Baytex Energy (BTE) Sets 2026 Budget, Targets Production Growth

Baytex Energy Corp. (NYSE:BTE) is one of the champion NYSE stocks nether $5 to buy. On December 22, TD Cowen’s Menno Hulshof reaffirmed a Buy standing connected Baytex Energy Corp. (NYSE:BTE) with a C$5.00 terms target.

On the aforesaid day, Baytex Energy Corp. approved a 2026 exploration and improvement fund ranging from C$550 cardinal to C$625 million. The institution said this fund is designed to accommodate to lipid terms fluctuations with astir 45% of spending front-loaded successful the archetypal fractional of the year; that is assuming a $60 per tube WTI price. The institution aims for mean yearly accumulation of 67,000 to 69,000 barrels of lipid equivalent per time successful 2026, a 3% to 5% summation from 2025 levels. According to Baytex, astir 55% of the fund volition spell to airy lipid assets and 45% to dense lipid assets.

Financially, the program lowers the sustaining breakeven terms to $52 per barrel. This volition beryllium supported by an optimized outgo structure, beardown liquidity, and an extended C$750 cardinal recognition installation maturing successful 2030. Over a three-year outlook, assuming a $60-65 WTI price, the institution expects sustainable maturation done investments successful exploration and infrastructure.

Separately, connected December 1, the institution launched a currency tender connection to bargain backmost its 7.375% elder notes owed 2032. It besides outlined plans to afloat redeem its 8.500% elder notes owed 2030. This, it said, is portion of efforts to optimize its indebtedness operation utilizing funds from divesting US assets.

Baytex Energy Corp. (NYSE:BTE) is simply a Canadian autarkic lipid and state institution engaged successful the acquisition, development, and accumulation of crude lipid and earthy gas. Its operations span crossed Western Canada and the Eagle Ford shale successful Texas. And its accumulation premix is heavy weighted toward crude oil.

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Disclosure: None. This nonfiction is primitively published at Insider Monkey.