Baytex Energy Corp T.BTE

Presentation 2021 & 2022

[BayStreetWolfTO]

I have reviewed them and the statements made are below;

2021 Presentations all stated the following

 

Enhance Shareholder Returns (2022-2025)

• Consider introduction of share buy-back, dividend and/or reinvestment for organic growth

 

2022 Presentations all stated the following
 

2022 Uses of Free Cash Flow

Expect to hit our initial net debt target of $1.2 billion by mid-2022

Upon reaching our initial debt target, we anticipate announcing a plan with respect to direct shareholder returns 

• This could include using a portion of our free cash flow for share buybacks and/or a dividend. 

• In addition, we will continue to strengthen our business with the objective of further reducing our net debt.

 

[Snowballer]

Thanks BaySt. Yeah while nothing is in stone, I think the communication up until this point had many thinking divis were a very real possiblity sooner than 2024. While we could see something late 2023 it just really came as a surprise to me. 

[Drifter133]

This has changed from $55 WTI price We have also established an ultimate net debt target for the company of $400 million, which represents an expected net debt(4) to EBITDA(5) ratio of 1.0x at a US$45 WTI price. We feel this level of net debt will provide us with full flexibility to run our business through the commodity price cycles and generate meaningful returns for our shareholders.