Baytex Energy Corp (BTE)

Baytex Reports Shareholder Meeting ResultsMay 7, 2026 7:15 PM
NewsfileCalgary, Alberta--(Newsfile Corp. - May 7, 2026) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) reports that all matters presented for approval at the annual meeting of shareholders held today were approved. A total of 366,618,328 common shares being 50.00% of Baytex's issued and outstanding shares were represented at the meeting.At the meeting, all of the nominees proposed as directors were duly elected. Results of the vote are set out below:
Votes ForName of Nominee#%Mark R. Bly330,064,12797.13Trudy M. Curran327,288,18896.32Don G. Hrap298,160,82387.75Chad E. Lundberg336,811,24299.12Jennifer A. Maki336,277,25498.96David L. Pearce336,606,39099.06Steve D.L. Reynish225,412,75566.34Jeffrey E. Wojahn324,870,06295.61 KPMG LLP was appointed as Baytex's auditor until the next annual meeting of its shareholders, and the directors were authorized to fix their remuneration. The result of the vote is as follows:Votes For#%365,593,33599.72 A non-binding advisory resolution with respect to Baytex's approach to executive compensation was approved. The result of the vote is as follows:Votes For#%327,816,55496.47 Baytex Energy Corp. is an energy company with headquarters based in Calgary, Alberta. The Company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.For further information about Baytex, please visit our website at www.baytexenergy.com or contact:Brian Ector, Senior Vice President, Capital Markets & Investor Relations Toll Free Number: 1-800-524-5521
Email: investor@baytexenergy.comTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/296607 Original: Baytex Reports Shareholder Meeting Results

Baytex Delivers Strong First Quarter 2026 Results; Raises Production Guidance and Nearly Doubles 3-Year Growth Outlook; CEO Transition CompleteMay 7, 2026 5:15 PM
NewsfileCalgary, Alberta--(Newsfile Corp. - May 7, 2026) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex" or the "Company") reports its operating and financial results for the three months ended March 31, 2026 (all amounts are in Canadian dollars unless otherwise noted)."Baytex's strong first quarter results reflect the quality of our Canadian portfolio and the operational discipline of our team," said Chad Lundberg, President and Chief Executive Officer. "Outperformance across our heavy oil portfolio drove production above the high end of guidance, which combined with strengthening returns, underpinned our decision to raise both our 2026 production guidance and three-year growth outlook. As I step into the CEO role, I am confident in the strength of our portfolio and the team. We are committed to technical leadership and disciplined capital allocation as the foundation for long-term value creation."CEO TransitionEffective today, Chad Lundberg assumes the position of President and Chief Executive Officer and joins the Board of Directors. Having joined Baytex in 2018, Chad has played a central role in building and optimizing the Company's Canadian asset base. His deep operational expertise and track record of disciplined execution position Baytex well for its next phase of growth as a focused Canadian energy producer.First Quarter HighlightsDelivered production of 69,478 boe/d (88% oil and NGL), exceeding the high end of quarterly guidance.Generated adjusted funds flow(1) of $151 million ($0.20 per basic share) and cash flows from operating activities of $122 million ($0.16 per basic share).Repurchased 35.1 million common shares for $174 million, representing 4.6% of shares outstanding.Exited the first quarter with net cash(1) of $591 million.Strong Peavine performance with first 6 wells of 2026 program exceeding initial expectations.Drilled seven discrete horizons in the Mannville at Lloydminster. Acquired an additional 40 sections of highly prospective lands at Utikuma in the Peace River region.2026 GuidanceIncreasing production guidance to 69,000 to 71,000 boe/d (up from 67,000 to 69,000 boe/d) with a targeted exit production rate of 71,000 to 72,000 boe/d (up from 69,000 to 70,000 boe/d, previously).Targeting 7% annual production growth (up from 3% to 5%, previously) driven by strong operating performance and planned 2H activity. Maintaining capital discipline with exploration and development expenditures targeted at high end of guidance range, approximately $625 million (previously $550 to $625 million). Incremental spending allocated to heavy oil and the Pembina Duvernay.3-Year OutlookBaytex targets a 15% annual total shareholder return, comprising production growth, dividends, and share buybacks - based on a long-term WTI price of US$70/bbl.The updated 3-year outlook targets annual production growth of 6% to 8% (up from 3% to 5%) while maintaining a net cash position throughout the period. We intend to advance planning for our Gemini thermal SAGD project with a potential final investment decision in 2027. Gemini is an approved development scheme supporting an initial 5,000 bbl/d first phase, with 44 million barrels of probable reserves at year-end 2025.(1) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.

Three Months Ended


March 31, 2026
 December 31, 2025
 
March 31, 2025
 FINANCIAL
(thousands of Canadian dollars, except per common share amounts)








Petroleum and natural gas sales - Canada$452,954
$381,556
$454,151
Adjusted funds flow (1)
151,125

261,531

463,870
Per share - basic
0.20

0.34

0.60
Per share - diluted
0.20

0.34

0.60
Free cash flow (2)
1,705

76,486

52,529
Per share - basic
-

0.10

0.07
Per share - diluted
-

0.10

0.07
Cash flows from operating activities
122,203

227,657

431,317
Per share - basic
0.16

0.30

0.56
Per share - diluted
0.16

0.30

0.56
Net (loss) income
(67,326)
(856,887)
69,591
Per share - basic
(0.09)
(1.12)
0.09
Per share - diluted
(0.09)
(1.12)
0.09
Dividends declared
16,606

17,268

17,289
Per share
0.0225

0.0225

0.0225


 

 

 
Capital Expenditures
 

 

 
Exploration and development expenditures$145,012
$174,078
$405,097
Acquisitions and (divestitures)
(4,986)
(3,006,514)
(1,009)Total oil and natural gas capital expenditures$140,026
$(2,832,436)$404,088


 

 

 
Net (Cash) Debt
 

 

 
Credit facilities$-
$1,400
$250,284
Long-term notes
89,507

95,947

1,977,044
Total debt (3)
89,507

97,347

2,227,328
Working capital (surplus) deficiency (2)
(680,658)
(863,132)
162,922
Net (cash) debt (1)$(591,151)$(765,785)$2,390,250


 

 

 
Shares Outstanding - basic (thousands)
 

 

 
Weighted average
747,156

768,287

771,443
End of period
730,561

765,568

770,039


 

 

 
BENCHMARK PRICES
 

 

 
Crude oil
 

 

 
WTI (US$/bbl)$71.93
$59.14
$71.42
Edmonton par ($/bbl)
93.50

76.49

95.27
Edmonton par differential to WTI (US$/bbl)
(3.76)
(4.30)
(5.03)WCS heavy oil ($/bbl)
79.28

66.88

84.33
WCS differential to WTI (US$/bbl)
(14.13)
(11.19)
(12.65)Natural gas
 

 

 
NYMEX (US$/MMbtu)$5.04
$3.55
$3.65
AECO ($/Mcf)
2.49

2.34

2.02


 

 

 
CAD/USD average exchange rate
1.3716

1.3949

1.4350
 Notes:(1) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.
(2) Specified financial measure that does not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.
(3) Calculated in accordance with our credit facilities agreement which is available on SEDAR+ at www.sedarplus.ca.

Three Months Ended


March 31, 2026
December 31, 2025
March 31, 2025
OPERATING








Daily Production








Light oil and condensate (bbl/d)
11,835

12,031

11,775
Heavy oil (bbl/d)
44,908

42,628

40,192
NGL (bbl/d)
4,368

4,488

3,123
Total liquids (bbl/d)
61,111

59,147

55,090
Natural gas (Mcf/d)
50,205

48,895

43,743
Total Canada (boe/d) (1)
69,478

67,295

62,380
Discontinued operations (boe/d) (1)
-

69,792

81,814
Oil equivalent (boe/d) (1)
69,478

137,087

144,194


 

 

 
Adjusted Funds Flow (thousands of Canadian dollars)
 

 

 
Total sales, net of blending and other expense (2)$377,033
$331,517
$381,331
Royalties
(51,589)
(43,132)
(59,256)Operating expense
(81,244)
(85,708)
(75,580)Transportation expense
(23,134)
(21,314)
(18,779)Operating netback - Canada (2)$221,066
$181,363
$227,716
General and administrative expense
(22,299)
(16,918)
(18,566)Net cash interest income (expense)
2,754

(36,455)
(43,591)Realized financial derivatives (loss) gain
(29,289)
1,013

(194)Other (3)
(20,021)
(12,789)
(3,353)Adjusted funds flow - Canada (4)$152,211
$116,214
$162,012
Adjusted funds flow - Discontinued operations (4)
(1,086)
145,317

301,858
Adjusted funds flow (4)$151,125
$261,531
$463,870


 

 

 
Adjusted Funds Flow (per boe)
 

 

 
Total sales, net of blending and other expense (2)$60.30
$53.55
$67.92
Royalties (5)
(8.25)
(6.97)
(10.55)Operating expense (5)
(12.99)
(13.84)
(13.46)Transportation expense (5)
(3.70)
(3.44)
(3.34)Operating netback - Canada (2)$35.36
$29.30
$40.57
General and administrative expense (5)
(3.57)
(2.73)
(3.31)Net cash interest income (expense) (5)
0.44

(5.89)
(7.76)Realized financial derivatives (loss) gain (5)
(4.68)
0.16

(0.03)Other (3)(5)
(3.20)
(2.07)
(0.60)Adjusted funds flow - Canada (4)$24.35
$18.77
$28.87
Adjusted funds flow - Discontinued operations (4)
-

22.63

41.00
Adjusted funds flow (4)$24.17
$20.74
$35.74
 Notes:(1) Barrel of oil equivalent ("boe") amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. The use of boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
(2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.
(3) Other is comprised of realized foreign exchange gain or loss, cash other income or expense, current income tax expense or recovery and cash share-based compensation. Refer to the Q1/2026 MD&A for further information on these amounts.
(4) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.
(5) Calculated as royalties, operating expense, transportation expense, general and administrative expense, net cash interest income or expense, realized financial derivatives gain or loss, or other, divided by barrels of oil equivalent production volume for the applicable period for continuing operations.Our Strategic PrioritiesBaytex is a focused Canadian producer with a high-quality asset base centered on heavy oil operations and an attractive position in the Duvernay. We are committed to technical leadership and disciplined capital allocation to create value, while maintaining a strong, flexible balance sheet. Our strategy is anchored by three key priorities: Target 15% Annual Total Shareholder returnWe intend to target an approximate 15% annual total shareholder return at a mid-cycle WTI price of US$70/bbl. Total shareholder returns comprises a combination of production growth, dividends, and share buybacks.Building a Culture of Disciplined Growth and Long-Term ValueWith significant inventory depth and optionality across our portfolio, we are committed to delivering disciplined growth while investing in long-term infrastructure and exploration that supports future value creation. We are targeting annual production growth of 6% to 8% at a mid-cycle WTI price of US$70/bbl. At the same time, we are focused on improving our cash cost structure and capital efficiencies, with a long-term sustaining break-even target of under US$50/bbl WTI - reinforcing our resilience across the commodity cycle.Achieve Full-Scale Development in the Duvernay and Advance Heavy Oil Opportunity Set 

Disciplined investment across our core assets underpins long-term value creation. In the Duvernay, we have assembled 91,500 net acres and identified approximately 210 drilling locations. Production is expected to increase 35% to average approximately 11,000 boe/d in 2026, with a target year-end exit rate of 14,000 to 15,000 boe/d.Our heavy oil assets comprise 750,000 net acres and approximately 1,100 drilling locations, supporting approximately 12 years of drilling at our current pace of development. Our 2026 program will see increased exploration activity, including stratigraphic tests, step-out wells and 3-D seismic, to expand our development inventory and test new play concepts across our extensive heavy oil fairway.We are also advancing two waterflood pilot projects at Peavine, combining the capital efficiency of multi-lateral primary development with the potential for enhanced recovery and moderated decline rates. First injection for the water flood pilots is scheduled for June 2026.2026 Outlook: Accelerating 2H Activity; Production Guidance Increased Our 2026 budget, released in December 2025 targeted annual production of 67,000 to 69,000 boe/d, representing 3% to 5% organic growth, with E&D expenditures of $550 to $625 million. This plan was developed with significant optionality to support accelerated growth in a more constructive pricing environment.Based on strong operating performance to-date and planned 2H activity, we now expect 7% annual production growth in 2026. Our 2026 production guidance increases to 69,000 to 71,000 boe/d with a targeted 2026 exit production rate of 71,000 to 72,000 boe/d (up from 69,000 to 70,000 boe/d).In today's stronger pricing environment - with a two-year forward strip of approximately US$75/bbl - we are maintaining capital discipline. We are now targeting exploration and development expenditures at the high end of our guidance range, at approximately $625 million. Incremental spending will be directed to our heavy oil portfolio and the Duvernay. In heavy oil, we plan to bring approximately 100 net wells onstream in 2026 (up from 91 net wells, previously). In the Duvernay, we expect to drill 17 wells (up from 12 wells) and bring 13 wells onstream. The remaining four wells are expected to be completed and brought onstream in the first quarter of 2027. Updated Three-Year Outlook Demonstrates Strength of PortfolioWe have updated our three-year outlook (2026 to 2028) based on a mid-cycle WTI price of US$70/bbl. We now expect to deliver 6% to 8% annual production growth (up from 3% to 5%) while maintaining a net cash position throughout the period. In the Duvernay, we are transitioning to a one-rig drilling program, targeting 30% annual production growth and an 80% increase in field-level operating income by 2028. The three-year infrastructure build-out is expected to support production of 20,000-25,000 bbl/d by 2029-2030, with ongoing improvements in capital efficiency.The heavy oil portfolio is expected to grow modestly and deliver meaningful free cash flow. Baytex will continue to prioritize Mannville stack development, exploration and enhanced oil recovery. Beyond our three-year outlook, the Gemini thermal SAGD project in northeast Alberta represents a significant source of long-term value. Gemini is an approved development scheme supporting an initial 5,000 bbl/d first phase development, with 44 million barrels of probable reserves at year-end 2025. Over the next twelve months, we intend to advance planning toward a potential final investment decision in 2027 - adding meaningful optionality to our inventory. Throughout the plan period, Baytex remains committed to meaningful shareholder returns, with excess free cash flow available for incremental investment and/or enhanced returns, including buybacks and dividends.First Quarter 2026 ResultsQ1 Production Exceeds GuidanceBaytex delivered strong first quarter results highlighted by outperformance across our heavy oil portfolio. Production averaged 69,478 boe/d (88% oil and NGL), exceeding the high end of our quarterly guidance range of 68,000 to 69,000 boe/d. Exploration and development expenditures totaled $145 million, consistent with our full-year plan, and we brought 54 (52.7 net) wells onstream. Adjusted funds flow(1) was $151 million ($0.20 per basic share). We generated a net loss of $67 million ($0.09 per basic share), due largely to unrealized financial derivatives losses. Accelerated Shareholder Returns: Repurchased 5.9% of Shares to-DateDuring the first quarter, we repurchased 35.1 million common shares for $174 million, representing 4.6% of our shares outstanding, at an average price of $4.96 per share. Through May 6, 2026, we repurchased 45.1 million common shares for $229 million, representing 5.9% of our shares outstanding, at an average price of $5.07 per share, pursuant to our current normal course issuer bid. We exited the first quarter with net cash(1) of $591 million.Strong Peavine Results; Mannville Heavy Oil Success; New Exploration Lands Added at Peace RiverFirst quarter operating results reflect continued performance at Peavine, Peace River, and across the broader Mannville group in Lloydminster. We brought onstream 25.7 net wells during the quarter: 6 Clearwater wells at Peavine, 3 wells at Peace River and 16.7 net wells at Lloydminster. At Peavine, the first six wells of our 2026 program generated an average 30-day initial production rate of 680 bbl/d per well, significantly outperforming expectations. At Lloydminster, we stepped up activity with 3-rigs running during the quarter. We successfully targeted seven discrete horizons in the Mannville through a combination of multi-lateral and circulation string horizontal wells. We continue to build on our heavy oil expertise and enhance our prospect inventory. In the first quarter, we acquired an additional 40 sections of highly prospective lands at Utikuma in the Peace River region, bringing our land holdings in the area to 109 sections. We recently completed a 21-square-mile seismic survey covering 20% of our land base, and following interpretation, we could drill our first exploration test well in early 2027. Duvernay Drilling Program Underway; First Wells of 2026 Program Expected Onstream in JuneIn the Duvernay, we drilled our first four wells during the first quarter, with completion operations now underway. In total, we expect to bring 13 wells onstream in 2026 with the remaining nine wells onstream during Q3 and Q4. Executive AppointmentsBaytex has made the following executive appointments, effective May 7, 2026, reflecting the company's commitment to long-term succession planning and operational leadership. Kendall Arthur has been appointed Chief Operating Officer, having previously served as Senior Vice President and General Manager, Heavy Oil. Adrian Blazevic has been appointed Vice President, Heavy Oil, having previously served as Manager of Geoscience. Kendall and Adrian have been instrumental in the growth of our Canadian operations and are central to our long-term leadership plan. Brian Ector, Senior Vice President Capital Markets and Investor Relations, will be retiring on July 31, 2026. Over his 17 years with Baytex, Brian has been a trusted partner to the investment community and valued member of the leadership team. We thank him for his significant contributions to the Company. (1) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.Quarterly DividendThe Board of Directors has declared a quarterly cash dividend of $0.0225 per share, payable July 2, 2026 to shareholders of record on June 15, 2026. Additional InformationOur condensed consolidated interim unaudited financial statements for the three months ended March 31, 2026, and the related Management's Discussion and Analysis of the operating and financial results can be accessed on our website at www.baytexenergy.com and will be available shortly through SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.shtml.Conference Call Tomorrow
9:00 a.m. MT (11:00 a.m. ET)Baytex will host a conference call tomorrow, May 8, 2026, starting at 9:00am MT (11:00am ET). To participate, please dial toll free in North America 1-833-821-2925 or international 1-647-846-2449. Alternatively, to listen to the conference call online, please enter https://event.choruscall.com/mediaframe/webcast.html?webcastid=UzvM4PYX in your web browser. To register, visit our website at https://www.baytexenergy.com/investors/events-presentations.An archived recording of the conference call will be available shortly after the event by accessing the webcast link above. The conference call will also be archived on the Baytex website at www.baytexenergy.com.  Advisory Regarding Forward-Looking StatementsIn the interest of providing Baytex's shareholders and potential investors with information regarding Baytex, including management's assessment of Baytex's future plans and operations, certain statements in this press release are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). In some cases, forward-looking statements can be identified by terminology such as "believe", "continue", "estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook", "potential", "project", "plan", "should", "target", "would", "will" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement.Specifically, this press release contains forward-looking statements relating to but not limited to: guidance for 2026 production, production growth rate, exit production rate, exportation and development expenditures and that incremental spending will be allocated to heavy oil and the Duvernay; with respect to our 3-year outlook: a targeted annual total shareholder return of 15% at US$70 WTI, annual production growth of 6% to 8% while maintaining a net cash position and the potential for a final investment decision on our Gemini project in 2027; we are committed to technical leadership, disciplined capital allocation, a strong flexible balance sheet, disciplined growth while investing in long-term infrastructure and exploration that supports future value creation; focused on improving cash cost structure and capital efficiencies and a long-term sustaining break-even target of under US$50/bbl WTI; our drilling and development plans for the Duvernay (including expected production growth and year-end exit production rate) and heavy oil (including supported duration of drilling inventory and 2026 program activities); the number of wells to be drilled and brought on stream in heavy oil and the Duvernay in 2026; the three year outlook, including that Duvernay targets a 30% annual production growth rate, an 80% increase in field-level operating income and an infrastructure build out that supports production of 20,000-25,000 bbl/d and that excess cash flow available will be for incremental investment and /or enhanced returns; that we could drill a Utikima exploration well in early 2027; the number and timing for Duvernay wells to be brought onstream in 2026; and Mr. Ector's expected retirement date. In addition, information and statements relating to reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated, and that they can be profitably produced in the future.These forward-looking statements are based on certain key assumptions regarding, among other things: oil and natural gas prices and differentials between light, medium and heavy crude oil prices; well production rates and reserve volumes; success obtained drilling new wells; the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; our ability to add production and reserves through our exploration and development activities; capital expenditure levels; operating costs; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability and cost of labour and other industry services; interest and foreign exchange rates; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; our ability to develop our crude oil and natural gas properties in the manner currently contemplated; our ability to successfully market oil and natural gas; that we will have sufficient financial resources in the future to pursue our development plans and provide shareholder returns; and current industry conditions, laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect.Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: the risk of an extended period of low oil and natural gas prices (including as a result of tariffs); risks associated with our ability to develop our properties and add reserves; that we may not achieve the expected benefits of acquisitions and we may sell assets below their carrying value; the availability and cost of capital or borrowing; restrictions or costs imposed by climate change initiatives and the physical risks of climate change; the impact of an energy transition on demand for petroleum productions; availability and cost of gathering, processing and pipeline systems; retaining or replacing our leadership and key personnel; changes in income tax or other laws or government incentive programs; risks associated with large projects; risks associated with higher a higher concentration of activity and tighter drilling spacing; costs to develop and operate our properties; current or future controls, legislation or regulations; restrictions on or access to water or other fluids; public perception and its influence on the regulatory regime; new regulations on hydraulic fracturing; regulations regarding the disposal of fluids; risks associated with our hedging activities; variations in interest rates and foreign exchange rates; uncertainties associated with estimating oil and natural gas reserves; our inability to fully insure against all risks; additional risks associated with our thermal heavy crude oil projects; our ability to compete with other organizations in the oil and gas industry; risks associated with our use of information technology systems; adverse results of litigation; that our Credit Facilities may not provide sufficient liquidity or may not be renewed; failure to comply with the covenants in our debt agreements; risks associated with expansion into new activities; the impact of Indigenous claims; risks of counterparty default; impact of geopolitical risk and conflicts; loss of foreign private issuer status; conflicts of interest between the Company and its directors and officers; variability of share buybacks and dividends; risks associated with the ownership of our securities, including changes in market-based factors; risks for United States and other non-resident shareholders, including the ability to enforce civil remedies, differing practices for reporting reserves and production, additional taxation applicable to non-residents and foreign exchange risk; and other factors, many of which are beyond our control. Readers are cautioned that the foregoing list of risk factors is not exhaustive. New risk factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.Any decision to pay dividends on the Common Shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith) or acquire Common Shares pursuant to a share buyback (including through the current Normal Course Issuer Bid) will be subject to the discretion of the Board and may depend on a variety of factors, including, without limitation, the Company's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions (including covenants contained in the agreements governing any indebtedness that the Company has incurred or may incur in the future, including the terms of the Credit Facilities) and satisfaction of the solvency tests imposed on the Company under applicable corporate law. There can be no assurance of the number of Common Shares that the Company will acquire pursuant to a share buyback, if any, in the future. Further, the payment of dividends to shareholders is not assured or guaranteed and dividends may be reduced or suspended entirely. These and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management's Discussion and Analysis for the year ended December 31, 2025, filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission and in our other public filings. The above summary of assumptions and risks related to forward-looking statements has been provided in order to provide shareholders and potential investors with a more complete perspective on Baytex's current and future operations and such information may not be appropriate for other purposes.This press release contains information that may be considered a financial outlook under applicable securities laws about the Company's potential financial position, including, but not limited to: our 2026 guidance for development expenditures; that we can maintain a net cash position and the expected field-level operating income growth in Duvernay during our 3-year outlook period; and our intentions regarding excess free cash flow; all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Company and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook, whether as a result of new information, future events or otherwise. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company's potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change. All amounts in this press release are stated in Canadian dollars unless otherwise specified.Specified Financial MeasuresIn this press release, we refer to certain financial measures (such as total sales, net of blending and other expense, operating netback, free cash flow, and working capital (surplus) deficiency) which do not have any standardized meaning prescribed by IFRS. While these measures are commonly used in the oil and gas industry, our determination of these measures may not be comparable with calculations of similar measures presented by other reporting issuers. This press release also contains the terms "adjusted funds flow" and "net (cash) debt" which are considered capital management measures. We believe that inclusion of these specified financial measures provides useful information to financial statement users when evaluating the financial results of Baytex.Non-GAAP Financial MeasuresTotal sales, net of blending and other expense - CanadaTotal sales, net of blending and other expense represents the revenues realized from produced volumes during a period. Total sales, net of blending and other expense is comprised of total petroleum and natural gas sales adjusted for blending and other expense for Canada. We believe including the blending and other expense associated with purchased volumes is useful when analyzing our realized pricing for produced volumes against benchmark commodity prices.Operating netback - CanadaOperating netback is used to assess our operating performance and our ability to generate cash margin on a unit of production basis. Operating netback is comprised of petroleum and natural gas sales, less blending expense, royalties, operating expense and transportation expense for Canada.The following table reconciles operating netback to petroleum and natural gas sales for Canada.

Three Months Ended
($ thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Petroleum and natural gas sales$ 452,954
$381,556
$ 454,151
Blending and other expense
(75,921)
(50,039)
(72,820)Total sales, net of blending and other expense$377,033
$331,517
$381,331
Royalties
(51,589)
(43,132)
(59,256)Operating expense
(81,244)
(85,708)
(75,580)Transportation expense
(23,134)
(21,314)
(18,779)Operating netback - Canada$221,066
$181,363
$227,716
 Free cash flowWe use free cash flow to evaluate our financial performance and to assess the cash available for debt repayment, common share repurchases, dividends and acquisition opportunities. Free cash flow is comprised of cash flows from operating activities adjusted for changes in non-cash working capital, additions to exploration and evaluation assets, additions to oil and gas properties, payments on lease obligations, and transaction costs.Free cash flow is reconciled to cash flows from operating activities in the following table.

Three Months Ended
($ thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Cash flows from operating activities$122,203
$227,657
$431,317
Change in non-cash working capital
26,303

(226)
29,034
Additions to exploration and evaluation assets
(1,737)
-

-
Additions to oil and gas properties
(143,275)
(174,078)
(405,097)Payments on lease obligations
(1,789)
(3,250)
(2,725)Transaction costs
-

26,383

-
Free cash flow$1,705
$76,486
$52,529
 Working capital (surplus) deficiencyWorking capital (surplus) deficiency is calculated as cash, trade receivables, and prepaids and other assets net of trade payables, share-based compensation liability, dividends payable, and other long-term liabilities. Working capital (surplus) deficiency is used by management to measure the Company's liquidity. On March 31, 2026, the Company had $745.6 million of available credit facility capacity to cover any working capital deficiencies.The following table summarizes the calculation of working capital (surplus) deficiency.

As at
($ thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Cash$(757,869)$(953,113)$(5,966)Trade receivables
(194,985)
(135,230)
(391,905)Prepaids and other assets
(59,091)
(63,232)
(72,045)Inventory
(14,174)
-

-
Trade payables
303,107

236,373

582,053
Share-based compensation liability
25,748

34,802

12,602
Dividends payable
16,606

17,268

17,334
Other long-term liabilities
-

-

20,849
Working capital (surplus) deficiency$(680,658)$(863,132)$162,922
 Non-GAAP Financial RatiosTotal sales, net of blending and other expense per boeTotal sales, net of blending and other per boe is used to compare our realized pricing to applicable benchmark prices and is calculated as total sales, net of blending and other expense (a non-GAAP financial measure) divided by barrels of oil equivalent production volume for the applicable period for Canada.Operating netback per boeOperating netback per boe is equal to operating netback (a non-GAAP financial measure) divided by barrels of oil equivalent sales volume for the applicable period for Canada and is used to assess our operating performance on a unit of production basis.Capital Management MeasuresNet (cash) debtWe use net (cash) debt to monitor our current financial position and to evaluate existing sources of liquidity. We also use net (cash) debt projections to estimate future liquidity and whether additional sources of capital are required to fund ongoing operations. Net (cash) debt is comprised of our credit facilities and long-term notes outstanding adjusted for unamortized debt issuance costs, trade payables, share-based compensation liability, dividends payable, other long-term liabilities, cash, trade receivables, and prepaids and other assets. The following table summarizes our calculation of net (cash) debt.

As at
($ thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Credit facilities$ -
$ 1,138
$ 234,683
Unamortized debt issuance costs - Credit facilities (1)
-

262

15,601
Long-term notes
87,598

93,834

1,930,809
Unamortized debt issuance costs - Long-term notes (1)
1,909

2,113

46,235
Trade payables
303,107

236,373

582,053
Share-based compensation liability
25,748

34,802

12,602
Dividends payable
16,606

17,268

17,334
Other long-term liabilities
-

-

20,849
Cash
(757,869)
(953,113)
(5,966)Trade receivables
(194,985)
(135,230)
(391,905)Prepaids and other assets
(59,091)
(63,232)
(72,045)Inventory
(14,174)
-

-
Net (cash) debt$(591,151)$(765,785)$2,390,250
 (1) Unamortized debt issuance costs were obtained from the Long-term Notes and Credit Facilities notes within the consolidated financial statements for the respective period end.Adjusted funds flowAdjusted funds flow is used to monitor operating performance and our ability to generate funds for exploration and development expenditures and settlement of abandonment obligations. Adjusted funds flow is comprised of cash flows from operating activities adjusted for changes in non-cash working capital, asset retirement obligations settled, and transaction costs during the applicable period. Adjusted funds flow is reconciled to amounts disclosed in the primary financial statements in the following table.

Three Months Ended
($ thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Cash flow from operating activities$122,203
$227,657
$431,317
Change in non-cash working capital
26,303

(226)
29,034
Asset retirement obligations settled
2,619

7,717

3,519
Transaction costs
-

26,383

-
Adjusted funds flow$151,125
$261,531
$463,870
 Advisory Regarding Oil and Gas InformationWhere applicable, oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. BOEs may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.References herein to average 30-day initial production rates and other short-term production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating aggregate production for us or the assets for which such rates are provided. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, we caution that the test results should be considered to be preliminary. This press release discloses drilling inventory and potential drilling locations. Drilling inventory and drilling locations refers to Baytex's proved, probable and unbooked locations. Proved locations and probable locations account for drilling locations in our inventory that have associated proved and/or probable reserves. Unbooked locations are internal estimates based on our prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves. Unbooked locations are farther away from existing wells and, therefore, there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty whether such wells will result in additional oil and gas reserves, resources or production. In the Duvernay, Baytex's net drilling locations include 58 proved and 11 probable locations as at December 31, 2025 and 141 unbooked locations. In the Viking, Baytex's net drilling locations include 457 proved and 196 probable locations as at December 31, 2025 and 263 unbooked locations. In the heavy oil business unit, Baytex's net drilling locations include 160 proved and 167 probable locations as at December 31, 2025 and 773 unbooked locations.Throughout this press release, "oil and NGL" refers to heavy crude oil, bitumen, light and medium crude oil, tight oil, condensate and natural gas liquids ("NGL") product types as defined by NI 51-101. The following table shows Baytex's disaggregated production volumes for the three months ended March 31, 2026 and 2025. The NI 51-101 product types are included as follows: "Heavy Crude Oil" - heavy crude oil and bitumen, "Light and Medium Crude Oil" - light and medium crude oil, tight oil and condensate, "NGL" - natural gas liquids and "Natural Gas" - shale gas and conventional natural gas.
Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
Heavy
Crude Oil
(bbl/d)Light
and
Medium
Crude Oil
(bbl/d)NGL
(bbl/d)Natural
Gas
(Mcf/d)Oil
Equivalent
(boe/d)
Heavy
Crude Oil
(bbl/d)Light
and
Medium
Crude Oil
(bbl/d)NGL
(bbl/d)Natural
Gas
(Mcf/d)Oil
Equivalent
(boe/d)Canada - Heavy










Peace River 8,988 5 20 8,597 10,445
10,212 11 18 9,622 11,845 Lloydminster 15,477 9 - 1,140 15,676
11,349 13 - 1,190 11,560 Peavine 19,757 - - - 19,757
17,714 - - - 17,714 Remaining Properties 651 4 - 681 768
801 1 - 642 909











Canada - Light










Viking 27 8,059 262 9,917 10,001
111 8,959 153 10,318 10,943 Duvernay - 3,409 3,245 12,609 8,756
- 2,404 2,221 6,704 5,742 Remaining Properties 8 349 841 17,261 4,075
5 387 731 15,267 3,667











Total Canada 44,908 11,835 4,368 50,205 69,478
40,192 11,775 3,123 43,743 62,380











United States










Eagle Ford - - - - -
- 50,560 15,923 91,988 81,814











Total 44,908 11,835 4,368 50,205 69,478
40,192 62,335 19,046 135,731 144,194  Baytex Energy Corp.Baytex Energy Corp. is a Calgary-based energy company committed to driving shareholder value through disciplined execution. The Company operates in the Western Canadian Sedimentary Basin, featuring the Pembina Duvernay and heavy oil plays in Alberta and Saskatchewan. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.For further information about Baytex, please visit our website at www.baytexenergy.com or contact:Brian Ector, Senior Vice President, Capital Markets & Investor RelationsToll Free Number: 1-800-524-5521
Email: investor@baytexenergy.comTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/296575 Original: Baytex Delivers Strong First Quarter 2026 Results; Raises Production Guidance and Nearly Doubles 3-Year Growth Outlook; CEO Transition Complete

Baytex Conference Call and Webcast on First Quarter 2026 Results to Be Held on May 8, 2026April 30, 2026 4:30 PM
NewsfileCalgary, Alberta--(Newsfile Corp. - April 30, 2026) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) will release its first quarter 2026 financial and operating results after the close of markets on Thursday May 7, 2026. A conference call and webcast will be held on Friday May 8, 2026 to discuss the results:Date: Friday May 8, 2026

Time: 9:00 a.m. MDT (11:00 a.m. EDT)

Registration:For Express Access and Calendar booking, visit our website to register at:
https://www.baytexenergy.com/investors/events-presentations

Dial-in: If you prefer to speak with an operator, dial:
1-647-846-2449 (International)
1-833-821-2925 (North America Toll-Free)

Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=UzvM4PYX 
An archived recording of the conference call will be available shortly after the event by accessing the webcast link above. The conference call will also be archived on the Baytex website at www.baytexenergy.com.Baytex Energy Corp. is a Calgary-based energy company committed to driving shareholder value through disciplined execution. It operates a high-quality, high-return portfolio in the Western Canadian Sedimentary Basin, featuring the Pembina Duvernay and heavy oil plays in Alberta and Saskatchewan. These core assets are backed by an extensive drilling inventory and consistently generate strong cash flow. Baytex's common shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol BTE.For further information about Baytex, please visit our website at www.baytexenergy.com or contact:Brian Ector, Senior Vice President, Capital Markets and Investor RelationsToll Free Number: 1-800-524-5521
Email: investor@baytexenergy.comTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/295218
Original: Baytex Conference Call and Webcast on First Quarter 2026 Results to Be Held on May 8, 2026

Baytex shares slide after Q4 loss despite revenue beatMarch 5, 2026 10:42 AM
IH Market News
Baytex Energy Corp. (NYSE:BTE) reported a fourth-quarter loss on Thursday that came in below analyst expectations, even though revenue exceeded forecasts, as the company finalized its shift toward a more focused Canadian oil production strategy.Shares of the company dropped 3.77% in after-hours trading following the announcement.Baytex posted a fourth-quarter loss of Cdn$1.12 per share, missing the analyst consensus estimate of break-even earnings.Revenue, however, totaled Cdn$759.82 million, beating the consensus estimate of Cdn$570.17 million by roughly 33%, although it declined 25% from the same period a year earlier.For the full year, the company reported a net loss of Cdn$604 million, largely due to non-cash charges linked to the divestiture of its Eagle Ford assets and an impairment related to Viking properties.Baytex completed the sale of its U.S. Eagle Ford operations on December 19, 2025, generating net proceeds of $3.0 billion and boosting its financial position, with cash rising to $857 million.Canadian production averaged 67,295 barrels of oil equivalent per day (boe/d) during the fourth quarter, with oil and natural gas liquids accounting for 88% of output. For the full year 2025, Canadian production averaged 65,528 boe/d, representing organic growth of 6% compared with 2024.“2025 was a definitive year for Baytex, marked by the successful repositioning of our portfolio into a focused, high-return Canadian oil producer,” said Eric T. Greager, Chief Executive Officer. “With a sustaining breakeven of US$52/bbl WTI, Baytex is well-positioned to navigate market volatility and accelerate shareholder returns.”Looking ahead, Baytex expects 2026 production to average between 67,000 and 69,000 boe/d, representing annual organic growth of about 3% to 5%, with exploration and development spending planned between $550 million and $625 million.First-quarter 2026 output is projected at roughly 68,000 to 69,000 boe/d, with production expected to reach around 70,000 boe/d by the end of the year.The company generated adjusted funds flow of Cdn$261.5 million in the fourth quarter and Cdn$1.5 billion for the full year. Since restarting its share repurchase program on December 24, 2025, Baytex has bought back 30 million shares for approximately $141 million.

Original: Baytex shares slide after Q4 loss despite revenue beat

Baytex Announces Quarterly Dividend for April 2026March 4, 2026 5:00 PM
NewsfileCalgary, Alberta--(Newsfile Corp. - March 4, 2026) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex" or the "company") announces that its Board of Directors has declared a quarterly cash dividend of CDN$0.0225 per share to be paid on April 1, 2026 for shareholders of record on March 13, 2026. The U.S. dollar equivalent amount is approximately US$0.0164 per share assuming a foreign exchange rate of 1.37 CAD/US. Payments to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable. This dividend is designated an "eligible dividend" for Canadian tax purposes and is considered a "qualified dividend" for U.S. income tax purposes.Baytex Energy Corp.Baytex Energy Corp. is a Calgary-based energy company committed to driving shareholder value through disciplined execution. It operates a high-quality, high-return portfolio in the Western Canadian Sedimentary Basin, featuring the Pembina Duvernay and heavy oil plays in Alberta and Saskatchewan. These core assets are backed by an extensive drilling inventory and consistently generate strong cash flow. Baytex's common shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol BTE.For further information about Baytex, please visit our website at www.baytexenergy.com or contact:Brian Ector, Senior Vice President, Capital Markets and Investor RelationsToll Free Number: 1-800-524-5521
Email: investor@baytexenergy.comTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/286252
Original: Baytex Announces Quarterly Dividend for April 2026

Baytex Announces Fourth Quarter and Full Year 2025 Results and CEO Succession; Completes Transition to a Focused Canadian Energy CompanyMarch 4, 2026 5:02 PM
NewsfileCalgary, Alberta--(Newsfile Corp. - March 4, 2026) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex") reports its operating and financial results for the three months and year ended December 31, 2025 (all amounts are in Canadian dollars unless otherwise noted)."2025 was a definitive year for Baytex, marked by the successful repositioning of our portfolio into a focused, high-return Canadian oil producer," said Eric T. Greager, Chief Executive Officer. "We strengthened our financial position and reinforced our potential for long-term value creation. With a sustaining breakeven of US$52/bbl WTI, Baytex is well-positioned to navigate market volatility and accelerate shareholder returns. Our 2026 plan is already delivering operational momentum across our core Pembina Duvernay and heavy oil fairways, and I am confident the company is set up for a seamless leadership transition."2025 HighlightsCompleted the divestiture of U.S. Eagle Ford assets for net proceeds of $3.0 billion on December 19, 2025, successfully transitioning Baytex to a focused Canadian producer.Significantly strengthened financial position with cash of $857 million (cash less principal amount of Senior Notes that remain outstanding).Delivered 2025 Canadian production of 65,528 boe/d (89% oil and NGL), representing 6% organic growth over 2024. Q4/2025 Canadian production averaged 67,295 boe/d (88% oil and NGL).Reported a 2025 net loss of $604 million ($0.78 per basic share) due to non-cash, one-time items associated with the Eagle Ford divestiture and a Viking impairment, with no impact to cash flow.Reported cash flows from operating activities of $1.5 billion ($1.93 per basic share) for 2025, including $228 million ($0.30 per basic share) in the fourth quarter. Delivered full-year adjusted funds flow(1) of $1.5 billion ($1.97 per basic share) with $262 million ($0.34 per basic share) generated in Q4/2025.Realized free cash flow(2) of $275 million ($0.36 per basic share) for the full-year, including $76 million ($0.10 per basic share) in Q4/2025. Re-initiated share buybacks on December 24, 2025. To-date, Baytex has repurchased 30 million shares (3.9% of shares outstanding) for $141 million. Declared total cash dividends of $0.09 per share in 2025, representing $69 million returned to shareholders.CEO SuccessionChad Lundberg, President and Chief Operating Officer, will succeed Eric Greager as Chief Executive Officer following the Annual General Meeting ("AGM") on May 7, 2026. Mr. Lundberg joined Baytex in 2018 and has played an instrumental role in the strategic development and operational expansion of the Company's portfolio. To ensure a seamless transition, Mr. Greager will remain as CEO and a member of the Board until the AGM, at which time Mr. Lundberg will be nominated for election as a Director. "The Board has been committed to a rigorous succession process to ensure Baytex is led by the right individual for our next chapter," said Mark Bly, Chair of the Board of Directors. "As we sharpen our focus on our core Canadian assets, Chad's deep operational expertise and proven leadership make him the right choice to drive our business forward. We are confident that his strategic vision and commitment to financial discipline will drive continued value creation. On behalf of the Board, I thank Eric for positioning the company for success and establishing the strong foundation from which Chad will now lead." (1) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.(2) Specified financial measure that does not have any standardized meaning prescribed by International Financial Reporting Standard ("IFRS") and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.
 Three Months Ended

Twelve Months Ended

 December 31, 2025

September 30, 2025

December 31, 2024

December 31, 2025

December 31, 2024
FINANCIAL
(thousands of Canadian dollars, except per common share amounts)








Petroleum and natural gas sales $ 759,815
$927,648
$1,017,017
$3,573,172
$4,208,955
Adjusted funds flow (1) 261,531

422,232

461,886

1,514,552

1,956,518
Per share - basic 0.34

0.55

0.59

1.97

2.44
Per share - diluted 0.34

0.55

0.59

1.97

2.42
Free cash flow (2) 76,486

142,688

254,838

274,891

655,582
Per share - basic 0.10

0.19

0.33

0.36

0.82
Per share - diluted 0.10

0.18

0.33

0.36

0.81
Cash flows from operating activities 227,657

472,676

468,865

1,485,962

1,908,264
Per share - basic 0.30

0.62

0.60

1.93

2.38
Per share - diluted 0.30

0.61

0.60

1.93

2.36
Net (loss) income (856,887)
31,968

(38,477)
(603,779)
236,597
Per share - basic (1.12)
0.04

(0.05)
(0.78)
0.29
Per share - diluted (1.12)
0.04

(0.05)
(0.78)
0.29
Dividends declared 17,268

17,326

17,598

69,187

71,985
Per share 0.0225

0.0225

0.0225

0.090

0.090

  

 

 

 

 
Capital Expenditures  

 

 

 

 
Exploration and development expenditures $174,078
$270,364
$198,177
$1,206,071
$1,256,633
Acquisitions and (divestitures) (3,006,514)
15,770

(29,718)
(2,991,285)
5,920
Total oil and natural gas capital expenditures  $(2,832,436)$286,134
$168,459
$(1,785,214)$1,262,553

  

 

 

 

 
Net (Cash) Debt  

 

 

 

 
Credit facilities $1,400
$182,345
$341,207
$1,400
$341,207
Long-term notes 95,947

1,855,605

1,980,619

95,947

1,980,619
Total debt (3) 97,347

2,037,950

2,321,826

97,347

2,321,826
Working capital (surplus) deficiency (2) (863,132)
206,408

95,346

(863,132)
95,346
Net (cash) debt (1) $(765,785)$2,244,358
$2,417,172
$(765,785)$2,417,172

  

 

 

 

 
Shares Outstanding - basic (thousands)  

 

 

 

 
Weighted average 768,287

768,317

782,131

769,180

803,435
End of period 765,568

768,317

773,590

765,568

773,590

  

 

 

 

 
BENCHMARK PRICES  

 

 

 

 
Crude oil  

 

 

 

 
WTI (US$/bbl)$ 59.14
$64.93
$70.27
$64.81
$75.72
MEH oil (US$/bbl) 60.70

67.03

72.40

66.66

77.99
MEH oil differential to WTI (US$/bbl) 1.56

2.10

2.13

1.85

2.27
Edmonton par ($/bbl) 76.49

86.20

94.98

85.53

97.59
Edmonton par differential to WTI (US$/bbl) (4.30)
(2.35)
(2.39)
(3.62)
(4.49)WCS heavy oil ($/bbl) 66.88

75.14

80.77

75.06

83.56
WCS differential to WTI (US$/bbl) (11.19)
(10.38)
(12.54)
(11.11)
(14.73)Natural gas  

 

 

 

 
NYMEX (US$/mmbtu)$ 3.55
$3.07
$2.79
$3.43
$2.27
AECO ($/mcf) 2.34

1.00

1.46

1.86

1.44

  

 

 

 

 
CAD/USD average exchange rate 1.3949

1.3774

1.3992

1.3978

1.3700
 Notes:(1) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.(2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.(3) Calculated in accordance with our amended credit facilities agreement which is available on SEDAR+ at www.sedarplus.ca.

Three Months Ended

Twelve Months Ended


December 31, 2025

September 30, 2025

December 31, 2024

December 31, 2025

December 31, 2024
OPERATING














Daily Production














Light oil and condensate (bbl/d)
12,031

12,605

11,568

11,897

11,983
Heavy oil (bbl/d)
42,628

45,269

42,227

42,775

42,313
NGL (bbl/d)
4,488

3,485

3,519

3,524

2,749
Total liquids (bbl/d)
59,147

61,359

57,314

58,196

57,045
Natural gas (mcf/d)
48,895

40,961

48,113

43,988

41,412
Total Canada (boe/d) (1)
67,295

68,185

65,332

65,528

63,948
Discontinued operations (boe/d) (1)
69,792

82,765

87,562

79,551

89,100
Oil equivalent (boe/d) (1)
137,087

150,950

152,894

145,079

153,048


 

 

 

 

 
Adjusted Funds Flow (thousands of Canadian dollars)


 

 

 

 
Total sales, net of blending and other expense (2)$331,517
$388,155
$386,558
$1,449,658
$1,610,103
Royalties
(43,132)
(53,645)
(60,396)
(203,833)
(261,205)Operating expense
(85,708)
(84,994)
(78,878)
(334,317)
(336,069)Transportation expense
(21,314)
(23,060)
(21,595)
(83,697)
(84,211)Operating netback - Canada (2)$181,363
$226,456
$225,689
$827,811
$928,618
General and administrative
(16,918)
(15,824)
(14,719)
(67,903)
(58,363) Cash interest
(36,455)
(39,906)
(46,277)
(161,432)
(188,632)Realized financial derivatives gain (loss)
1,013

(8,580)
(2,115)
(19,635)
1,447
Other (3)
(12,789)
(10,300)
(14,516)
(36,251)
(26,516)Adjusted funds flow - Canada (4)$116,214
$151,846
$148,062
$542,590
$656,554
Adjusted funds flow - Discontinued operations (4)$145,317
$270,386
$313,824
$971,962
$1,299,964
Adjusted funds flow (4)$261,531
$422,232
$461,886
$1,514,552
$1,956,518


 

 

 

 

 
Adjusted Funds Flow (per boe)
 

 

 

 

 
Total sales, net of blending and other expense (2)$53.55
$61.88
$64.31
$60.61
$68.79
Royalties (5)
(6.97)
(8.55)
(10.05)
(8.52)
(11.16)Operating expense (5)
(13.84)
(13.55)
(13.12)
(13.98)
(14.36)Transportation expense (5)
(3.44)
(3.68)
(3.59)
(3.50)
(3.60)Operating netback - Canada (2)$29.30
$36.10
$37.55
$34.61
$39.67
General and administrative (5)
(2.73)
(2.52)
(2.45)
(2.84)
(2.49) Cash interest (5)
(5.89)
(6.36)
(7.70)
(6.75)
(8.06)Realized financial derivatives gain (loss) (5)
0.16

(1.37)
(0.35)
(0.82)
0.06
Other (3)
(2.07)
(1.64)
(2.42)
(1.52)
(1.13)Adjusted funds flow - Canada (4)$18.77
$24.21
$24.63
$22.68
$28.05
Adjusted funds flow - Discontinued operations (4)$22.63
$35.51
$38.96
$33.47
$39.86
Adjusted funds flow (4)$20.74
$30.40
$32.84
$28.60
$34.93
 Notes:(1) Barrel of oil equivalent ("boe") amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. The use of boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.(2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.(3) Other is comprised of realized foreign exchange gain or loss, other income or expense, current income tax expense or recovery and share-based compensation. Refer to the 2025 MD&A for further information on these amounts.(4) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.(5) Calculated as royalties, operating expense, transportation expense, general and administrative expense, cash interest expense or realized financial derivatives gain or loss divided by barrels of oil equivalent production volume for the applicable period for Canada.2026 Outlook: Focused Canadian Operations Baytex enters 2026 as a focused Canadian producer with a high-quality asset base centered on heavy oil operations and an attractive position in the Pembina Duvernay. Our 2026 budget, released in December 2025, targets annual production of 67,000 to 69,000 boe/d, representing 3% to 5% organic growth year-over-year, with E&D expenditures of $550 to $625 million. This plan is designed to deliver disciplined growth while investing in the long-term infrastructure and exploration to support future value creation. We have significant inventory depth and optionality across our portfolio to support our current plan and potentially accelerate growth beyond these levels.We are efficiently executing our first quarter capital program with seven rigs currently active across our portfolio. Production in Q1/2026 is forecast to average 68,000 to 69,000 boe/d, with production increasing to approximately 70,000 boe/d as we exit 2026. Our heavy oil assets comprise 750,000 net acres and 1,100 drilling locations, supporting approximately 12 years of drilling at our current pace of development. We currently have five drilling rigs active across our heavy oil fairway targeting the Clearwater at Peavine and the broader Mannville stack in Lloydminster. We expect to bring 91 heavy oil wells onstream in 2026. Our 2026 program will see increased exploration activity, including stratigraphic tests, step-out wells and 3-D seismic, to expand our development inventory and test new play concepts across our extensive heavy oil fairway. In addition, we are advancing two waterflood pilot projects at Peavine, blending the attractive capital efficiencies of multi-lateral primary development with the potential for enhanced recovery and moderated decline rates. In the Duvernay, we have assembled 91,500 net acres and identified approximately 210 drilling locations. Production is expected to increase 35% to average approximately 11,000 boe/d in 2026, with a target year-end exit rate of 14,000 to 15,000 boe/d. We currently have one rig drilling a four-well pad on our southern acreage. Completion operations are scheduled for the second quarter with the wells expected to be onstream by mid-year. The remaining two pads are expected onstream during the third and fourth quarters. 2025 ResultsOn December 19, 2025, Baytex completed the divestiture of its U.S. Eagle Ford assets for net proceeds of US$2.2 billion ($3.0 billion in Canadian dollars) after closing adjustments. As a result of the disposition, results from the operated and non-operated Eagle Ford properties have been classified as discontinued operations for the current and comparative periods. For the full-year 2025, adjusted funds flow(1) totaled $1.5 billion ($1.97 per basic share) and we generated free cash flow(2) of $275 million ($0.36 per basic share). In the fourth quarter, we incurred non-recurring, one-time cash tax and severance costs associated with the Eagle Ford divestiture. These expensed items reduced adjusted funds flow by $37 million ($0.05 per basic share). In addition, we reported a net loss of $604 million ($0.78 per basic share), primarily driven by non-cash, one-time items associated with the strategic repositioning of the portfolio. These include a loss on the Eagle Ford disposition, a deferred tax adjustment related to the transaction structure, and an impairment on Viking assets.Canadian production averaged 65,528 boe/d (89% oil and NGL) in 2025, representing 6% organic growth over 2024 (excluding non-core divestitures). Fourth quarter Canadian production averaged 67,295 boe/d (88% oil and NGL). Exploration and development expenditures in Canada totaled $548 million for the full-year, including $93 million in the fourth quarter, reflecting a highly capital-efficient program. Accelerated Shareholder ReturnsBaytex entered 2026 with a cash position of $857 million (cash less principal amount of Senior Notes that remain outstanding), providing significant financial flexibility to support our commitment to shareholder returns. We intend to prioritize share buybacks while maintaining our current annual dividend of $0.09 per share.Following the close of the Eagle Ford sale, we re-initiated our share buyback program on December 24, 2025. To date (through March 3, 2026), we have repurchased 30 million shares for $141 million, representing 3.9% of our shares outstanding at an average price of $4.72 per share. Our current Normal Course Issuer Bid ("NCIB") allows for the purchase of up to 66.2 million shares through the 12-month period ending July 1, 2026.(1) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.(2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.Quarterly DividendThe Board of Directors has declared a quarterly cash dividend of $0.0225 per share to be paid on April 1, 2026 for shareholders of record on March 13, 2026.Additional InformationOur audited consolidated financial statements for the year ended December 31, 2025 and the related Management's Discussion and Analysis of the operating and financial results can be accessed on our website at www.baytexenergy.com and will be available shortly through SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.Conference Call Tomorrow
9:00 a.m. MST (11:00 a.m. EST)Baytex will host a conference call tomorrow, March 5, 2026, starting at 9:00am MST (11:00am EST). To participate, please dial toll free in North America 1-844-763-8274 or international 1-647-484-8814. Alternatively, to listen to the conference call online, please enter https://event.choruscall.com/mediaframe/webcast.html?webcastid=SuCq95hl in your web browser.An archived recording of the conference call will be available shortly after the event by accessing the webcast link above. The conference call will also be archived on the Baytex website at www.baytexenergy.com.

Advisory Regarding Forward-Looking StatementsIn the interest of providing Baytex's shareholders and potential investors with information regarding Baytex, including management's assessment of Baytex's future plans and operations, certain statements in this press release are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). In some cases, forward-looking statements can be identified by terminology such as "believe", "continue", ""estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook", "potential", "project", "plan", "should", "target", "would", "will" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement.Specifically, this press release contains forward-looking statements relating to but not limited to: that we have a sustaining breakeven of US$52/bbl WTI, are well positioned to navigate market volatility and accelerate shareholder returns and set up for a seamless leadership transition; that Chad Lundberg will succeed Eric Greager as chief executive officer on May 7, 2026; our development plans for 2026, our expected full-year production volumes, expected production growth rate and exploration and development expenditures; that we can accelerate growth beyond these levels; our expected Q1/2026 production rate and 2026 exit production rate; in our heavy oil assets: that we have 12 years of drilling locations at our current pace of development, expect to bring 91 wells on stream in 2026 and types of activity we will carry out; in the Duvernay: our expected average annual and target year-end exit target production rate for 2026, and the timing for completion activities and wells onstream; that we intend to prioritize share buybacks while maintaining our dividend. In addition, information and statements relating to reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated, and that they can be profitably produced in the future. These forward-looking statements are based on certain key assumptions regarding, among other things: oil and natural gas prices and differentials between light, medium and heavy crude oil prices; well production rates and reserve volumes; the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; our ability to add production and reserves through our exploration and development activities; capital expenditure levels; our ability to borrow under our credit agreements; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability and cost of labour and other industry services; interest and foreign exchange rates; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; our ability to develop our crude oil and natural gas properties in the manner currently contemplated; that we will have sufficient financial resources in the future to provide shareholder returns; and current industry conditions, laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect.Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: the risk of an extended period of low oil and natural gas prices (including as a result of tariffs); risks associated with our ability to develop our properties and add reserves; that we may not achieve the expected benefits of acquisitions and we may sell assets below their carrying value; the availability and cost of capital or borrowing; restrictions or costs imposed by climate change initiatives and the physical risks of climate change; the impact of an energy transition on demand for petroleum productions; availability and cost of gathering, processing and pipeline systems; retaining or replacing our leadership and key personnel; changes in income tax or other laws or government incentive programs; risks associated with large projects; risks associated with higher a higher concentration of activity and tighter drilling spacing; costs to develop and operate our properties; current or future controls, legislation or regulations; restrictions on or access to water or other fluids; public perception and its influence on the regulatory regime; new regulations on hydraulic fracturing; regulations regarding the disposal of fluids; risks associated with our hedging activities; variations in interest rates and foreign exchange rates; uncertainties associated with estimating oil and natural gas reserves; our inability to fully insure against all risks; additional risks associated with our thermal heavy crude oil projects; our ability to compete with other organizations in the oil and gas industry; risks associated with our use of information technology systems; adverse results of litigation; that our Credit Facilities may not provide sufficient liquidity or may not be renewed; failure to comply with the covenants in our debt agreements; risks associated with expansion into new activities; the impact of Indigenous claims; risks of counterparty default; impact of geopolitical risk and conflicts; loss of foreign private issuer status; conflicts of interest between the Corporation and its directors and officers; variability of share buybacks and dividends; risks associated with the ownership of our securities, including changes in market-based factors; risks for United States and other non-resident shareholders, including the ability to enforce civil remedies, differing practices for reporting reserves and production, additional taxation applicable to non-residents and foreign exchange risk; and other factors, many of which are beyond our control. Readers are cautioned that the foregoing list of risk factors is not exhaustive. New risk factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.The future acquisition of our common shares pursuant to a share buyback (including through its NCIB), if any, and the level thereof is uncertain. Any decision to pay dividends on the Common Shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith) or acquire Common Shares pursuant to a share buyback will be subject to the discretion of the Board and may depend on a variety of factors, including, without limitation, the Corporation's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions (including covenants contained in the agreements governing any indebtedness that the Corporation has incurred or may incur in the future, including the terms of the Credit Facilities) and satisfaction of the solvency tests imposed on the Corporation under applicable corporate law. There can be no assurance of the number of Common Shares that the Corporation will acquire pursuant to a share buyback, if any, in the future. Further, the payment of dividends to shareholders is not assured or guaranteed and dividends may be reduced or suspended entirely. These and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management's Discussion and Analysis for the year ended December 31, 2025, to be filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission on March 4, 2026 and in our other public filings. The above summary of assumptions and risks related to forward-looking statements has been provided in order to provide shareholders and potential investors with a more complete perspective on Baytex's current and future operations and such information may not be appropriate for other purposes.This press release contains information that may be considered a financial outlook under applicable securities laws about the Corporation's potential financial position, including, but not limited to, our 2026 guidance for development expenditures; and our intentions of allocating funds to share buybacks and a dividend; all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Corporation and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Corporation undertakes no obligation to update such financial outlook, whether as a result of new information, future events or otherwise. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Corporation's potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change. All amounts in this press release are stated in Canadian dollars unless otherwise specified.Specified Financial MeasuresIn this press release, we refer to certain financial measures (such as free cash flow, operating netback, working capital (surplus) deficiency and total sales, net of blending and other expense) which do not have any standardized meaning prescribed by IFRS. While these measures are commonly used in the oil and gas industry, our determination of these measures may not be comparable with calculations of similar measures presented by other reporting issuers. This press release also contains the terms "adjusted funds flow" and "net (cash) debt" which are considered capital management measures. We believe that inclusion of these specified financial measures provides useful information to financial statement users when evaluating the financial results of Baytex.Non-GAAP Financial MeasuresTotal sales, net of blending and other expenseTotal sales, net of blending and other expense represents the revenues realized from produced volumes during a period. Total sales, net of blending and other expense is comprised of total petroleum and natural gas sales adjusted for blending and other expense. We believe including the blending and other expense associated with purchased volumes is useful when analyzing our realized pricing for produced volumes against benchmark commodity prices.Operating netbackOperating netback is used to assess our operating performance and our ability to generate cash margin on a unit of production basis. Operating netback is comprised of petroleum and natural gas sales, less blending expense, royalties, operating expense and transportation expense.The following table reconciles operating netback to petroleum and natural gas sales for Canada.


Three Months Ended

Years Ended December 31
($ thousands)

December 31, 2025

September 30, 2025

December 31, 2024

2025

2024
Petroleum and natural gas sales
$381,556
$437,905
$466,706
$1,684,648
$1,874,046
Blending and other expense

(50,039)
(49,750)
(80,148)
(234,990)
(263,943)Total sales, net of blending and other expense
$331,517
$388,155
$386,558
$1,449,658
$1,610,103
Royalties

(43,132)
(53,645)
(60,396)
(203,833)
(261,205)Operating expense

(85,708)
(84,994)
(78,878)
(334,317)
(336,069)Transportation expense

(21,314)
(23,060)
(21,595)
(83,697)
(84,211)Operating netback - Canada
$181,363
$226,456
$225,689
$827,811
$928,618
 Free cash flowWe use free cash flow to evaluate our financial performance and to assess the cash available for debt repayment, common share repurchases, dividends and acquisition opportunities. Free cash flow is comprised of cash flows from operating activities adjusted for changes in non-cash working capital, transaction costs, additions to exploration and evaluation assets, additions to oil and gas properties, and payments on lease obligations.Free cash flow is reconciled to cash flows from operating activities in the following table.

Three Months Ended

Years Ended December 31
($ thousands)
December 31, 2025

September 30, 2025

December 31, 2024

2025

2024
Cash flows from operating activities$227,657
$472,676
$468,865
$1,485,962
$1,908,264
Change in non-cash working capital
(226)
(55,961)
(13,428)
(18,111)
17,922
Transaction costs
26,383

-

-

26,383

1,539
Additions to exploration and evaluation assets
-

-

-

(930)
-
Additions to oil and gas properties
(174,078)
(270,364)
(198,177)
(1,205,141)
(1,256,633)Payments on lease obligations
(3,250)
(3,663)
(2,422)
(13,272)
(15,510)Free cash flow$76,486
$142,688
$254,838
$274,891
$655,582
 Working capital (surplus) deficiencyWorking capital (surplus) deficiency is calculated as cash, trade receivables, and prepaids and other assets net of trade payables, share-based compensation liability, other long-term liabilities, and dividends payable. Working capital (surplus) deficiency is used by management to measure the Company's liquidity. At December 31, 2025, the Company had $744.2 million of available credit facility capacity to cover any working capital deficiencies.The following table summarizes the calculation of working capital (surplus) deficiency.

As at
($ thousands)
December 31, 2025

September 30, 2025

December 31, 2024
Cash$(953,113)$(10,417)$(16,610)Trade receivables
(135,230)
(324,287)
(387,266)Prepaids and other assets
(63,232)
(75,100)
(76,468)Trade payables
236,373

554,057

512,473
Share-based compensation liability
34,802

24,666

24,732
Other long-term liabilities
-

20,163

20,887
Dividends payable
17,268

17,326

17,598
Working capital (surplus) deficiency$(863,132)$206,408
$95,346
 Non-GAAP Financial RatiosTotal sales, net of blending and other expense per boeTotal sales, net of blending and other per boe is used to compare our realized pricing to applicable benchmark prices and is calculated as total sales, net of blending and other expense (a non-GAAP financial measure) divided by barrels of oil equivalent production volume for the applicable period.Operating netback per boeOperating netback per boe is equal to operating netback (a non-GAAP financial measure) divided by barrels of oil equivalent sales volume for the applicable period and is used to assess our operating performance on a unit of production basis.Capital Management MeasuresNet (cash) debtWe use net (cash) debt to monitor our current financial position and to evaluate existing sources of liquidity. We also use net (cash) debt projections to estimate future liquidity and whether additional sources of capital are required to fund ongoing operations. Net (cash) debt is comprised of our credit facilities and long-term notes outstanding adjusted for unamortized debt issuance costs, trade payables, share-based compensation liability, dividends payable, other long-term liabilities, cash, trade receivables, and prepaids and other assets. The following table summarizes our calculation of net (cash) debt.

As at
($ thousands)
December 31, 2025

September 30, 2025

December 31, 2024
Credit facilities$1,138
$166,841
$324,346
Unamortized debt issuance costs - Credit facilities (1)
262

15,504

16,861
Long-term notes
93,834

1,815,230

1,932,890
Unamortized debt issuance costs - Long-term notes (1)
2,113

40,375

47,729
Trade payables
236,373

554,057

512,473
Share-based compensation liability
34,802

24,666

24,732
Dividends payable
17,268

17,326

17,598
Other long-term liabilities
-

20,163

20,887
Cash
(953,113)
(10,417)
(16,610)Trade receivables
(135,230)
(324,287)
(387,266)Prepaids and other assets
(63,232)
(75,100)
(76,468)Net (cash) debt$(765,785)$2,244,358
$2,417,172
 (1) Unamortized debt issuance costs were obtained from Note 9 Credit Facilities and Note 10 Long-term Notes from the Consolidated Financial Statements for the year ended December 31, 2025.Adjusted funds flowAdjusted funds flow is used to monitor operating performance and our ability to generate funds for exploration and development expenditures and settlement of abandonment obligations. Adjusted funds flow is comprised of cash flows from operating activities adjusted for changes in non-cash working capital, asset retirement obligations settled, and transaction costs during the applicable period. Adjusted funds flow is reconciled to amounts disclosed in the primary financial statements in the following table.

Three Months Ended

Years Ended December 31
($ thousands)
December 31, 2025

September 30, 2025

December 31, 2024

2025

2024
Cash flows from operating activities$227,657
$472,676
$468,865
$1,485,962
$1,908,264
Change in non-cash working capital
(226)
(55,961)
(13,428)
(18,111)
17,922
Asset retirement obligations settled
7,717

5,517

6,449

20,318

28,793
Transaction costs
26,383

-

-

26,383

1,539
Adjusted funds flow$261,531
$422,232
$461,886
$1,514,552
$1,956,518
 Advisory Regarding Oil and Gas InformationWhere applicable, oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. BOEs may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.This press release discloses drilling inventory and potential drilling locations. Drilling inventory and drilling locations refers to Baytex's proved, probable and unbooked locations. Proved locations and probable locations account for drilling locations in our inventory that have associated proved and/or probable reserves. Unbooked locations are internal estimates based on our prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves. Unbooked locations are farther away from existing wells and, therefore, there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty whether such wells will result in additional oil and gas reserves, resources or production. In the Duvernay, Baytex's net drilling locations include 58 proved and 11 probable locations as at December 31, 2025 and 141 unbooked locations. In the Viking, Baytex's net drilling locations include 457 proved and 196 probable locations as at December 31, 2025 and 263 unbooked locations. In the heavy oil business unit, Baytex's net drilling locations include 160 proved and 167 probable locations as at December 31, 2025 and 773 unbooked locations. Throughout this press release, "oil and NGL" refers to heavy oil, bitumen, light and medium oil, tight oil, condensate and natural gas liquids ("NGL") product types as defined by NI 51-101. The following table shows Baytex's disaggregated production volumes for the three and twelve months ended December 31, 2025. The NI 51-101 product types are included as follows: "Heavy Oil" - heavy oil and bitumen, "Light and Medium Oil" - light and medium oil, tight oil and condensate, "NGL" - natural gas liquids and "Natural Gas" - shale gas and conventional natural gas.

Three Months Ended December 31, 2025

Twelve Months Ended December 31, 2025


Heavy Oil (bbl/d)

Light and Medium Oil (bbl/d)

NGL
(bbl/d)

Natural Gas
(Mcf/d)

Oil Equivalent (boe/d)

Heavy Oil (bbl/d)

Light and Medium Oil (bbl/d)

NGL
(bbl/d)

Natural Gas
(Mcf/d)

Oil Equivalent (boe/d)
Canada - Heavy





























Peace River
9,493

8

35

8,974

11,032

9,726

12

32

9,629

11,374
Lloydminster
13,702

16

1

1,465

13,963

12,700

19

-

1,258

12,928
Peavine
18,582

-

-

-

18,582

19,235

-

-

-

19,235
Remaining Properties
802

3

-

660

915

1,034

2

-

680

1,150


 

 

 

 

 

 

 

 

 

 
Canada - Light
 

 

 

 

 

 

 

 

 

 
Viking
40

7,213

259

9,388

9,076

74

7,813

205

10,071

9,771
Duvernay
-

4,585

3,594

14,801

10,645

-

3,757

2,767

10,825

8,328
Remaining Properties
9

206

599

13,607

3,082

6

294

520

11,525

2,742


 

 

 

 

 

 

 

 

 

 
Total Canada
42,628

12,031

4,488

48,895

67,295

42,775

11,897

3,524

43,988

65,528


 

 

 

 

 

 

 

 

 

 
United States
 

 

 

 

 

 

 

 

 

 
Eagle Ford
-

42,109

13,524

84,950

69,792

-

48,971

15,491

90,528

79,551


 

 

 

 

 

 

 

 

 

 
Total
42,628

54,140

18,012

133,845

137,087

42,775

60,868

19,015

134,516

145,079
 Baytex Energy Corp.Baytex Energy Corp. is a Calgary-based energy company committed to driving shareholder value through disciplined execution. It operates a high-quality, high-return portfolio in the Western Canadian Sedimentary Basin, featuring the Pembina Duvernay and heavy oil plays in Alberta and Saskatchewan. These core assets are backed by an extensive drilling inventory and consistently generate strong cash flow. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.For further information about Baytex, please visit our website at www.baytexenergy.com or contact:Brian Ector, Senior Vice President, Capital Markets and Investor RelationsToll Free Number: 1-800-524-5521
Email: investor@baytexenergy.comTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/286251
Original: Baytex Announces Fourth Quarter and Full Year 2025 Results and CEO Succession; Completes Transition to a Focused Canadian Energy Company

Baytex Reports Strong Canadian Reserves Growth and Positive Operational MomentumFebruary 2, 2026 5:00 PM
NewsfileCalgary, Alberta--(Newsfile Corp. - February 2, 2026) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex") is pleased to announce its year-end 2025 reserves and provide an operations update (all amounts in Canadian dollars unless otherwise noted).Our 2025 performance was highlighted by the strategic divestiture of our U.S. assets, resulting in a significantly strengthened financial position and sharpened focus on our high-return Canadian energy platform. We entered 2026 with a net cash position and remain committed to returning a significant portion of the net proceeds from the U.S. sale (after debt repayment) to shareholders.Baytex is also providing an update on its 2025 consolidated operations, including U.S. assets up to the December 19, 2025 sale closing. Consolidated production averaged 137,087 boe/d (84% oil and NGL) in the fourth quarter, with annual 2025 production of 145,079 boe/d (85% oil and NGL). Exploration and development expenditures totaled $175 million during the fourth quarter and $1,207 million in 2025. Production in Canada averaged 67,295 boe/d (88% oil and NGL) in the fourth quarter, with annual 2025 production of 65,528 boe/d (89% oil and NGL), representing a 6% growth rate compared to 2024 (excluding non-core divestitures). For 2026, we are targeting annual production of 67,000 to 69,000 boe/d with exploration and development expenditures of $550 to $625 million.Year-End 2025 Reserves Highlights Value Creation - CanadaIn Canada, we invested $549 million on exploration and development expenditures in a highly capital efficient program. Our Pembina Duvernay and heavy oil development contributed significantly to our year-end 2025 reserves, demonstrating the long-term resiliency and sustainability of our business and its capacity for future value creation. We achieved solid reserves growth in Canada across all three reserves categories, proved developed producing ("PDP"), proved ("1P") and proved plus probable ("2P"). PDP reserves increased 12% to 69 MMboe (61 MMboe at year-end 2024), replacing 133% of production. 1P reserves increased 15% to 151 MMboe (131 MMboe at year-end 2024), replacing 185% of production. 2P reserves increased 9% to 282 MMboe (259 MMboe at year-end 2024), replacing 203% of production. Finding and development ("F&D") costs, including changes in future development costs ("FDC") were $17.28/boe for PDP reserves, $16.39/boe for 1P reserves and $16.27/boe for 2P reserves.We generated a strong PDP F&D recycle ratio of 2.0x and a 1P and 2P F&D recycle ratio of 2.1x based on a 2025 operating netback(1) of $34.61/boe, reflective of the efficiency of our capital program. We maintain a robust reserves life index of 11.5 years based on 2P reserves.Our 2025 reserves report continues a strong track record of value creation in Canada. Our three-year average (2023-2025) production replacement, excluding acquisitions and divestitures, for PDP, 1P, and 2P reserves is 119%, 151% and 169%, respectively.Our three-year average (2023-2025) F&D costs, including changes in FDC were $18.12/boe for PDP reserves, $18.74/boe for 1P reserves and $19.76/boe for 2P reserves.We generated a strong three-year average (2023-2025) F&D recycle ratio of 2.1x for PDP reserves, 2.0x for 1P reserves, and 1.9x for 2P reserves.(1) Specified financial measure that does not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.Operations Update - Driving Performance in Our Canadian PortfolioWe are building on the operational momentum established last year with a 2026 plan that targets 3% to 5% annual production growth while investing in long-term infrastructure, exploration and land to support future growth and inventory expansion.In the Duvernay, production is expected to increase 35% to average approximately 11,000 boe/d in 2026, with a target year-end exit rate of 14,000 to 15,000 boe/d. We currently have one rig running in the Duvernay, drilling the first well of a four-well pad on our southern acreage. Completion operations are scheduled for the second quarter with the wells expected to be onstream by mid-year. The remaining two pads (4-wells each) are expected to be onstream during the third and fourth quarter. We have also commenced our infrastructure build-out for 2026, including anchor oil batteries and water handling. Our heavy oil portfolio is expected to deliver stable production and reliable returns. We currently have five drilling rigs active across our heavy oil fairway targeting the Clearwater at Peavine and the broader Mannville stack in Lloydminster. We expect to bring 91 heavy oil wells onstream in 2026. In addition, our 2026 program will see increased exploration activity, including stratigraphic tests, step-out wells and 3-D seismic. At Peavine, we are drilling the third of thirteen multi-lateral horizontal wells on a single pad. In addition, we intend to undertake two waterflood pilot projects as we look to blend the attractive capital efficiencies of multi-lateral primary development with the potential upside of enhanced recovery and moderated decline rates. At Lloydminster, our first quarter drilling program will target seven discrete horizons in the Mannville: Cummings, GP, Lloydminster, McLaren, Sparky and both the Upper and Lower Waseca. In northeast Alberta, we recently brought onstream two multi-lateral wells in the Sparky that generated average 30-day initial production rates of 450 bbl/d per well, and a five-well pad in the Upper Waseca that generated average 30-day initial production rates of 150 bbl/d per well. In the Viking, we are running a largely level-loaded one rig program in 2026 (outside of spring break-up) to maximize efficiencies. We expect to bring 73 net wells onstream in 2026.Strong Net Cash Position and Shareholder ReturnsIn December, we repaid our outstanding credit facilities, redeemed all of the US$759 million principal amount of 8.500% Senior Notes due 2030 and US$505 million principal amount of 7.375% Senior Notes due 2032 (of an original US$575 million principal amount outstanding) through a successful tender offer. We entered 2026 with a net cash position (cash less principal amount of Senior Notes that remain outstanding) of approximately $857 million that provides significant financial flexibility. We intend to return a significant portion to shareholders, prioritizing share buybacks while maintaining our current annual dividend of $0.09 per share. Our Normal Course Issuer Bid ("NCIB") allows Baytex to purchase up to 66.2 million common shares during the 12-month period ending July 1, 2026. On December 24, 2025, we re-initiated our share buyback program. To-date (through January 30, 2026) we have repurchased 17.1 million common shares for $78 million, representing 2.2% of our shares outstanding, at an average price of $4.55 per share.Disciplined Risk ManagementWe employ a disciplined hedging strategy to manage heavy oil basis differential volatility. For 2026, approximately 45% of our net heavy oil basis differential exposure is hedged at a WTI-WCS basis differential of US$13.13/bbl.We also have WTI hedges in place for the first half of 2026. For Q1/2026 we have entered into hedges on approximately 60% of our net crude oil exposure utilizing two-way collars with an average floor price of US$60/bbl and an average ceiling price of US$67/bbl. For Q2/2026 we have entered into hedges on approximately 50% of our net crude oil exposure utilizing two-way collars with an average floor price of US$60/bbl and an average ceiling price of US$66/bbl.Year-End 2025 Results Baytex expects to release its year-end 2025 operating and financial results on March 4, 2026. Year-End 2025 ReservesBaytex's year-end 2025 reserves were evaluated by McDaniel & Associates Consultants Ltd. ("McDaniel"), an independent qualified reserves evaluator. All of our oil and gas properties were evaluated in accordance with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") using the average commodity price forecasts and inflation rates of McDaniel, GLJ Petroleum Consultants ("GLJ") and Sproule ERCE ("Sproule") as of January 1, 2026. Additional information regarding Baytex's reserves and other oil and gas information will be included in Baytex's Annual Information Form for the year ended December 31, 2025, which is expected to be filed on SEDAR+ and EDGAR on or around March 4, 2026. The following table sets forth our gross and net reserves volumes at December 31, 2025 by product type and reserves category. Please note that the data in the table may not add due to rounding.Reserves Summary

Light and Medium Oil

Tight Oil

Heavy Oil

Bitumen

Total Oil

Natural Gas Liquids (3)

Conventional Natural Gas (4)

Shale Gas

Total (5)
Reserves Summary
(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(MMcf)

(MMcf)

(Mboe)
Gross (1)


























Proved producing
8,466

4,256

38,513

-

51,235

7,003

46,117

18,277

68,970
Proved developed non-producing
-

-

993

-

993

1

236

-

1,033
Proved undeveloped
11,252

18,464

19,254

-

48,970

17,815

28,428

55,041

80,696
Total proved
19,718

22,719

58,760

-

101,197

24,819

74,780

73,318

150,699
Total probable
12,817

10,062

41,149

44,459

108,487

10,837

39,115

32,051

131,185
Proved plus probable
32,535

32,781

99,909

44,459

209,684

35,657

113,896

105,369

281,884
Net (2)
 

 

 

 

 

 

 

 

 
Proved producing
8,029

3,593

33,045

-

44,666

6,115

41,598

16,663

60,492
Proved developed non-producing
-

-

868

-

868

1

219

-

905
Proved undeveloped
10,735

15,798

17,184

-

43,718

15,577

24,806

49,697

71,712
Total proved
18,764

19,391

51,097

-

89,252

21,694

66,623

66,360

133,109
Total probable
11,876

8,065

34,599

35,743

90,282

9,129

34,047

28,442

109,826
Proved plus probable
30,640

27,455

85,696

35,743

179,534

30,823

100,670

94,801

242,936
 Notes:(1) "Gross" reserves means the total working interest share of remaining recoverable reserves owned by Baytex before deductions of royalties payable to others.
(2) "Net" reserves means Baytex's gross reserves less all royalties payable to others plus royalty interest reserves.
(3) Natural Gas Liquids includes condensate.
(4) Conventional Natural Gas includes associated, non-associated and solution gas.
(5) Oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. BOEs may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.Reserves Reconciliation - CanadaThe following table reconciles the year-over-year changes in our Canadian gross reserves volumes by product type and reserves category. Please note that the data in the table may not add due to rounding.Proved Reserves - Gross Volumes (1) (Forecast Prices)

Light and Medium Oil

Tight Oil

Heavy Oil

Bitumen

Total Oil

Natural Gas Liquids (2)

Conventional Natural Gas (3)

Shale Gas

Total (4)


(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(MMcf)

(MMcf)

(Mboe)
December 31, 2024
23,604

15,935

55,357

-

94,896

15,797

74,789

48,640

131,265
Extensions
982

7,853

14,174

-

23,008

8,994

13,463

26,434

38,652
Technical Revisions
(664)
406

6,488

-

6,231

1,562

1,854

2,590

8,533
Acquisitions
-

-

-

-

-

-

-

-

-
Dispositions
(355)
-

(147)
-

(502)
(66)
(1,442)
-

(809)Economic Factors
(950)
(104)
(1,503)
-

(2,557)
(140)
(1,830)
(395)
(3,068)Production
(2,900)
(1,371)
(15,608)
-

(19,879)
(1,328)
(12,054)
(3,951)
(23,874)December 31, 2025
19,718

22,719

58,760

-

101,197

24,819

74,780

73,318

150,699
 Probable Reserves - Gross Volumes (1) (Forecast Prices)

Light and Medium Oil

Tight Oil

Heavy Oil

Bitumen

Total Oil

Natural Gas Liquids (2)

Conventional Natural Gas (3)

Shale Gas

Total (4)


(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(MMcf)

(MMcf)

(Mboe)
December 31, 2024
13,644

11,406

34,190

44,489

103,729

11,400

38,344

37,041

127,692
Extensions
89

(1,559)
10,144

-

8,673

(944)
6,534

(4,694)
8,035
Technical Revisions
(1,042)
291

(2,996)
-

(3,747)
493

(5,191)
(22)
(4,122)Acquisitions
-

-

-

-

-

-

-

-

-
Dispositions
(332)
-

(256)
-

(587)
(33)
(700)
-

(737)Economic Factors
458

(76)
67

(30)
419

(78)
129

(273)
317
Production
-

-

-

-

-

-

-

-

-
December 31, 2025
12,817

10,062

41,149

44,459

108,487

10,837

39,115

32,051

131,185
 Proved Plus Probable Reserves - Gross Volumes (1) (Forecast Prices)

Light and Medium Oil

Tight Oil

Heavy Oil

Bitumen

Total Oil

Natural Gas Liquids (2)

Conventional Natural Gas (3)

Shale Gas

Total (4)


(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(MMcf)

(MMcf)

(Mboe)
December 31, 2024
37,248

27,341

89,547

44,489

198,625

27,197

113,133

85,680

258,957
Extensions
1,070

6,293

24,317

-

31,681

8,050

19,997

21,740

46,687
Technical Revisions
(1,706)
698

3,492

-

2,484

2,055

(3,337)
2,568

4,411
Acquisitions
-

-

-

-

-

-

-

-

-
Dispositions
(687)
-

(403)
-

(1,090)
(99)
(2,142)
-

(1,546)Economic Factors
(491)
(180)
(1,436)
(30)
(2,137)
(219)
(1,701)
(668)
(2,751)Production
(2,900)
(1,371)
(15,608)
-

(19,879)
(1,328)
(12,054)
(3,951)
(23,874)December 31, 2025
32,535

32,781

99,909

44,459

209,684

35,657

113,896

105,369

281,884
 Notes:(1) "Gross" reserves means the total working interest share of remaining recoverable reserves owned by Baytex before deductions of royalties payable to others.
(2) Natural gas liquids includes condensate.
(3) Conventional natural gas includes associated, non-associated and solution gas.
(4) Oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. BOEs may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.Reserves Reconciliation - Total CompanyThe following table reconciles the year-over-year changes in our gross reserves volumes by product type and reserves category. Please note that the data in the table may not add due to rounding.Proved Reserves - Gross Volumes (1) (Forecast Prices)

Light and Medium Oil

Tight Oil

Heavy Oil

Bitumen

Total Oil

Natural Gas Liquids (2)

Conventional Natural Gas (3)

Shale Gas

Total (4)


(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(MMcf)

(MMcf)

(Mboe)
December 31, 2024
23,604

168,200

55,357

-

247,161

91,923

74,789

339,775

408,177
Extensions
982

8,864

14,174

-

24,019

9,390

13,463

28,378

40,383
Technical Revisions
(664)
406

6,488

-

6,231

1,562

1,854

2,590

8,533
Acquisitions
-

-

-

-

-

-

-

-

-
Dispositions (5)
(355)
(135,842)
(147)
-

(136,344)
(70,493)
(1,442)
(260,036)
(250,417)Economic Factors
(950)
(104)
(1,503)
-

(2,557)
(140)
(1,830)
(395)
(3,068)Production (6)
(2,900)
(18,805)
(15,608)
-

(37,313)
(7,423)
(12,054)
(36,994)
(52,910)December 31, 2025
19,718

22,719

58,760

-

101,197

24,819

74,780

73,318

150,699
 Probable Reserves - Gross Volumes (1) (Forecast Prices)

Light and Medium Oil

Tight Oil

Heavy Oil

Bitumen

Total Oil

Natural Gas Liquids (2)

Conventional Natural Gas (3)

Shale Gas

Total (4)


(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(MMcf)

(MMcf)

(Mboe)
December 31, 2024
13,644

84,798

34,190

44,489

177,121

42,813

38,344

152,995

251,824
Extensions
89

(2,571)
10,144

-

7,661

(1,340)
6,534

(6,638)
6,304
Technical Revisions
(1,042)
291

(2,996)
-

(3,747)
493

(5,191)
(22)
(4,122)Acquisitions
-

-

-

-

-

-

-

-

-
Dispositions (5)
(332)
(72,381)
(256)
-

(72,968)
(31,051)
(700)
(114,010)
(123,137)Economic Factors
458

(76)
67

(30)
419

(78)
129

(273)
317
Production (6)
-

-

-

-

-

-

-

-

-
December 31, 2025
12,817

10,062

41,149

44,459

108,487

10,837

39,115

32,051

131,185
 Proved Plus Probable Reserves - Gross Volumes (1) (Forecast Prices)

Light and Medium Oil

Tight Oil

Heavy Oil

Bitumen

Total Oil

Natural Gas Liquids (2)

Conventional Natural Gas (3)

Shale Gas

Total (4)


(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(Mbbls)

(MMcf)

(MMcf)

(Mboe)
December 31, 2024
37,248

252,997

89,547

44,489

424,281

134,736

113,133

492,770

660,001
Extensions
1,070

6,293

24,317

-

31,681

8,050

19,997

21,740

46,687
Technical Revisions
(1,706)
698

3,492

-

2,484

2,055

(3,337)
2,568

4,411
Acquisitions
-

-

-

-

-

-

-

-

-
Dispositions (5)
(687)
(208,223)
(403)
-

(209,313)
(101,544)
(2,142)
(374,047)
(373,554)Economic Factors
(491)
(180)
(1,436)
(30)
(2,137)
(219)
(1,701)
(668)
(2,751)Production (6)
(2,900)
(18,805)
(15,608)
-

(37,313)
(7,423)
(12,054)
(36,994)
(52,910)December 31, 2025
32,535

32,781

99,909

44,459

209,684

35,657

113,896

105,369

281,884
 Notes:(1) "Gross" reserves means the total working interest share of remaining recoverable reserves owned by Baytex before deductions of royalties payable to others.
(2) Natural gas liquids includes condensate.
(3) Conventional natural gas includes associated, non-associated and solution gas.
(4) Oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. BOEs may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
(5) Dispositions includes the sale of Baytex's U.S. assets on December 19, 2025.
(6) Production includes Baytex's U.S. assets to December 19, 2025.Future Development CostsThe following table sets forth future development costs deducted in the estimation of the future net revenue attributable to the reserves categories noted below.Future Development Costs ($ millions)Proved
ReservesProved Plus
Probable Reserves2026 359 442 2027 505 618 2028 511 694 2029 343 657 2030 146 248 Remainder 51 773 Total FDC undiscounted 1,915 3,432  Efficiency of Capital Development Program - Canada Based on the evaluation of our petroleum and natural gas reserves prepared by McDaniel, the efficiency of our Canadian exploration and development program is summarized in the following table.
2025202420233 Year




Proved Developed Producing Reserves



Exploration and development expenditures ($ millions)548.4489.5463.21,501.0




Reserves additions (MMboe) (1)31.726.824.382.9F&D costs ($/boe) (2)17.2818.2519.0618.12Production replacement (3)133%115%109%119%Recycle ratio (4)2.0x2.2x2.0x2.1x









Proved Reserves



Exploration and development expenditures ($ millions)548.4489.5463.21,501.0Change in future development costs ($ millions)174.5238.560.3473.3Total F&D capital ($ millions)722.9728.0523.51,974.3




Reserves additions (MMboe) (1)44.139.122.1105.3F&D costs ($/boe) (2)16.3918.6023.7018.74Production replacement (3)185%167%99%151%Recycle ratio (4)2.1x2.1x1.6x2.0x









Proved Plus Probable Reserves



Exploration and development expenditures ($ millions)548.4489.5463.21,501.0Change in future development costs ($ millions)238.4336.3252.6827.3Total F&D capital ($ millions)786.7825.8715.82,328.3




Reserves additions (MMboe) (1)48.340.4 29.1 117.8 F&D costs ($/boe) (2)16.2720.4324.6119.76Production replacement (3)203%173%130%169%Recycle ratio (4)2.1x1.9x1.6x1.9x      Notes:(1) Reserves additions includes extensions, technical revisions and economic factors.
(2) F&D costs are calculated on a per boe basis by dividing the aggregate of the change in FDC from the prior year for the particular reserves category and the costs incurred on E&D activities in the year by the change in reserves from the prior year for the reserve category.
(3) Production replacement is calculated by dividing reserves additions by annual production.
(4) Recycle ratio is calculated by dividing operating netback on a per boe basis by F&D costs. Forecast Prices and CostsThe following table summarizes the forecast prices used in preparing the estimated reserves volumes and the net present values of future net revenues at December 31, 2025. The estimated future net revenue to be derived from the production of the reserves is based on the following average of the price forecasts of McDaniel, GLJ and Sproule as of January 1, 2026. YearWTI Crude Oil
US$/bblEdmonton Light
Crude Oil
$/bblWestern Canadian Select
$/bblHenry Hub
US$/MMbtuAECO Spot
$/MMbtuInflation Rate
%/YrExchange Rate
$US/$Cdn2025 act. 65.50 85.65 75.05 3.55 1.85 2.1 0.720 2026 59.92 77.54 65.13 3.74 3.00 - 0.730 2027 65.10 83.60 70.43 3.78 3.30 2.0 0.740 2028 70.28 90.17 76.90 3.85 3.49 2.0 0.740 2029 71.93 92.32 78.71 3.93 3.58 2.0 0.740 2030 73.37 94.17 80.29 4.01 3.65 2.0 0.740 2031 74.84 96.06 81.90 4.09 3.72 2.0 0.740 2032 76.34 97.98 83.53 4.17 3.80 2.0 0.740 2033 77.87 99.93 85.20 4.26 3.88 2.0 0.740 2034 79.42 101.93 86.91 4.34 3.95 2.0 0.740 2035 81.01 103.97 88.65 4.43 4.03 2.0 0.740 ThereafterEscalation rate of 2.0% 2.0 0.740  Net Present Value of Reserves (1) (Forecast Prices and Costs)The following table summarizes the McDaniel estimate of the net present value before income taxes of the future net revenue attributable to our reserves.Reserves at December 31, 2025 ($ millions, discounted at)0%5%10%15%Proved developed producing 141 647 729 725 Proved developed non-producing 28 21 17 13 Proved undeveloped 1,204 801 538 359 Total proved 1,373 1,469 1,283 1,097 Probable 3,419 1,952 1,258 879 Total Proved Plus Probable (before tax) 4,792 3,420 2,541 1,976  Note:(1) Includes abandonment, decommissioning and reclamation costs for all producing and non-producing wells and facilities.Advisory Regarding Forward-Looking StatementsIn the interest of providing Baytex's shareholders and potential investors with information regarding Baytex, including management's assessment of Baytex's future plans and operations, certain statements in this press release are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). In some cases, forward-looking statements can be identified by terminology such as "believe", "continue", ""estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook", "potential", "project", "plan", "should", "target", "would", "will" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement.Specifically, this press release contains forward-looking statements relating to but not limited to: that we have a high return energy platform; we are committed to returning a significant portion of the net proceeds from the U.S. sale to shareholders, prioritizing share buybacks and maintaining an annual dividend of $0.09 per share; our expected 2026 full-year production volumes and exploration and development expenditures; our 2026 plan targets 3-6% production growth, and investment in long-term infrastructure, exploration and land to support future growth and inventory expansion; for 2026 in the Duvernay, our expected production growth and exit production rate, and plans related to drilling, completion and on-streaming of wells and plans related to our infrastructure build out; for 2026 in Heavy oil, our plans with respect to drilling and exploration activity including our intention to undertake two waterflood pilots at Peavine and target seven discrete zones in the Mannville at Lloydminster; for 2026 in the Viking our plans with respect to drilling and bringing wells on-stream; the expected release date of our year-results; future development costs, F&D and FD&A; forecast prices for oil and natural gas; forecast inflation and exchange rates; and the net present value before income taxes of the future net revenue attributable to our reserves. In addition, information and statements relating to reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated, and that they can be profitably produced in the future. These forward-looking statements are based on certain key assumptions regarding, among other things: oil and natural gas prices and differentials between light, medium and heavy crude oil prices; well production rates and reserve volumes; success obtained in drilling new wells; our ability to add production and reserves through our exploration and development activities; capital expenditure levels; operating costs; our ability to borrow under our credit agreements; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability and cost of labour and other industry services; interest and foreign exchange rates; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; our ability to develop our crude oil and natural gas properties in the manner currently contemplated; our ability to market oil and natural gas successfully; that we will have sufficient financial resources in the future to provide shareholder returns; and current industry conditions, laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect.Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: the risk of an extended period of low oil and natural gas prices and the volatility of oil and natural gas prices and price differentials; risks associated with our ability to develop our properties and add reserves; that we may not achieve the expected benefits of acquisitions and we may sell assets below their carrying value; the availability and cost of capital or borrowing; restrictions or costs imposed by climate change initiatives and the physical risks of climate change; the impact of an energy transition on demand for petroleum productions; availability and cost of gathering, processing and pipeline systems; retaining or replacing our leadership and key personnel; changes in income tax or other laws or government incentive programs; risks associated with large projects; risks associated with higher a higher concentration of activity and tighter drilling spacing; costs to develop and operate our properties; risks associated with achieving production guidance, exploration and development expenditures guidance; risk that the board of directors determines to allocate capital other than as set forth herein; current or future controls, legislation or regulations; restrictions on or access to water or other fluids; public perception and its influence on the regulatory regime; new regulations on hydraulic fracturing; regulations regarding the disposal of fluids; risks associated with our hedging activities; variations in interest rates and foreign exchange rates; uncertainties associated with estimating oil and natural gas reserves; our inability to fully insure against all risks; additional risks associated with our thermal heavy crude oil projects; our ability to compete with other organizations in the oil and gas industry; risks associated with our use of information technology systems; adverse results of litigation; that our credit facilities may not provide sufficient liquidity or may not be renewed; failure to comply with the covenants in our debt agreements; risks associated with expansion into new activities; the impact of Indigenous claims; risks of counterparty default; impact of geopolitical risk and conflicts; conflicts of interest between the Corporation and its directors and officers; variability of share buybacks and dividends; risks associated with the ownership of our securities, including changes in market-based factors; risks for United States and other non-resident shareholders, including the ability to enforce civil remedies, differing practices for reporting reserves and production, additional taxation applicable to non-residents and foreign exchange risk; and other factors, many of which are beyond our control. Readers are cautioned that the foregoing list of risk factors is not exhaustive. New risk factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The future acquisition of our common shares pursuant to a share buyback (including through its NCIB), if any, and the level thereof is uncertain. Any decision to pay dividends on the Common Shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith) or acquire Common Shares pursuant to a share buyback will be subject to the discretion of the Board and may depend on a variety of factors, including, without limitation, the Corporation's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions (including covenants contained in the agreements governing any indebtedness that the Corporation has incurred or may incur in the future, including the terms of the Credit Facilities) and satisfaction of the solvency tests imposed on the Corporation under applicable corporate law. There can be no assurance of the number of Common Shares that the Corporation will acquire pursuant to a share buyback, if any, in the future. Further, the payment of dividends to shareholders is not assured or guaranteed and dividends may be reduced or suspended entirely. These and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management's Discussion and Analysis for the year ended December 31, 2025, to be filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission on or around March 4, 2026 and in our other public filings. The above summary of assumptions and risks related to forward-looking statements has been provided in order to provide shareholders and potential investors with a more complete perspective on Baytex's current and future operations and such information may not be appropriate for other purposes.This press release contains information that may be considered a financial outlook under applicable securities laws about the Corporation's potential financial position, including, but not limited to: our 2026 guidance for development expenditures and our intention to allocate cash to shareholder returns through a share buyback and a dividend; all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Corporation and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Corporation undertakes no obligation to update such financial outlook, whether as a result of new information, future events or otherwise. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Corporation's potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change. All amounts in this press release are stated in Canadian dollars unless otherwise specified.Specified Financial MeasuresIn this press release, we refer to operating netback, which is a financial measure that does not have any standardized meaning prescribed by IFRS. While this measure is commonly used in the oil and gas industry, our determination of this measure may not be comparable with calculations of similar measures presented by other reporting issuers. Non-GAAP Financial RatiosOperating netback per boeOperating netback per boe is equal to operating netback (a non-GAAP financial measure) divided by barrels of oil equivalent sales volume for the applicable period and is used to assess our operating performance on a unit of production basis.Advisory Regarding Oil and Gas InformationThe reserves information contained in this press release has been prepared in accordance with NI 51-101. Complete NI 51-101 reserves disclosure will be included in our Annual Information Form for the year ended December 31, 2025, which is expected to be filed on March 4, 2026. Listed below are cautionary statements that are specifically required by NI 51-101:The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one boe (6 mcf/bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.With respect to finding and development costs, the aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that year.This press release contains estimates of the net present value of our future net revenue from our reserves. Such amounts do not represent the fair market value of our reserves.This press release discloses drilling inventory and potential drilling locations. Drilling inventory and drilling locations refers to Baytex's proved, probable and unbooked locations. Proved locations and probable locations account for drilling locations in our inventory that have associated proved and/or probable reserves. Unbooked locations are internal estimates based on our prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves. Unbooked locations are farther away from existing wells and, therefore, there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty whether such wells will result in additional oil and gas reserves, resources or production. In the Duvernay, Baytex's net drilling locations include 58 proved and 11 probable locations as at December 31, 2025 and 141 unbooked locations. In the Viking, Baytex's net drilling locations include 457 proved and 196 probable locations as at December 31, 2025 and 263 unbooked locations. In the heavy oil business unit, Baytex's net drilling locations include 160 proved and 167 probable locations as at December 31, 2025 and 773 unbooked locations. Throughout this press release, "oil and NGL" refers to heavy oil, bitumen, light and medium oil, tight oil, condensate and natural gas liquids ("NGL") product types as defined by NI 51-101. The following table shows Baytex's disaggregated production volumes for the three and twelve months ended December 31, 2025. The NI 51-101 product types are included as follows: "Heavy Oil" - heavy oil and bitumen, "Light and Medium Oil" - light and medium oil, tight oil and condensate, "NGL" - natural gas liquids and "Natural Gas" - shale gas and conventional natural gas.
Three Months Ended December 31, 2025
Twelve Months Ended December 31, 2025
Heavy Oil (bbl/d)Light and Medium Oil (bbl/d)NGL
(bbl/d)Natural Gas
(Mcf/d)Oil Equivalent (boe/d)Heavy Oil (bbl/d)Light and Medium Oil (bbl/d)NGL
(bbl/d)Natural Gas
(Mcf/d)Oil Equivalent (boe/d)Canada - Heavy










Peace River 9,493 8 35 8,974 11,032
9,726 12 32 9,629 11,374 Lloydminster 13,702 16 1 1,465 13,963
12,700 19 - 1,258 12,928 Peavine 18,582 - - - 18,582
19,235 - - - 19,235 Remaining Properties 802 3 - 660 915
1,034 2 - 680 1,150











Canada - Light










Viking 40 7,213 259 9,388 9,076
74 7,813 205 10,071 9,771 Duvernay - 4,585 3,594 14,801 10,645
- 3,757 2,767 10,825 8,328 Remaining Properties 9 206 599 13,607 3,082
6 294 520 11,525 2,742











Total Canada 42,628 12,031 4,488 48,895 67,295
42,775 11,897 3,524 43,988 65,528











United States










Eagle Ford - 42,109 13,524 84,950 69,792
- 48,971 15,491 90,528 79,551











Total 42,628 54,140 18,012 133,845 137,087
42,775 60,868 19,015 134,516 145,079  This press release contains metrics commonly used in the oil and natural gas industry, such as "finding and development costs", "recycle ratio", "production replacement", and "reserves life index". These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons. Such metrics have been included in this press release to provide readers with additional measures to evaluate Baytex's performance, however, such measures are not reliable indicators of Baytex's future performance and future performance may not compare to Baytex's performance in previous periods and therefore such metrics should not be unduly relied upon. Finding and development costs are calculated on a per boe basis by dividing the aggregate of the change in future development costs from the prior year for the particular reserves category and the costs incurred on exploration and development activities in the year by the change in reserves from the prior year for the reserve category.Recycle ratio is calculated by dividing operating netback on a per boe basis by finding and development costs for the particular reserves category.Production replacement is calculated by dividing reserves additions, including extensions, technical revisions and economic factors for the particular reserves category, by annual production. Reserves life index is calculated by taking the total quantity of reserves on a boe basis divided by annualized Q4/2025 production (boe/d) in Canada. Notice to United States ReadersThe petroleum and natural gas reserves contained in this press release have generally been prepared in accordance with Canadian disclosure standards, which are not comparable in all respects to United States or other foreign disclosure standards. For example, the United States Securities and Exchange Commission (the "SEC") requires oil and gas issuers, in their filings with the SEC, to disclose only "proved reserves", but permits the optional disclosure of "probable reserves" (each as defined in SEC rules). Canadian securities laws require oil and gas issuers disclose their reserves in accordance with NI 51-101, which requires disclosure of not only "proved reserves" but also "probable reserves". Additionally, NI 51-101 defines "proved reserves" and "probable reserves" differently from the SEC rules. Accordingly, proved and probable reserves disclosed in this press release may not be comparable to United States standards. Probable reserves are higher risk and are generally believed to be less likely to be accurately estimated or recovered than proved reserves.In addition, under Canadian disclosure requirements and industry practice, reserves and production are reported using gross volumes, which are volumes prior to deduction of royalty and similar payments. The SEC rules require reserves and production to be presented using net volumes, after deduction of applicable royalties and similar payments.Moreover, Baytex has determined and disclosed estimated future net revenue from its reserves using forecast prices and costs, whereas the SEC rules require that reserves be estimated using a 12-month average price, calculated as the arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period. As a consequence of the foregoing, Baytex's reserve estimates and production volumes in this press release may not be comparable to those made by companies utilizing United States reporting and disclosure standards.Baytex Energy Corp.Baytex Energy Corp. is a Calgary-based energy company committed to driving shareholder value through disciplined execution. It operates a high-quality, high-return portfolio in the Western Canadian Sedimentary Basin, featuring the Pembina Duvernay and heavy oil plays in Alberta and Saskatchewan. These core assets are backed by an extensive drilling inventory and consistently generate strong cash flow. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.For further information about Baytex, please visit our website at www.baytexenergy.com or contact:Brian Ector, Senior Vice President, Capital Markets and Investor RelationsToll Free Number: 1-800-524-5521
Email: investor@baytexenergy.comTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/282403
Original: Baytex Reports Strong Canadian Reserves Growth and Positive Operational Momentum

I had PVAC, then ROCC now I'm part of the BTE family this is fun!

9 bucks a share looked better, but I can see it getting well past that.

That accusition will take some time to get over.

Can't believe we are down in this price range. IMO this will give a big day sooner than later

BTEGF changed to BTE. Moved to the NYSE from the OTC:

https://www.sec.gov/Archives/edgar/data/1279495/000127949523000010/a9912023-02x17baytexnyseli.htm

https://otce.finra.org/otce/dailyList?viewType=Deletions

Not much pullback/strong here

BTE-T
Baytex Energy Corp
8.41
+0.55
+7.00%

Earnings tomorrow after the close. See you all at 8.00

Earnings on April 28, 2022 BTE-T
Baytex Energy Corp
6.88
+0.24
+3.61%

Nice! Only more to come - summer will be huge!

Based on the supply chain logistics meeting I had at the poker table today. Oil and gas may skyrocket to over that per barrel if war and sanctions on Russia happen. Plus the rona is have issues with employees around the world and cargo ships hello 125-145 a barrel like back in 2008

@ 75.00 oil, The Bank of Montreal puts this at $9.75
@100.00 oil it's $16.89

It's going to be a fun year.

Added this and ath today. These $1 oil stocks are paying off big time.

Yup same here bought this below a $1 and I was about to pickup a few hundred shares.

It has a lot of potential needless to say.

I bought this a year ago under a buck. I thought it was worth 4.00 then. Now It's over $4, I'm looking for 6 bucks.

They were close to 60.00 in 2008, but debt killed them.
With current oil prices, they can keep paying that debt down and the PPS should grow. Clearwater production will help.

I'd love to see 60.00

Need to get past 6.00 first.

This is like a $60 stock in reality

BTE-T
Baytex Energy Corp
4.46
+0.29
+6.95%

Yeah. Crude oil is up big again today. A boost going into earnings.

$BTEGF >> The comeback kid ...

Stay safe >> M

BayTex about to shock. Oil prices at these levels ensure BTEGF a huge profit margin. Next earnings announcement will be sky high. Just watch.

BTE changed to BTEGF. Delisted from the NYSE to the OTC:

https://otce.finra.org/otce/dailyList?viewType=Additions

* * $BTE Video Chart 09-30-2020 * *

Link to Video - click here to watch the technical chart video

BRIEF-Baytex Announces Second Quarter 2020 Financial And Operating Results
2020-07-29 05:42:19 PM ET (Reuters)
   
   
July 29 (Reuters) - Baytex Energy Corp:

* BAYTEX ANNOUNCES SECOND QUARTER 2020 FINANCIAL AND OPERATING RESULTS

* QTRLY GENERATED PRODUCTION OF 72,508 BOE/D (81% OIL AND NGL)

* CONTINUE TO FORECAST ANNUAL CAPITAL SPENDING OF $260 TO $290 MILLION FOR 2020

* SUSPENDED DRILLING OPERATIONS IN CANADA AND MODERATED PACE OF ACTIVITY IN EAGLE FORD

* FOR SECOND HALF OF 2020, CURRENTLY PROJECT ABOUT 5,000 BOE/D OF HEAVY OIL PRODUCTION TO REMAIN SHUT-IN

* QTRLY LOSS PER SHARE $0.25

* Q2 EARNINGS PER SHARE VIEW C$-0.17 -- REFINITIV IBES DATA Source text for Eikon: Further company coverage:

DOWN.....

Overbought big time......

Where do you see this going?

The rise in price of crude oil this week Has helped BTE. I am happy to bought more shares near the bottom, as oil can’t go to zero anytime soon.

This is going over $1.00 US. It needs to keep its listing.

* * $BTE Video Chart 06-02-2020 * *

Link to Video - click here to watch the technical chart video

closed at .32 today...going up

Do you believe in 2nd chances?

* * $BTE Video Chart 09-09-2019 * *

Link to Video - click here to watch the technical chart video

Darn good earnings yet stock down . What gives ? Just 'cause oil down today ?

$BTE Baytex Energy upgraded to outperform from market perform at Raymond James

In the last twelve months insiders purchased 422k shares for CA$1.2m.

https://simplywall.st/stocks/ca/energy/tsx-bte/baytex-energy-shares/news/are-insiders-buying-baytex-energy-corp-tsebte-stock/

Numbers are outstanding after that debacle Q4 2018.

I am gonna go on and just say it, 3 by next week, solid 3 IMO 2.60-2.90 be some resistance then break through to 3.25 +/- settle to build a nice floor @3 to channel in for a while and build on it, we shall see.

Man I cannot wait to see the numbers after close, Canadian oil prices went up after last week of December with a quick gap down for a day or two other than that been climbing all through the Q, numbers should be good, we will see.

Peace out.

Numbers out today oil is up and will continue higher which is good, stock still trading less than half book value. Alberta took the first step getting rid of that tree hugger leftist premier they had.

If oil continues up should see a 40-50% gain in SP IMO and the possibility of .65-.70 per share free cash flow going forward would put the near 4-5 forward free cash flow from current SP, we will see.

Hard ahead still, Trudeau and his pink hat Antifa warriors still being paid off to travel to Alberta and reek havoc, one day Canada may wake up, maybe, weed is not going to save their financial future as they head into the socialist abyss more and more each day, 50 years will be a Venezuela to our north if they don't start to turn back, history speaks for itself, just look at the last 25 years.

Get rid of the rail cars and finish building the proper pipelines, duh.

But I digress, numbers should be good, and the next should be even better, we will see. Cautiously optimistic.

Peace out.

any idea when the dividend will be reinstated?

$BTE life is good owning $BTE it's nice when "Everybody Wants You" as the 80's Billy Squire tune goes. I told you people large bul buying was going on, deep pockets are loading the proverbial boat. Sit back if you add any and catch what bear throw, no need to slap the ask, the future is good.

Wellington Management Group LLP ownership in BTE / Baytex Energy Trust

November 14, 2018 - Wellington Management Group LLP has filed a 13F-HR form disclosing ownership of 16,088,594 shares of Baytex Energy Trust (NYSE:BTE

Vanguard Group Inc reports 137.91% increase in ownership of BTE / Baytex Energy Trust

November 14, 2018 - Vanguard Group Inc has filed a 13F-HR form disclosing ownership of 12,889,037 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $37,507,000 USD as of September 30, 2018. Vanguard Group Inc had filed a previous 13F-HR on August 14, 2018 disclosing 5,417,542 shares of Baytex Energy Trust at a value of $18,041,000 USD. This represents a change in shares of 137.91 percent and a change in value of 107.90 percent during the quarter.

Royal Bank Of Canada reports 636.42% increase in ownership of BTE / Baytex Energy Trust

November 14, 2018 - Royal Bank Of Canada has filed a 13F-HR form disclosing ownership of 13,199,641 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $38,611,000 USD as of September 30, 2018. Royal Bank Of Canada had filed a previous 13F-HR on August 14, 2018 disclosing 1,792,398 shares of Baytex Energy Trust at a value of $5,970,000 USD. This represents a change in shares of 636.42 percent and a change in value of 546.75 percent during the quarter.

Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp ownership in BTE / Baytex Energy Trust

November 15, 2018 - Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp has filed a 13F-HR form disclosing ownership of 12,115,899 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $45,435,000 USD as of September 30, 2018. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp had filed a previous 13F-HR on August 11, 2017 disclosing 0 shares of Baytex Energy Trust at a value of $0 USD.

Mackenzie Financial Corp reports 482.39% increase in ownership of BTE / Baytex Energy Trust

November 15, 2018 - Mackenzie Financial Corp has filed a 13F-HR form disclosing ownership of 6,670,706 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $19,412,000 USD as of September 30, 2018. Mackenzie Financial Corp had filed a previous 13F-HR on August 13, 2018 disclosing 1,145,393 shares of Baytex Energy Trust at a value of $3,814,000 USD. This represents a change in shares of 482.39 percent and a change in value of 408.97 percent during the quarter.


Arrowstreet Capital, Limited Partnership reports 190.33% increase in ownership of BTE / Baytex Energy Trust

November 14, 2018 - Arrowstreet Capital, Limited Partnership has filed a 13F-HR form disclosing ownership of 6,153,462 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $17,891,000 USD as of September 30, 2018. Arrowstreet Capital, Limited Partnership had filed a previous 13F-HR on August 14, 2018 disclosing 2,119,475 shares of Baytex Energy Trust at a value of $7,058,000 USD. This represents a change in shares of 190.33 percent and a change in value of 153.49 percent during the quarter.

1832 Asset Management L.P. reports 23,705.75% increase in ownership of BTE / Baytex Energy Trust

November 14, 2018 - 1832 Asset Management L.P. has filed a 13F-HR form disclosing ownership of 4,130,298 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $11,994,000 USD as of September 30, 2018. 1832 Asset Management L.P. had filed a previous 13F-HR on August 14, 2018 disclosing 17,350 shares of Baytex Energy Trust at a value of $57,000 USD. This represents a change in shares of 23,705.75 percent and a change in value of 20,942.11 percent during the quarter.

Goldman Sachs Group Inc reports 256.88% increase in ownership of BTE / Baytex Energy Trust

November 14, 2018 - Goldman Sachs Group Inc has filed a 13F-HR form disclosing ownership of 1,979,668 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $5,761,000 USD as of September 30, 2018. Goldman Sachs Group Inc had filed a previous 13F-HR on August 14, 2018 disclosing 554,710 shares of Baytex Energy Trust at a value of $1,848,000 USD. This represents a change in shares of 256.88 percent and a change in value of 211.74 percent during the quarter.

Morgan Stanley reports 48.33% increase in ownership of BTE / Baytex Energy Trust

November 14, 2018 - Morgan Stanley has filed a 13F-HR form disclosing ownership of 4,616,825 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $13,435,000 USD as of September 30, 2018. Morgan Stanley had filed a previous 13F-HR on August 14, 2018 disclosing 3,112,524 shares of Baytex Energy Trust at a value of $10,365,000 USD. This represents a change in shares of 48.33 percent and a change in value of 29.62 percent during the quarter.

Public Sector Pension Investment Board reports 497.44% increase in ownership of BTE / Baytex Energy Trust

November 14, 2018 - Public Sector Pension Investment Board has filed a 13F-HR form disclosing ownership of 3,581,167 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $10,389,000 USD as of September 30, 2018. Public Sector Pension Investment Board had filed a previous 13F-HR on August 14, 2018 disclosing 599,421 shares of Baytex Energy Trust at a value of $1,991,000 USD. This represents a change in shares of 497.44 percent and a change in value of 421.80 percent during the quarter.

Credit Suisse Ag/ reports 1,863.78% increase in ownership of BTE / Baytex Energy Trust

November 13, 2018 - Credit Suisse Ag/ has filed a 13F-HR form disclosing ownership of 2,557,702 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $7,443,000 USD as of September 30, 2018. Credit Suisse Ag/ had filed a previous 13F-HR on August 14, 2018 disclosing 130,244 shares of Baytex Energy Trust at a value of $433,000 USD. This represents a change in shares of 1,863.78 percent and a change in value of 1,618.94 percent during the quarter.

CIBC World Markets Inc. reports 631.68% increase in ownership of BTE / Baytex Energy Trust

November 09, 2018 - CIBC World Markets Inc. has filed a 13F-HR form disclosing ownership of 2,388,432 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $6,950,000 USD as of September 30, 2018. CIBC World Markets Inc. had filed a previous 13F-HR on August 08, 2018 disclosing 326,432 shares of Baytex Energy Trust at a value of $1,087,000 USD. This represents a change in shares of 631.68 percent and a change in value of 539.37 percent during the quarter.

Alpine Associates Management Inc. ownership in BTE / Baytex Energy Trust

November 09, 2018 - Alpine Associates Management Inc. has filed a 13F-HR form disclosing ownership of 2,101,204 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $6,131,000 USD as of September 30, 2018.

FMR LLC / Fidelity reports 57.30% increase in ownership of BTE / Baytex Energy Trust

November 09, 2018 - FMR LLC / Fidelity has filed a 13F-HR form disclosing ownership of 6,870,487 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $19,947,000 USD as of September 30, 2018. FMR LLC / Fidelity had filed a previous 13F-HR on August 10, 2018 disclosing 4,367,809 shares of Baytex Energy Trust at a value of $14,519,000 USD. This represents a change in shares of 57.30 percent and a change in value of 37.39 percent during the quarter.

Toronto Dominion Bank reports 354.77% increase in ownership of BTE / Baytex Energy Trust

November 07, 2018 - Toronto Dominion Bank has filed a 13F-HR form disclosing ownership of 1,344,358 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $3,904,000 USD as of September 30, 2018. Toronto Dominion Bank had filed a previous 13F-HR on August 06, 2018 disclosing 295,614 shares of Baytex Energy Trust at a value of $973,000 USD. This represents a change in shares of 354.77 percent and a change in value of 301.23 percent during the quarter.

Td Asset Management Inc reports 104.06% increase in ownership of BTE / Baytex Energy Trust

November 01, 2018 - Td Asset Management Inc has filed a 13F-HR form disclosing ownership of 1,993,768 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $5,787,000 USD as of September 30, 2018. Td Asset Management Inc had filed a previous 13F-HR on July 31, 2018 disclosing 977,032 shares of Baytex Energy Trust at a value of $3,248,000 USD. This represents a change in shares of 104.06 percent and a change in value of 78.17 percent during the quarter.

Intact Investment Management Inc. ownership in BTE / Baytex Energy Trust

October 29, 2018 - Intact Investment Management Inc. has filed a 13F-HR form disclosing ownership of 1,855,308 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $6,957,000 USD as of September 30, 2018. Intact Investment Management Inc. had filed a previous 13F-HR on May 15, 2017 disclosing 0 shares of Baytex Energy Trust at a value of $0 USD.

Ninepoint Partners Lp ownership in BTE / Baytex Energy Trust

October 29, 2018 - Ninepoint Partners Lp has filed a 13F-HR form disclosing ownership of 4,900,000 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $14,259,000 USD as of September 30, 2018. Ninepoint Partners Lp had filed a previous 13F-HR on May 10, 2018 disclosing 0 shares of Baytex Energy Trust at a value of $0 USD.

Waratah Capital Advisors Ltd. ownership in BTE / Baytex Energy Trust

October 26, 2018 - Waratah Capital Advisors Ltd. has filed a 13F-HR form disclosing ownership of 5,923,287 shares of Baytex Energy Trust (NYSE:BTE) with total holdings valued at $17,159,000 USD as of September 30, 2018.

There are more especially in the last week or so. But, you get the picture, while bears say the market etc hates BTE and the merger etc etc. and try and short it down, large wallets open.

Peace out.

$BTE Short equity has increased as per the Oct 31 report just out, Shares Sold Short 9.12 M Change from Last +11.58% no doubt higher now 10 days later but interestingly enough TTM institutional/fund buying increased, 31 mil shares added to their positions not 1 share sold.

Bears are having their moment in the sun, won't last with institutions and funds just continuing to increase their holdings it will get sorted out, if you add add the bears lows.

https://quotes.wsj.com/BTE/company-people

Earnings blowout and future is SWEET. $BTE Reports strong Q3 2018 results and significant Duvernay light oil discovery. Full release: https://bit.ly/2P2uJPo
6:33 AM - 2 Nov 2018

Well lets see how this goes, kids. Stopped flipping this in September, did the summer flip twice 2.50-3.50 held last time and never did expect this much of a drop. The market has just been to unkind as of late, we were not as hurt as many by the market but enough.

Was able to add some cheapies for that I am grateful Looking for some good numbers and a nice return to where we should be, winter is coming it will be cold and oil prices will be up.

Peace out.

Well I am back in and from what I know I like it

Anyone worth a damn got out at $4

Yawwwwwwns

http://www.baytexenergy.com/files/pdf/news-releases/2018/2018-08-22%20Baytex%20Raging%20River%20Closing_Final.pdf

Take a look