More barrels, same cheque to the drill bit
Baytex Energy (TSX: BTE, NYSE: BTE) reported second-quarter 2026 results on July 30. Production averaged 71,243 boe per day, 88 percent oil and NGL, beating the high end of prior annual guidance for a second straight quarter. Adjusted funds flow was $254 million, or $0.35 per basic share. Free cash flow was $128 million after $122 million of exploration and development spending.
Baytex raised 2026 production guidance to approximately 71,000 boe per day, an 8 percent annual growth rate, with a fourth-quarter exit near 72,000 boe per day. Exploration and development expenditures guidance is unchanged at about $625 million. CEO Chad Lundberg cited outperformance from the first Gilby Duvernay pad and better-than-expected Peavine heavy oil wells.
The company repurchased 22 million shares for $136 million in the quarter and exited June with net cash of $566 million. The board declared a $0.0225 quarterly dividend payable October 1 to record holders September 15.