Baytex Reports Q1 Output of 69,478 boe/d, Raises Guidance to 71,000 boe/d
Baytex delivered Q1 production of 69,478 boe/d above guidance and adjusted funds flow of C$151 million, repurchasing 35.1 million shares for C$174 million and ended with C$591 million net cash. It raised 2026 production guidance to 69,000–71,000 boe/d, lifted its three-year growth outlook to 6–8%, declaring a C$0.0225 July dividend.
1. Executive Leadership Update
Chad Lundberg assumed the roles of President and Chief Executive Officer and joined the Board, bringing experience from leading Canadian asset optimization since his 2018 appointment.
2. First Quarter Results
Baytex delivered 69,478 boe/d (88% oil and NGL), exceeding the high end of guidance, generated C$151 million of adjusted funds flow ($0.20 per basic share), repurchased 35.1 million shares for C$174 million and ended the quarter with C$591 million net cash.
3. Updated Guidance and Outlook
The company increased 2026 production guidance to 69,000–71,000 boe/d with an exit target of 71,000–72,000 boe/d, boosted its three-year annual production growth outlook to 6–8%, and maintained C$625 million capital spending focused on heavy oil and the Pembina Duvernay.
4. Dividend Announcement
Baytex declared a C$0.0225 per share quarterly cash dividend payable July 2, 2026 to shareholders of record June 15, designated eligible for Canadian tax purposes and qualified for U.S. tax treatment.