RE:FWIW from Fool.ca Future focused
Baytex Energy is positioning for the future. This $2.34 billion oil and gas corporation aims to become a top-tier oil producer in North America. Management believes the world-class asset base, growth profile, and free cash flow potential set the company apart from industry peers.
The five resource plays of Baytex, led by Eagle Ford in Texas, are high return projects in North America. Strong operational performance was the highlight in the first half of 2021. Baytex’s top line (petroleum and gas sales) rose 69% to $827 million versus the same period in 2020. Its net income was $1 million — a turnaround from the $2.63 million net loss.
Management maintains a positive outlook from 2022 to 2025. It expects to generate more than $1 billion cumulative free cash flow within the said period. On the TSX, at $4.51 per share, current investors enjoy a 501.45% year-to-date gain.