Baytex Energy Corp. (BTE) Earnings Call Transcripts

Baytex Energy Corp.'s Latest Earnings Call - Q1 FY2026

Baytex Energy Corp. reported strong Q1 2026 results, with production surpassing guidance at 69,500 BOE per day, leading to an increase in full-year production guidance to 69,000-71,000 BOE per day. Revenue and earnings specifics were not disclosed, but the company generated $152 million in adjusted funds flow. Management raised its 2026 production growth target to 7% at midpoint, up from 3-5%, and outlined a 6-8% annual growth target through 2028. The company maintained its quarterly dividend at $0.0225 per share and repurchased 35 million shares. The balance sheet remains strong with a net cash position of $591 million.

Reported metrics

Guidance from management

Management raised 2026 production guidance to 69,000-71,000 BOE per day and targets 6-8% annual growth through 2028. Capital expenditures are set at the high end of guidance at $625 million.

What management said

Okay. Thanks, Phil. Appreciate the question. I think this one is very important to be clear on. So yes, at a top line, first priority is to deliver a 15% return to shareholders. As you said, that's inclusive of production growth plus a dividend plus our buyback program. If we just step back, I just want to reiterate the commitment from the proceeds from the Eagle Ford sale. So 75% or $650 million will be deployed in ...

So maybe just a little bit of minor cost inflation, we're seeing no doubt on the diesel side right now. I don't think you could say we have it all baked into this point in time. Short of that, no. That is something that we're thinking about. We've got, though, most of our service supply costs locked in for the year for calendar 2026, certainly. And so we'll just have to see. We're 70 days into the war, 70 days into a...

What analysts pressed on

Analysts questioned the sustainability of the 15% total shareholder return target, specifically the balance between dividends and buybacks. Concerns were also raised about potential service cost inflation impacting capital expenditures.

Main topics on the call

• Production Outperformance — Q1 production averaged 69,500 BOE per day, exceeding the high end of guidance due to strong performance in the heavy oil portfolio. Management raised 2026 production guidance to 69,000-71,000 BOE per day.
• Capital Expenditure and Growth Plans — Capital expenditures are moving to the high end of guidance at $625 million, including projects in Duvernay and heavy oil. Management targets 6-8% annual production growth through 2028, up from a prior midpoint of 4%.
• Shareholder Returns — Baytex aims for a 15% annual total shareholder return through production growth, dividends, and share buybacks. $650 million will be used for buybacks in 2026.
• Operational Efficiency — Operating netback improved to $35.36 per BOE, up from $29.30 in Q4 2025, driven by higher realized pricing and cost discipline.

Read the full Baytex Energy Corp. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 34 Baytex Energy Corp. earnings call transcripts on record, spanning March 4, 2020 to July 31, 2026. Based on this history, Baytex Energy Corp. reports quarterly. The most recent call on file is dated July 31, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

BTE

Exchange

TSX

Country

CA

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

34

First call

March 4, 2020

Most recent

July 31, 2026

Reporting cadence

quarterly