Canada's Baytex Energy Q3 sales rise 38%, profit jumps on increased drilling activity
BTE•Baytex Energy's third-quarter petroleum and natural gas sales rose 38% year over year, while net income increased to C$160.27 million from C$32 million. The company raised its 2026 spending forecast to C$665 million and maintained production guidance at 71,000 boe/d.
1. Quarterly results
Baytex Energy reported third-quarter petroleum and natural gas sales of C$605.86 million and net income of C$160.27 million, up from C$32 million a year earlier. Free cash flow was C$139 million.
2. Production and spending
Record Duvernay production rose 26% year over year, while increased drilling in heavy oil assets brought 25.5 net wells onstream during the quarter. Baytex repurchased 24 million shares for C$149 million and paid a C$16 million dividend.
3. Company outlook
Baytex raised its 2026 exploration and development spending forecast to C$665 million from C$625 million, while maintaining 2026 production guidance at 71,000 boe/d and forecasting 72,000 boe/d in the fourth quarter. For 2027, it sees production of 76,000 to 79,000 boe/d and capital spending of C$775 million to C$850 million.
