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).
This executive move comes as part of broader changes to the company’s leadership team and Board, signaling a strategic push to strengthen Baytex’s operational and executive capabilities for the years ahead.