Stock Track | Baytex Energy Reports Solid Q3 Results, Raises Free Cash Flow Outlook

Stock Track

Nov 01, 2024

Baytex Energy Corp. (BTE) reported strong third-quarter 2024 results, driven by higher oil and gas production and robust commodity prices.

The Calgary-based energy company posted a net income of $185 million, or $0.23 per share, for the quarter ended September 30, 2024. This marks a significant increase from the net income of $127 million, or $0.15 per share, recorded in the same period last year.

Total production averaged 154,468 barrels of oil equivalent per day (boe/d) in Q3 2024, up 3% from the year-ago quarter. Oil production rose 2% to 112,602 barrels per day (bbl/d), while natural gas production increased as well.

Baytex generated adjusted funds flow of $538 million and free cash flow of $220 million during the quarter. The company returned $101 million to shareholders through share buybacks of $83 million and a quarterly dividend payment of $18 million.

The company's net debt decreased by 5% to $2.5 billion at the end of Q3, and Baytex now expects to generate approximately $570 million in free cash flow for the full year 2024, up from its previous guidance.

Baytex remains on track to meet its 2024 production guidance of around 153,000 boe/d and plans to spend approximately $1.25 billion on exploration and development activities this year, consistent with its earlier projections.

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(BTE) reported strong third-quarter 2024 results, driven by higher oil and gas production and robust commodity prices.</p>\n\n<p>The Calgary-based energy company posted a net income of $185 million, or $0.23 per share, for the quarter ended September 30, 2024. This marks a significant increase from the net income of $127 million, or $0.15 per share, recorded in the same period last year.</p>\n\n<p>Total production averaged 154,468 barrels of oil equivalent per day (boe/d) in Q3 2024, up 3% from the year-ago quarter. Oil production rose 2% to 112,602 barrels per day (bbl/d), while natural gas production increased as well.</p>\n\n<p>Baytex generated adjusted funds flow of $538 million and free cash flow of $220 million during the quarter. 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(BTE) reported strong third-quarter 2024 results, driven by higher oil and gas production and robust commodity prices.</p>\n\n<p>The Calgary-based energy company posted a net income of $185 million, or $0.23 per share, for the quarter ended September 30, 2024. This marks a significant increase from the net income of $127 million, or $0.15 per share, recorded in the same period last year.</p>\n\n<p>Total production averaged 154,468 barrels of oil equivalent per day (boe/d) in Q3 2024, up 3% from the year-ago quarter. Oil production rose 2% to 112,602 barrels per day (bbl/d), while natural gas production increased as well.</p>\n\n<p>Baytex generated adjusted funds flow of $538 million and free cash flow of $220 million during the quarter. 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This marks a significant increase from the net income of $127 million, or $0.15 per share, recorded in the same period last year.Total production averaged 154,468 barrels of oil equivalent per day  in Q3 2024, up 3% from the year-ago q","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BTE":"Baytex Energy Corp."},"translate_title":"股票追踪Baytex Energy报告稳健的第三季度业绩，上调自由现金流前景","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BTE":1},"content_text":"Baytex Energy Corp. (BTE) reported strong third-quarter 2024 results, driven by higher oil and gas production and robust commodity prices.\nThe Calgary-based energy company posted a net income of $185 million, or $0.23 per share, for the quarter ended September 30, 2024. This marks a significant increase from the net income of $127 million, or $0.15 per share, recorded in the same period last year.\nTotal production averaged 154,468 barrels of oil equivalent per day (boe/d) in Q3 2024, up 3% from the year-ago quarter. Oil production rose 2% to 112,602 barrels per day (bbl/d), while natural gas production increased as well.\nBaytex generated adjusted funds flow of $538 million and free cash flow of $220 million during the quarter. The company returned $101 million to shareholders through share buybacks of $83 million and a quarterly dividend payment of $18 million.\nThe company's net debt decreased by 5% to $2.5 billion at the end of Q3, and Baytex now expects to generate approximately $570 million in free cash flow for the full year 2024, up from its previous guidance.\nBaytex remains on track to meet its 2024 production guidance of around 153,000 boe/d and plans to spend approximately $1.25 billion on exploration and development activities this year, consistent with its earlier projections.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"movement","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}