Canada's Baytex Q1 raises 2026 production guidance

Baytex Energy

07/05/2026 22:25

Overview

Canada heavy oil producer's Q1 petroleum and natural gas sales were nearly flat yr/yr

Company reported a net loss for Q1, mainly due to unrealized financial derivatives losses

Baytex repurchased 4.6% of shares in Q1, raised production guidance for 2026

Outlook

Baytex raises 2026 production guidance to 69,000-71,000 boe/d, up from 67,000-69,000 boe/d

Company now targets 7% annual production growth for 2026, up from 3%-5% previously

Baytex expects exploration and development expenditures at high end of guidance, about C$625 mln

Result Drivers

HEAVY OIL OUTPERFORMANCE - Production exceeded co's guidance due to strong performance across the heavy oil portfolio

PEAVINE AND LLOYDMINSTER WELLS - Strong initial well results at Peavine and increased drilling activity at Lloydminster contributed to higher production

Company press release: ID:nNFCc2swfl

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Petroleum and natural gas sales
C$452.95 mln
Q1 Net Income
-C$67.33 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

Wall Street's median 12-month price target for Baytex Energy Corp is C$6.50, about 4.6% below its May 6 closing price of C$6.81

The stock recently traded at 32 times the next 12-month earnings vs. a P/E of 68 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)