Baytex Reports Third Quarter 2026 Results; Announces Increased 2026 Capital Plan, 2027 Guidance and Accelerated Three-Year Growth Outlook

(TSX:BTE, NYSE:BTE) Baytex Energy Corp. reported its operating and financial results for the three and nine months ended September 30, 2026. Chad Lundberg, President and Chief Executive Officer, stated that third-quarter results featured strong safety performance, record Duvernay production, and continued execution across the heavy oil portfolio. Third-quarter production was 71,606 boe/d (89% oil and NGL), representing a 5% increase from Q3/2025 and aligning with the full-year plan. Record Duvernay production reached 12,806 boe/d (80% oil and NGL), up 26% from Q3/2025, with drill and completion costs of $930/ft of completed lateral, an 11% reduction from 2025. The company completed tuck-in acquisitions adding 15,000 acres to core Duvernay, increasing its total land position by 16% in 2026. Adjusted funds flow was $332 million ($0.48 per basic share), and cash flows from operating activities were $283 million ($0.41 per basic share). Free cash flow was $139 million ($0.20 per basic share) after exploration and development expenditures of $186 million, and net income from continuing operations was $160 million ($0.23 per basic share). Baytex repurchased 24 million common shares (3.4% of shares outstanding) for $149 million and paid a quarterly cash dividend of $16 million ($0.0225 per share), exiting the quarter with net cash of $522 million. For 2026, exploration and development expenditures are now expected to be $665 million, up from $625 million previously, with accelerated Duvernay, heavy oil, and enhanced oil recovery development. The 2027 production is expected to average 76,000 to 79,000 boe/d (7% to 11% annual growth) and approximately 83,000 boe/d in Q4/2027, reflecting 15% growth from Q4/2026, with exploration and development expenditures of $775 - $850 million. The three-year outlook (2027 to 2029) targets 8% - 10% annual production growth to approximately 92,000 boe/d in 2029, with annual exploration and development expenditures of about $800 million. Duvernay growth to 25,000 boe/d is expected in the second half of 2028, one and a half years earlier than previously planned, leaving over 15 years of hold flat inventory once achieved. Enhanced oil recovery investments are being made to reduce decline rates and sustaining capital requirements, with waterflood pilots at Peavine and Morinville ongoing and Lloydminster polymer flood projects being developed in 2026 and 2027. The Gemini thermal modular SAGD project is advancing towards a target financial investment decision in H2'2027. The company targets a 15% annual total shareholder return at a mid-cycle price of WTI US$70/bbl. For Q3/2026, petroleum and natural gas sales in Canada were $605,859,000, adjusted funds flow was $331,884,000, free cash flow was $138,506,000, cash flows from operating activities were $283,034,000, and net income was $160,268,000. Dividends declared for the quarter were $15,578,000 ($0.0225 per share). Exploration and development expenditures for the quarter were $186,429,000, with total oil and natural gas capital expenditures of $198,256,000. The company exited the quarter with net cash of $522,367,000. Weighted average shares outstanding for the quarter were 695,878,000, with 684,800,000 at period end. Benchmark WTI crude oil price averaged $85.79/bbl for the quarter. The second Duvernay pad of 2026 (five wells) was brought onstream in late August, with average 30-day initial production rates of 1,489 boe/d per well (87% liquids). The third Duvernay pad of 2026 (four wells) is currently being brought onstream. Duvernay land holdings increased to 106,000 net acres, a 16% increase. In heavy oil, five drill rigs ran in Q3/2026 with 25.5 net wells onstream, including 9.0 net Clearwater wells at Peavine, 5.6 net wells at Peace River, and 10.9 net wells at Lloydminster. At Peavine, new wells averaged 408 bbl/d per well over 30 days. At Lloydminster, six upper and lower Waseca multi-lateral horizontal wells averaged 186 bbl/d per well over 30 days, and a step-out GP formation well averaged 165 bbl/d. Five Bluesky wells at Peace River averaged 225 bbl/d per well over 30 days. A total of 108.9 net heavy oil wells will be brought onstream in 2026. The expanded fourth-quarter program includes $13 million for additional polymer flood development at Lloydminster, expected to be on production in Q2/2027. Water injection is underway at Peavine with five patterns on injection and a sixth expected in Q4/2026, with a response expected by mid-2027.

Baytex Announces Quarterly Dividend for January 2027

(TSX:BTE) (NYSE:BTE) Baytex Energy Corp. has declared a quarterly cash dividend of CDN $0.0225 per share. The dividend will be paid on January 4, 2027 to shareholders of record as of December 15, 2026. The U.S. dollar equivalent of the dividend is approximately US $0.0161 per share, based on a foreign exchange rate of 1.40 CAD/US. Payments to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable. The dividend is designated as an "eligible dividend" for Canadian tax purposes. For U.S. income tax purposes, the dividend is considered a "qualified dividend." Baytex Energy Corp. is a Calgary-based energy company. The company operates in the Western Canadian Sedimentary Basin, including the Duvernay and heavy oil plays in Alberta and Saskatchewan. Baytex's common shares are listed on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.

Baytex Conference Call and Webcast on Third Quarter 2026 Results to Be Held on November 6, 2026

(TSX:BTE, NYSE:BTE) Baytex Energy Corp. will release its third quarter 2026 financial and operating results after the close of markets on Thursday November 5, 2026. The company will hold a conference call and webcast to discuss the results on Friday November 6, 2026 at 10:00 a.m. AT (11:00 a.m. ET). Registration for the call is available on the Baytex website. Participants can dial 1-647-846-2449 for international access or 1-833-821-2925 for North America toll-free. The webcast link is https://event.choruscall.com/mediaframe/webcast.html?webcastid=jGHCxsPD. An archived recording of the conference call will be available shortly after the event via the webcast link and on the Baytex website. Baytex Energy Corp. is a Calgary-based energy company operating in the Western Canadian Sedimentary Basin. The company’s core assets include the Duvernay and heavy oil plays in Alberta and Saskatchewan. Baytex’s portfolio is described as high-quality and high-return, supported by an extensive drilling inventory. The company states that these assets 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.

Baytex Announces Second Quarter 2026 Results; Production Guidance Raised on Strong Duvernay and Peavine Performance; Board Appointments Announced

(TSX:BTE) (NYSE:BTE) Baytex Energy Corp. reported operating and financial results for the three and six months ended June 30, 2026, delivering production of 71,243 boe/d (88% oil and NGL), which surpassed the high end of annual guidance and represented 11% growth relative to the second quarter of 2025. Full-year production guidance was raised to approximately 71,000 boe/d, a 1,000 boe/d increase from the mid-point of prior guidance, with exploration and development expenditures unchanged at approximately $625 million. The company generated adjusted funds flow of $254 million ($0.35 per basic share), cash flows from operating activities of $231 million ($0.32 per basic share), and reported net income from continuing operations of $169 million ($0.23 per basic share). Free cash flow was $128 million ($0.18 per basic share) after exploration and development expenditures of $122 million. Baytex repurchased 22 million common shares for $136 million, representing 3.0% of shares outstanding, and exited the second quarter with net cash of $566 million. The company projects annual production growth of 8% in 2026 and a target exit rate of approximately 72,000 boe/d in Q4.

Baytex Announces Quarterly Dividend for October 2026

(TSX:BTE, NYSE:BTE) Baytex Energy Corp. announced that its Board of Directors has declared a quarterly cash dividend of CDN$0.0225 per share to be paid on October 1, 2026 to shareholders of record on September 15, 2026. The U.S. dollar equivalent amount is approximately US$0.0161 per share assuming a foreign exchange rate of 1.40 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. operates in the Western Canadian Sedimentary Basin, featuring the 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. The company is a Calgary-based energy company committed to driving shareholder value through disciplined execution.

Baytex Conference Call and Webcast on Second Quarter 2026 Results to Be Held on July 31, 2026

(TSX:BTE, NYSE:BTE) Baytex Energy Corp. announced it will release its second quarter 2026 financial and operating results after the close of markets on Thursday July 30, 2026. The company will hold a conference call and webcast on Friday July 31, 2026 at 10:00 a.m. MDT (12:00 p.m. EDT) to discuss the results. Baytex Energy Corp. operates a high-quality, high-return portfolio in the Western Canadian Sedimentary Basin, featuring the Duvernay and heavy oil plays in Alberta and Saskatchewan. The company states that 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. An archived recording of the conference call will be available shortly after the event by accessing the webcast link. The conference call will also be archived on the Baytex website at www.baytexenergy.com.

Baytex Delivers Strong First Quarter 2026 Results; Raises Production Guidance and Nearly Doubles 3-Year Growth Outlook; CEO Transition Complete

Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) reported its operating and financial results for the three months ended March 31, 2026. The company delivered production of 69,478 boe/d (88% oil and NGL), exceeding the high end of quarterly guidance, and generated adjusted funds flow of $151 million ($0.20 per basic share). Baytex repurchased 35.1 million common shares for $174 million, representing 4.6% of shares outstanding, and exited the quarter with net cash of $591 million. The company increased its 2026 production guidance to 69,000 to 71,000 boe/d and raised its three-year growth outlook. Chad Lundberg assumed the role of President and Chief Executive Officer effective May 7, 2026.

Baytex Announces Quarterly Dividend for July 2026

Baytex Energy Corp. announced that its Board of Directors has declared a quarterly cash dividend of CDN$0.0225 per share. The dividend will be paid on July 2, 2026 to shareholders of record on June 15, 2026. The U.S. dollar equivalent is approximately US$0.0165 per share, based on a foreign exchange rate of 1.36 CAD/US. The dividend is designated as an 'eligible dividend' for Canadian tax purposes and a 'qualified dividend' for U.S. income tax purposes. Baytex operates in the Western Canadian Sedimentary Basin, including Alberta and Saskatchewan.

Baytex Conference Call and Webcast on First Quarter 2026 Results to Be Held on May 8, 2026

Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) announced it will release its first quarter 2026 financial and operating results after market close on Thursday May 7, 2026. A conference call and webcast to discuss the results will be held on Friday May 8, 2026 at 9:00 a.m. MDT (11:00 a.m. EDT). The company operates a high-quality, high-return portfolio in the Western Canadian Sedimentary Basin, including the Pembina Duvernay and heavy oil plays in Alberta and Saskatchewan. Baytex's common shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol BTE. An archived recording of the conference call will be available shortly after the event.