Reduction in Share CountSo for this to make sense, you have to pull up the May presentation and go to page 11. This is what I have interpreted and feel free to correct me if I am wrong.
Under the new 5 Year Plan that Baytex posted, they assume forward strip of $94 for the remaining 2022 and $75 for 2023 thru 2026. If you pay attention to their AFF numbers and then to the AFF per share number right beside you will see that in those plans they have baked in Share repurchases of up to 100 million shares by year end 2026.
For example,
Year 2022
AFF= $1197 million AFF per share= $2.25 = AFF/AFF per share= 532 million shares outstanding
Year 2026
AFF=$1130 million AFF per share=$2.40 = AFF/AFF per share= 470.8 million shares outstanding
As of after q1 bte's share count went up to 569 million shares outstanding, and to me this signals they want to buy back 100 million shares over the 5 year plan going forward. Assuming the schedule remains in tact during that 5 year plan.
Hope that clarifies a little more on their guidance without them coming out and saying it directly. Devil is in the details.
GLTA