- Baytex Energy (TSX:BTE) has reported its Q3 2023 results for the quarter that ended Sept. 30
- The company’s production exceeded 155,000 BOE/d (84 per cent oil and natural gas liquids)
- It also expects to generate free cash flow of roughly C$400 million in Q4
- Shares of Baytex Energy are up 2.81 per cent to $6.23 as of market close Thursday
Baytex Energy (TSX:BTE) has reported its Q3 2023 results for the quarter that ended Sept. 30.
In a news release, the Calgary-based oil and gas company stated its production increased to over 155,000 BOE/d (84 per cent oil and gas liquids).
Meanwhile the company’s cashflow from operating activities totaled $444 million for Q3.
“Our third quarter results represent the first full quarter of combined operations following the Ranger acquisition and demonstrate the strength of our diversified North American oil-weighted portfolio. The integration has progressed extremely well and we have delivered strong results from Western Canada and the Eagle Ford in Texas,” Eric T. Greager, CEO of Baytex Energy, said in a statement. “As a result of this strong free cash flow, we have increased the pace of our share buyback program during the fourth quarter. We are also excited to announce two new land extensions at Peavine and Cold Lake as we continue to leverage our heavy oil expertise and recent exploration successes.”
In terms of the full-year 2023, the company stated it expects production to fall between 121,500 and 122,000 boe/d, up from its previous guidance range of 120,500 to 122,500 boe/d.
Baytex Energy also anticipates Q4 production to average between 158,000 and 160,000 boe/d, with 84 per cent weighted to oil and natural gas liquids and 16 per cent natural gas.
Full-year 2023 exploration and development expenditures are also expected to total a little more than $1 billion.
Shares of Baytex Energy are up 2.81 per cent to $6.23 as of market close Thursday.
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