Business
Baytex Reports Strong Canadian Reserves Growth and Positive Operational Momentum
Calgary, Alberta--(Newsfile Corp. - February 2, 2026) - Baytex Energy Corp. (TSX: BTE) (NYSE...
About this update from Baytex Energy Corp.
[{"type":"text","content":"Baytex Reports Strong Canadian Reserves Growth and Positive Operational MomentumCalgary, Alberta--(Newsfile Corp. - February 2, 2026) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (\"Baytex\") is pleased to announce its year-end 2025 reserves and provide an operations update (all amounts in Canadian dollars unless otherwise noted).Our 2025 performance was highlighted by the strategic divestiture of our U.S. assets, resulting in a significantly strengthened financial position and sharpened focus on our high-return Canadian energy platform. We entered 2026 with a net cash position and remain committed to returning a significant portion of the net proceeds from the U.S. sale (after debt repayment) to shareholders.Baytex is also providing an update on its 2025 consolidated operations, including U.S. assets up to the December 19, 2025 sale closing. Consolidated production averaged 137,087 boe/d (84% oil and NGL) in the fourth quarter, with annual 2025 production of 145,079 boe/d (85% oil and NGL). Exploration and development expenditures totaled $175 million during the fourth quarter and $1,207 million in 2025. Production in Canada averaged 67,295 boe/d (88% oil and NGL) in the fourth quarter, with annual 2025 production of 65,528 boe/d (89% oil and NGL), representing a 6% growth rate compared to 2024 (excluding non-core divestitures). For 2026, we are targeting annual production of 67,000 to 69,000 boe/d with exploration and development expenditures of $550 to $625 million.Year-End 2025 Reserves Highlights Value Creation - CanadaIn Canada, we invested $549 million on exploration and development expenditures in a highly capital efficient program. Our Pembina Duvernay and heavy oil development contributed significantly to our year-end 2025 reserves, demonstrating the long-term resiliency and sustainability of our business and its capacity for future value creation. We achieved solid reserves growth in Canada across all three reserves categories, proved developed producing (\"PDP\"), proved (\"1P\") and proved plus probable (\"2P\"). PDP reserves increased 12% to 69 MMboe (61 MMboe at year-end 2024), replacing 133% of production. 1P reserves increased 15% to 151 MMboe (131 MMboe at year-end 2024), replacing 185% of production. 2P reserves increased 9% to 282 MMboe (259 MMboe at year-end 2024), replacing 203% of production...