Baytex Energy Raises 2026 Production Guidance and Targets 15% Shareholder Return
Baytex Energy reported strong first-quarter results, with production averaging 69,500 barrels of oil equivalent per day, exceeding guidance due to outperformance in its heavy oil portfolio. Consequently, the company raised its 2026 production outlook to 69,000-71,000 BOE/day and increased its three-year annual growth target to 6%-8% through 2028. CEO Chad Lundberg emphasized a strategy focused on growing production in the Duvernay and heavy oil sectors while maintaining a net cash position. Baytex aims for a 15% annual total shareholder return at mid-cycle oil prices, driven by dividends and share buybacks. In Q1, the company repurchased 35 million shares for CAD 174 million and plans to return 75% of Eagle Ford sale proceeds via buybacks in 2026. Despite strong free cash flow expectations, the quarterly dividend remains unchanged at CAD 0.0225 per share. Capital expenditures are projected to reach CAD 625 million, supporting incremental projects and long-term development in key assets like Peavine and Lloydminster.
Wire timeline
Baytex Energy Raises 2026 Production Guidance and Targets 15% Shareholder Return
Baytex Energy reported strong first-quarter results, with production averaging 69,500 barrels of oil equivalent per day, exceeding guidance due to outperformance in its heavy oil portfolio. Consequently, the company raised its 2026 production outlook to 69,000-71,000 BOE/day and increased its three-year annual growth target to 6%-8% through 2028. CEO Chad Lundberg emphasized a strategy focused on growing production in the Duvernay and heavy oil sectors while maintaining a net cash position. Baytex aims for a 15% annual total shareholder return at mid-cycle oil prices, driven by dividends and share buybacks. In Q1, the company repurchased 35 million shares for CAD 174 million and plans to return 75% of Eagle Ford sale proceeds via buybacks in 2026. Despite strong free cash flow expectations, the quarterly dividend remains unchanged at CAD 0.0225 per share. Capital expenditures are projected to reach CAD 625 million, supporting incremental projects and long-term development in key assets like Peavine and Lloydminster.
Yahoo Finance