisition of Ranger Oil Corporation (\"Ranger\") on June 20, 2023. Generated production of 89,71 boe/d (86% oil and NGLs) in Q2/2023.Reported cash flows from operating activities of $192 million ($0.33 per basic share) in Q2/2023.Delivered adjusted funds flow(1) of $274 million ($0.47 per basic share) in Q2/2023. Generated free cash flow(2) of $96 million ($0.17 per basic share) in Q2/2023.Exploration and development expenditures totaled $171 million in Q2/2023, consistent with our full-year plan. Completed six-well Duvernay program with wells onstream in Q3/2023.New heavy oil exploration success in Waseca near Cold Lake, Alberta.On June 20, 2023, we closed the acquisition of Ranger, adding quality scale in the Eagle Ford and reinforcing a resilient and sustainable business. The total consideration paid by Baytex, including assumption of net debt(1), was US$2.4 billion (C$3.2 billion). Under the terms of the agreement, Ranger shareholders received 7.49 Baytex shares plus US$13.31 cash for each share of Ranger common stock. Our second quarter results include 11 days of operations from Ranger.In conjunction with closing of the acquisition, we increased our direct shareholder returns to 50% of free cash flow(2) which will allow us to ...

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