Baytex Energy Corp. (NYSE:BTE) has announced its 2026 budget, outlining plans for production growth, strategic shareholder returns, and significant leadership changes.
The company targets a 3%–5% production growth in Canada for the upcoming year, with an expected average production of 67,000–69,000 barrels of oil equivalent per day (boe/d), based on a US$60 WTI price.
The budget, ranging between $550 million and $625 million, is part of a three-year outlook aimed at sustaining Baytex’s growth and operational efficiency.
A key highlight of the financial plan is the corporate sustaining breakeven improvement, which now stands at US$52 per barrel.
Baytex has also secured an updated $750 million credit facility, which will mature in June 2030, providing the company with ample financial flexibility to navigate its growth strategy.
Furthermore, the company plans to return a substantial portion of the proceeds from its recent sale of Eagle Ford assets to shareholders, through a normal course issuer bid (NCIB) and a possible substantial issuer bid (SIB).
Baytex intends to maintain a stable annual dividend of $0.09 per share, reinforcing its commitment to shareholder returns.
In addition to the financial updates, Baytex has appointed Chad E. Lundberg as the new President and Chief Operating Officer (COO).