Baytex Energy down on higher 2024 capex outlook

Baytex Energy

06/12/2023 18:21

** Shares of Canadian energy firm Baytex Energy  BTE.TO 
fall 6.3% at C$4.43
    ** Co says it expects to spend between C$1.2 bln to C$1.3
bln in 2024, higher than its 2023 estimate of ~C$1.04 bln
    ** Co expects average annual production of 150,000 barrels
of oil equivalent per day (boepd) to 156,000 boepd in 2024
higher than its 2023 estimate of 121,500 boepd to 122,000 boepd
    ** "In 2024, we intend to progress the Pembina Duvernay,
further delineate our Clearwater and Mannville heavy oil
position, and deliver strong drilling and completion performance
in the Eagle Ford," says CEO Eric Greager
    ** Its shares were also pressured by oil prices which fell
by 4%, and touched their lowest levels since June, as a
larger-than-expected rise in U.S. gasoline inventories
exacerbated worries about fuel demand  O/R 
        ** Including session's losses, stock down 27.3% YTD
  

 (Reporting by Roshia Sabu in Bengaluru)
 ((Roshia.Sabu@thomsonreuters.com))