Brief: Baytex Energy Says Approved Exploration Development Expenditures Budget Of $1.2 To $1.3 BLN For 2024

Baytex Energy

06/12/2023 16:10

Dec 6 (Reuters) - Baytex Energy Corp  BTE.TO :
    * BAYTEX ENERGY CORP - BOARD HAS APPROVED A BUDGET FOR 2024
EXPLORATION AND DEVELOPMENT EXPENDITURES OF $1.2 TO $1.3 BILLION
    * BAYTEX ENERGY CORP-  OUR 2024 PRODUCTION GUIDANCE (AT THE
MID-POINT) REPRESENTS A 1% TO 2% INCREASE FROM FORECAST H2/2023
PRODUCTION GUIDANCE
    * BAYTEX ENERGY CORP- CAPITAL PROGRAM IS EXPECTED TO
GENERATE
CAPITAL EFFICIENCIES OF APPROXIMATELY $22,000 PER BOE/D ACROSS
PORTFOLIO IN 2024
    * BAYTEX ENERGY CORP - 2024 CAPITAL PROGRAM IS EXPECTED TO
BE 55%
WEIGHTED TO FIRST HALF OF YEAR
    * BAYTEX ENERGY CORP- BASED ON MID-POINT OF 2024 PRODUCTION
GUIDANCE OF 153,000 BOE/D, ABOUT 60% OF PRODUCTION IS IN EAGLE
FORD WITH REST 40% IN CANADA
    * BAYTEX ENERGY CORP - IN 2024, INTEND TO PROGRESS PEMBINA
DUVERNAY, FURTHER DELINEATE OUR CLEARWATER AND MANNVILLE HEAVY
OIL ACREAGE
    * BAYTEX ENERGY CORP- EXPECT PRODUCTION PER SHARE (BOE/D PER
THOUSAND SHARES) INCREASES ABOUT 35% FROM 2024 TO 2028
    * BAYTEX ENERGY CORP- FREE CASH FLOW OVER FIVE-YEAR OUTLOOK
TOTALS
ABOUT $2.9 BILLION
    * BAYTEX ENERGY CORP - EXPECT TO GENERATE ABOUT $530 MILLION
OF
FREE CASH FLOW IN 2024
    * BAYTEX ENERGY CORP- EXPECT TO GENERATE ANNUAL PRODUCTION
GROWTH
OF 1% TO 4% DURING 2024-2028, WITH PRODUCTION REACHING ABOUT
170,000 BOE/D IN 2028

Further company coverage:  BTE.TO 

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