Baytex earning out
Posted: Tue May 14, 2024 6:35 pm
https://www.baytexenergy.com/content/uploads/2024/05/2024-05-09-Baytex-Announces-First-Quarter-2024-Results.pdf
Reported cash flows from operating activities of $384 million ($0.47 per basic share) in Q1/2024.
• Increased adjusted funds flow(1) per share by 21% to $424 million ($0.52 per basic share) in Q1/2024 compared to
Q1/2023.
• Increased production per share by 15% in Q1/2024, compared to Q1/2023. Production in Q1/2024 averaged 150,620
boe/d (84% oil and NGL), consistent with our full-year plan.
• Executed a $413 million E&D program, the largest in company history which, at its peak, had 13 rigs running.
• Brought 19 operated Eagle Ford wells onstream in Q1/2024, including three Upper Eagle Ford wells and a successful
Lower Eagle Ford refrac.
• Generated production from our Clearwater play at Peavine of 17,599 bbl/d in Q1/2024. Brought 12 wells onstream in
Q1/2024 that generated an average 30-day initial production rate of 915 bbl/d per well.
• Completed the drilling of our seven-well Duvernay program with a 21% improvement in drilling days (spud to rig
release) and a 10% improvement in drilling costs, compared to 2023.
• Continued development success at Morinville, Alberta (Clearwater equivalent) and the greater Cold Lake region
(Waseca).
• Maintained balance sheet strength and with a total debt(2) to Bank EBITDA(2) ratio of 1.1x.
• Subsequent to quarter-end, completed a US$575 million private placement offering of senior unsecured notes due 2032
that bear interest at a rate of 7.375% per annum and extended the maturity of our credit facilities by two years to May
2028.
2024 Guidance
Our 2024 guidance remains unchanged with E&D expenditures of $1.2 to $1.3 billion and production of 150,000 to 156,000 boe/d.
Based on the forward strip(3), we expect to generate approximately $700 million of free cash flow(4) in 2024. We intend to allocate
50% of free cash flow to the balance sheet and 50% to shareholder returns, which includes a combination of share buybacks and
a quarterly divid
Reported cash flows from operating activities of $384 million ($0.47 per basic share) in Q1/2024.
• Increased adjusted funds flow(1) per share by 21% to $424 million ($0.52 per basic share) in Q1/2024 compared to
Q1/2023.
• Increased production per share by 15% in Q1/2024, compared to Q1/2023. Production in Q1/2024 averaged 150,620
boe/d (84% oil and NGL), consistent with our full-year plan.
• Executed a $413 million E&D program, the largest in company history which, at its peak, had 13 rigs running.
• Brought 19 operated Eagle Ford wells onstream in Q1/2024, including three Upper Eagle Ford wells and a successful
Lower Eagle Ford refrac.
• Generated production from our Clearwater play at Peavine of 17,599 bbl/d in Q1/2024. Brought 12 wells onstream in
Q1/2024 that generated an average 30-day initial production rate of 915 bbl/d per well.
• Completed the drilling of our seven-well Duvernay program with a 21% improvement in drilling days (spud to rig
release) and a 10% improvement in drilling costs, compared to 2023.
• Continued development success at Morinville, Alberta (Clearwater equivalent) and the greater Cold Lake region
(Waseca).
• Maintained balance sheet strength and with a total debt(2) to Bank EBITDA(2) ratio of 1.1x.
• Subsequent to quarter-end, completed a US$575 million private placement offering of senior unsecured notes due 2032
that bear interest at a rate of 7.375% per annum and extended the maturity of our credit facilities by two years to May
2028.
2024 Guidance
Our 2024 guidance remains unchanged with E&D expenditures of $1.2 to $1.3 billion and production of 150,000 to 156,000 boe/d.
Based on the forward strip(3), we expect to generate approximately $700 million of free cash flow(4) in 2024. We intend to allocate
50% of free cash flow to the balance sheet and 50% to shareholder returns, which includes a combination of share buybacks and
a quarterly divid