Baytex Energy Stock Earnings Reports

Baytex reported a strong Q3 2025 driven by record Pembina Duvernay production and reliable cash generation from Canadian heavy oil and U.S. Eagle Ford. Key operational highlights: total production averaged 151,000 BOE/d (86% liquids); Pembina Duvernay averaged ~10,200 BOE/d (up 53% QoQ) with two strong wells from the third pad and plans to target 18–20 Duvernay wells/year by 2027 and 20,000 BOE/d by 2029; heavy oil averaged ~47,300 BOE/d (up 5% QoQ) with ~1,100 drilling locations (~10 years at current pace); Eagle Ford averaged ~82,800 BOE/d, with a 12% improvement in drilling & completion costs and positive refrac results. Financials and capital: adjusted funds flow of $422 million ($0.55/share); net income $32 million; generated $143 million free cash flow after $270 million capex; returned $17 million in dividends; reduced net debt by $50 million to $2.2 billion; >$1.3 billion undrawn liquidity and the first note maturity in April 2030. Capital allocation: policy remains that 100% of free cash flow (after dividends) is applied to debt repayment. Guidance update: full-year free cash flow now expected to be roughly $300 million (previously $400 million), primarily due to weaker commodity prices in H2; no change to production guidance and expected year-end net debt of ~$2.1 billion. Operational items: 69 wells brought on stream in Q3; one Duvernay well was abandoned due to a casing/completion issue believed to be isolated; ongoing optimization of completions to improve EURs and well performance. Overall message: disciplined capital allocation, strong cash generation and liquidity, Duvernay commercialization progress, and continued focus on debt reduction and operational execution.