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Baytex Energy Corp. (BTE) Q3 2024 Earnings Call Transcript Summary

moomoo AI ·  Nov 2, 2024 01:37  · Conference Call

The following is a summary of the Baytex Energy Corp. (BTE) Q3 2024 Earnings Call Transcript:

Financial Performance:

  • Baytex Energy Corp. reported Q3 2024 free cash flow of CAD 220 million, returned CAD 101 million to shareholders, and reduced net debt by 5%.

  • Adjusted funds flow was CAD 538 million, or CAD 0.68 per share, and net income was CAD 185 million, or CAD 0.23 per share.

Business Progress:

  • Production per share increased by 10% in Q3 2024 compared to Q3 2023.

  • Advanced operations in the Pembina Duvernay with increased average 30-day peak production rates by 40% compared to 2023.

  • Continues to progress development across the broader Manville Group in Lloydminster and the Waseca development.

Opportunities:

  • Plans to continue demonstrating the Pembina Duvernay play with a 7 to 9 well program in 2025, moving towards full development in 2026.

  • New exploration success in the Peace River Blue Sky area.

Risks:

  • While the company has managed to reduce drilling and completion costs, it acknowledges dependencies on price and operational efficiencies for growth.

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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