Business
Baytex Announces Second Quarter 2024 Results
Calgary, Alberta--(Newsfile Corp. - July 25, 2024) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (...
About this update from Baytex Energy Corp.
[{"type":"text","content":"\nBaytex Announces Second Quarter 2024 ResultsCalgary, Alberta--(Newsfile Corp. - July 25, 2024) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (\"Baytex\") reports its operating and financial results for the three and six months ended June 30, 2024 (all amounts are in Canadian dollars unless otherwise noted).\"We delivered strong second quarter results with higher production, disciplined capital spending and meaningful free cash flow. Importantly and consistent with our full-year plan, we returned $97 million to shareholders through our share buyback program and quarterly dividend. In the Eagle Ford, we brought onstream one of our strongest performing oil-weighted pads to-date. As we continue to execute our plans for 2024, our free cash flow is expected to strengthen in the second half of the year allowing for increased shareholder returns and debt reduction,\" commented Eric T. Greager, President and Chief Executive Officer. HighlightsGenerated production of 154,194 boe/d (85% oil and NGL) in Q2/2024, up 2% from Q1/2024. Crude oil production (light oil, condensate, and heavy oil) increased 4% from Q1/2024 to average 110,734 bbl/d. Increased production per basic share by 23% in Q2/2024, compared to Q2/2023.Reported cash flows from operating activities of $506 million ($0.62 per basic share) in Q2/2024.Delivered adjusted funds flow(1) of $533 million ($0.65 per basic share) in Q2/2024.Generated free cash flow(2) of $181 million ($0.22 per basic share) in Q2/2024 and returned $97 million to shareholders. Repurchased 16.4 million common shares in Q2/2024 for $79 million, at an average price of $4.84 per share. Paid a quarterly cash dividend of $18 million ($0.0225 per share) on July 2, 2024.Executed a $340 million exploration and development program in Q2/2024, consistent with our full-year plan. Completed a US$575 million private placement offering of senior unsecured notes due 2032 that bear interest at a rate of 7.375% per annum and redeemed US$410 million aggregate principal amount of 8.75% outstanding notes.Extended the maturity of our US$1.1 billion credit facilities by two years to May 2028.Maintained balance sheet strength with a total debt(3) to Bank EBITDA(3) ratio of 1.1x.2024 GuidanceWe are focused on maintaining capital discipline and driving meaningful free cash flow. We are executing our 2024 development plan wit...