Baytex Announces Second Quarter 2026 Results; Production Guidance Raised on Strong Duvernay and Peavine Performance; Board Appointments Announced

About this update from Baytex Energy Corp.

[{"type":"text","tagName":"p","content":" Calgary, Alberta--(Newsfile Corp. - July 30, 2026) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (\"Baytex\" or the \"Company\") reports its operating and financial results for the three and six months ended June 30, 2026 (all amounts are in Canadian dollars unless otherwise noted). "},{"type":"text","tagName":"p","content":" \"Baytex delivered strong second-quarter results, highlighted by outperformance in the Duvernay and continued strength across our heavy oil portfolio,\" said Chad Lundberg, President and Chief Executive Officer. \"Production exceeded the high end of guidance for the second consecutive quarter, and we are raising our full-year production guidance with no change to our capital program. Momentum continues to build as our teams execute our strategy while delivering strong operating and financial results.\" "},{"type":"text","tagName":"p","content":" Second Quarter Highlights "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" Delivered production of 71,243 boe/d (88% oil and NGL), surpassing the high end of annual guidance and representing 11% growth relative to the second quarter of 2025. "}]},{"val":[{"type":"text","tagName":"p","content":" Full-year production raised to approximately 71,000 boe/d, a 1,000 boe/d increase from the mid-point of prior guidance, with exploration and development expenditures unchanged at approximately $625 million. "}]},{"val":[{"type":"text","tagName":"p","content":" Generated adjusted funds flow(1) of $254 million ($0.35 per basic share) and cash flows from operating activities of $231 million ($0.32 per basic share). "}]},{"val":[{"type":"text","tagName":"p","content":" Reported net income from continuing operations of $169 million ($0.23 per basic share). "}]},{"val":[{"type":"text","tagName":"p","content":" Generated free cash flow(2) of $128 million ($0.18 per basic share) after exploration and development expenditures of $122 million. "}]},{"val":[{"type":"text","tagName":"p","content":" Repurchased 22 million common shares for $136 million, representing 3.0% of shares outstanding; "}]},{"val":[{"type":"text","tagName":"p","content":" Exited the second quarter with net cash(1) of $566 million, maintaining an industry-leading balance sheet. "}]}]},{"type":"text","tagName":"p","content":" (1) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information. (2) Specified financial measure that does not have any standardized meaning prescribed by International Financial Reporting Standards (\"IFRS\") and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information. "},{"type":"text","tagName":"p","content":" 2026 Outlook "},{"type":"text","tagName":"p","content":" Supported by strong well performance, annual production guidance has been increased to approximately 71,000 boe/d, representing 8% annual production growth in 2026 and a target exit rate of approximately 72,000 boe/d in Q4. The updated production guidance is driven by outperformance from our first Gilby Duvernay pad along with strong results across our heavy oil portfolio, where new well performance at Peavine exceeded internal expectations. Disciplined execution of our capital programs remains a priority, with exploration and development expenditures guidance unchanged at approximately $625 million. 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(\"boe\") amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. The use of boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. (2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information. (3) Other is comprised of realized foreign exchange gain or loss, cash other income or expense, current income tax expense or recovery and cash share-based compensation. Refer to the Q2/2026 MD&A for further information on these amounts. (4) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information. (5) Calculated as royalties, operating expense, transportation expense, general and administrative expense, net cash interest income or expense, realized financial derivatives gain or loss, or other, divided by barrels of oil equivalent production volume for the applicable period for continuing operations. "},{"type":"text","tagName":"p","content":" Second Quarter 2026 Results "},{"type":"text","tagName":"p","content":" Q2 production exceeds guidance "},{"type":"text","tagName":"p","content":" Second quarter results were highlighted by outperformance across our light and heavy oil portfolio. Production of 71,243 boe/d (88% oil and NGL) exceeded the high end of our annual guidance range of 69,000 to 71,000 boe/d. Exploration and development expenditures of $122 million were consistent with our full-year plan. "},{"type":"text","tagName":"p","content":" Adjusted funds flow(1) of $254 million ($0.35 per basic share) includes $85 million of realized derivatives losses on oil contracts put in place at lower prices prior to the sale of our U.S. operations, we have no WTI hedges in place after Q2/2026. Disciplined execution of our capital program resulted in free cash flow(2) of $128 million ($0.18 per basic share). We generated net income of $175 million ($0.24 per basic share) in the second quarter. "},{"type":"text","tagName":"p","content":" (1) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information. (2) Specified financial measure that does not have any standardized meaning prescribed by International Financial Reporting Standards (\"IFRS\") and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information. "},{"type":"text","tagName":"p","content":" Strong new well results in the Duvernay "},{"type":"text","tagName":"p","content":" The first Duvernay pad (four wells) of 2026 was brought onstream in June and outperformed internal expectations. This was the first pad brought onstream on our new Gilby acreage to the south of our Pembina lands. The wells are amongst our strongest performing wells in the Duvernay to-date on a length normalized basis. Three of the wells delivered 30-day initial production rates of 1,630 boe/d per well (1,112 bbl/d of oil, 319 bbl/d of NGLs and 1,195 mcf/d of natural gas). The fourth well was completed at half the planned lateral length after the bottom hole assembly became stuck during drilling and was unrecoverable. This well delivered a 30-day initial production rate of 866 boe/d (537 bbl/d of oil, 202 bbl/d of NGLs and 759 mcf/d of natural gas). Results from Gilby support expectations of a high-quality reservoir and increase confidence in future development on our southern acreage. "},{"type":"text","tagName":"p","content":" Drilling operations are complete on the second Duvernay pad of our 2026 program, located on our northern Pembina acreage. Completion operations are underway and the pad is planned to be brought onstream in September. Our 2026 Duvernay program includes a total of 17 wells drilled and 13 wells brought onstream with the remaining 4 wells onstream in 2027. "},{"type":"text","tagName":"p","content":" Continued heavy oil outperformance with active second half program "},{"type":"text","tagName":"p","content":" Second quarter operating results reflect strong performance at Peavine, Peace River, and across the broader Mannville group in Lloydminster. A total of 14 wells were brought onstream; seven Clearwater wells at Peavine and seven wells at Lloydminster. "},{"type":"text","tagName":"p","content":" At Peavine, outperformance continued during the second quarter with six of the new wells brought onstream establishing 30-day initial production rates that average 478 bbl/d per well. "},{"type":"text","tagName":"p","content":" Heavy oil development activity has ramped following spring breakup, with four rigs running across our Peavine, Peace River and Lloydminster regions. A fifth rig is scheduled to begin drilling operations in August at Morinville. In total, the 2026 program is expected to bring 99.3 net heavy oil wells on stream during 2026 with 58 net wells expected to be brought onstream during Q3 and Q4. "},{"type":"text","tagName":"p","content":" Clearwater waterflood and additional pilots planned "},{"type":"text","tagName":"p","content":" Waterflood potential in the Clearwater is being evaluated to increase resource recovery and lower our sustaining capital requirements. Both initial waterflood pilots at Peavine are currently on injection. One of the pilots is designed to test reservoir repressurization through producer to injector conversion and the second pilot is testing pressure maintenance on new development. "},{"type":"text","tagName":"p","content":" The waterflood pilot will be expanded in the second half of 2026 with two additional patterns at Peavine and a waterflood test in the Rex formation (a Clearwater equivalent) at Morinville. These additional pilots are included in third quarter development plans and are expected to be on injection by the fourth quarter. "},{"type":"text","tagName":"p","content":" Heavy oil exploration at Peace River "},{"type":"text","tagName":"p","content":" A 21-square-mile seismic survey was recently completed covering 20% of our 109 sections of prospective lands at Utikuma in the Peace River region. Initial interpretations are encouraging and we are preparing to drill up to two exploration test wells in early 2027. "},{"type":"text","tagName":"p","content":" Delivering Shareholder Returns "},{"type":"text","tagName":"p","content":" During the second quarter, $152 million was returned to shareholders. A total of 22 million common shares were repurchased for $136 million, at an average price of $6.27 per share, and we paid a quarterly cash dividend of $16 million ($0.225 per share). Since the disposition of our U.S. business in December 2025 through July 29, 2026, we repurchased 69 million common shares for $378 million, representing 9% of our shares outstanding, at an average price of $5.46 per share. "},{"type":"text","tagName":"p","content":" On June 26, 2026, we announced the renewal of our Normal Course Issuer Bid (\"NCIB\") with the Toronto Stock Exchange for a share buyback program for up to 10% of our public float. The renewed NCIB allows Baytex to purchase up to 70.9 million common shares during the 12-month period commencing July 2, 2026 and ending July 1, 2027. "},{"type":"text","tagName":"p","content":" The second quarter ended with net cash(1) of $566 million. "},{"type":"text","tagName":"p","content":" (1) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information. "},{"type":"text","tagName":"p","content":" Quarterly Dividend "},{"type":"text","tagName":"p","content":" The Board of Directors has declared a quarterly cash dividend of $0.0225 per share, payable October 1, 2026 to shareholders of record on September 15, 2026. "},{"type":"text","tagName":"p","content":" Board Changes "},{"type":"text","tagName":"p","content":" The Board of Directors is pleased to announce the appointment of Derek Evans and Deanna Zumwalt as independent directors of Baytex, effective July 30, 2026, following a process led by the Nominating and Governance Committee of the Board. "},{"type":"text","tagName":"p","content":" Derek Evans is a distinguished energy industry leader with more than four decades of experience. He served as President and Chief Executive Officer of MEG Energy, where he led a successful operational and financial turnaround over a six-year tenure, and previously as President and Chief Executive Officer of Pengrowth Energy, where he delivered the Lindbergh SAGD project on time and on budget. Following his retirement from MEG, Mr. Evans served as Executive Chairman of the Pathways Alliance and currently serves as Chair of the AltaGas board and a director of Franco-Nevada Corporation. "},{"type":"text","tagName":"p","content":" Deanna Zumwalt is a seasoned executive with broad experience across energy finance and operations. She spent over a decade at Nexen Energy in progressively senior roles spanning finance, natural gas and power, and North American crude oil marketing, before joining Coril Holdings Ltd., a privately held global investment company, where she served as President and Chief Executive Officer from 2021 to 2025, overseeing a diversified portfolio of assets across multiple sectors and geographies. Ms. Zumwalt has served as a director of SECURE Waste Infrastructure since 2019. "},{"type":"text","tagName":"p","content":" \"We are pleased to welcome Derek and Deanna to the Baytex board,\" said Mark Bly, Chair of the Board of Directors. \"Their combined experience and track record in the Canadian energy industry strengthen our board as we execute our strategy and advance opportunities in our portfolio. We look forward to their contributions in the years ahead.\" "},{"type":"text","tagName":"p","content":" Concurrent with these appointments Steve Reynish and Jeffrey Wojahn stepped down as directors. Following these changes, the Board of Directors comprises eight members, seven of whom are independent. "},{"type":"text","tagName":"p","content":" \"We extend our sincere gratitude to Steve and Jeffrey for their guidance and contributions during their tenure and wish them well in their future endeavors,\" commented Mark Bly, Chair of the Board of Directors. "},{"type":"text","tagName":"p","content":" Additional Information "},{"type":"text","tagName":"p","content":" Our condensed consolidated interim unaudited financial statements for the three and six months ended June 30, 2026, and the related Management's Discussion and Analysis of the operating and financial results can be accessed on our website at www.baytexenergy.com and will be available shortly through SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.shtml. "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" Conference Call Tomorrow 10:00 a.m. MT (12:00 p.m. ET) "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Baytex will host a conference call tomorrow, July 31, 2026, starting at 10:00am MT (12:00pm ET). To participate, please dial toll free in North America 1-833-821-2925 or international 1-647-846-2449. Alternatively, to listen to the conference call online, please enter https://event.choruscall.com/mediaframe/webcast.html?webcastid=JWIiHJzA in your web browser. To register, visit our website at https://www.baytexenergy.com/investors/events-presentations . An archived recording of the conference call will be available shortly after the event by accessing the webcast link above. The conference call will also be archived on the Baytex website at www.baytexenergy.com . "}]}]}]},{"type":"text","tagName":"p","content":" Advisory Regarding Forward-Looking Statements "},{"type":"text","tagName":"p","content":" In the interest of providing Baytex's shareholders and potential investors with information regarding Baytex, including management's assessment of Baytex's future plans and operations, certain statements in this press release are \"forward-looking statements\" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and \"forward-looking information\" within the meaning of applicable Canadian securities legislation (collectively, \"forward-looking statements\"). In some cases, forward-looking statements can be identified by terminology such as \"believe\", \"continue\", \"estimate\", \"expect\", \"forecast\", \"intend\", \"may\", \"objective\", \"ongoing\", \"outlook\", \"potential\", \"project\", \"plan\", \"should\", \"target\", \"would\", \"will\" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement. "},{"type":"text","tagName":"p","content":" Specifically, this press release contains forward-looking statements relating to but not limited to: guidance for 2026 production, production growth rate, exit production rate and exportation and development expenditures; the number of wells to be drilled and brought on stream in heavy oil and the Duvernay in 2026; our plans with respect to waterflood development; and that we are planning to drill two Utikuma exploration well in early 2027. In addition, information and statements relating to reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated, and that they can be profitably produced in the future. "},{"type":"text","tagName":"p","content":" These forward-looking statements are based on certain key assumptions regarding, among other things: oil and natural gas prices and differentials between light, medium and heavy crude oil prices; well production rates and reserve volumes; success obtained drilling new wells; the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Can...

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