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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