Baytex Energy presents three-year plan targeting 8%-10% annual production growth
BTE•Baytex Energy’s 2027–2029 plan targets annual production growth of 8%-10%, up from 6%-8%, funded within cash flow at WTI of $70 per barrel. For 2027, it plans CAD 775 million–CAD 850 million in spending and production of 76,000–79,000 boe/d.
1. 2027 targets
Baytex Energy plans to spend CAD 775 million–CAD 850 million on exploration and development in 2027, targeting production of 76,000–79,000 boe/d. Production growth is forecast at 7%-11%, and the company has initially allocated CAD 150 million to share buybacks.
2. Project milestones
The plan targets Duvernay production of 25,000 boe/d in the second half of 2028, 18 months ahead of the previous plan. Gemini SAGD is targeting a final investment decision in the second half of 2027, with initial capacity of approximately 5,000 bbl/d.
