Share buybacksAlmost 5M shares or 0.6% of total shares outstanding bought back in April alone.
With 821M shares outstanding on March 31, it's almost a given Baytex will be under 800M at some point this summer.
At the same time, they will reduce debt and grow production YoY going forward.
I know Q1 was disapointing for some in that benchmark pricing is at least 10% lower than Q2 and more impactfully they front loaded capex for the year into Q1.
I belive it was the correct move by management. Growing production at a faster pace and allowing them to buyback shares at a lower price. In the longterm it's a great setup.