Baytex Energy (BTE) increase Stock Buyback - Apr 22

[dan_s]

Calgary, Alberta--(Newsfile Corp. - April 22, 2024) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex") today announced it obtained an exemption order from the Canadian securities regulators which permits Baytex to purchase up to 10 percent of the "public float" (within the meaning of the rules of the Toronto Stock Exchange (the "TSX")) of its common shares through the New York Stock Exchange and other U.S.-based trading systems (together with the New York Stock Exchange, "U.S. Markets") as part of Baytex's shareholder return strategy, including the current normal course issuer bid announced on June 23, 2023 (the "Current Bid"). Absent this exemptive relief, Baytex's purchases under a normal course issuer bid on U.S. Markets would be limited to not more than 5 percent of its outstanding common shares over any twelve-month period.

Based on my forecast, Baytex should generate $800 to $900 Cdn in free cash flow this year. The Company does pay a small dividend, but most of this FCF will be going to buy back stock and debt reduction, both of which increase stock value.