Baytex (BTE) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Fri, May 8, 2026 astatine 11:22 AM CDT 24 min read

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DATE

Friday, May 8, 2026 astatine 11 a.m. ET

CALL PARTICIPANTS

• President & Chief Executive Officer — Chad E. Lundberg

• Chief Operating Officer — Kendall Arthur

• Chief Financial Officer — Chad L. Kalmakoff

• Vice President, Heavy Oil — Adrian Blazovic

• Senior Vice President, Capital Markets & Public Affairs — Brian Ector

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Full Conference Call Transcript

Chad E. Lundberg: Well, bully morning, everyone. Q1 was a beardown commencement to the year. Production averaged supra the precocious extremity of our guidance astatine 69,500 BOE per day, driven by outperformance crossed our dense lipid portfolio. We exited the 4th with nett currency of $591 cardinal and repurchased 35 cardinal shares, oregon 4.6% of our shares outstanding, for $174 million. With this outperformance, and a constructive commodity backdrop, we are raising our 2026 accumulation guidance to 69,000 to 71,000 BOE per day. This represents 7% yearly maturation astatine midpoint, up from 3% to 5% previously.

We are maintaining discipline, with superior expenditures moving to the precocious extremity of our guidance astatine $625 million, and this includes incremental projects successful our Duvernay and dense oil. Along with updating our current-year guidance, we are besides updating our three-year outlook. With the extent and prime of our inventory, we are targeting 6% to 8% yearly accumulation maturation done 2028, up from the anterior midpoint of 4%, portion maintaining a nett currency presumption passim the period. Before I crook the telephone implicit to Kendall, I privation to admit 2 appointments that were announced yesterday. Kendall Arthur moves into the Chief Operating Officer relation and Adrian Blazovic has been appointed Vice President, Heavy Oil.

I person worked intimately with some for the past 8 years. They person been instrumental successful gathering our Canadian operations and are cardinal to our semipermanent enactment plan. I americium assured successful their quality to execute and present against the strategy you volition perceive astir this morning. Kendall, implicit to you.

Kendall Arthur: Thanks, Chad, and bully morning. We had a beardown operational quarter. As Chad mentioned, accumulation of 69,500 BOE per time exceeded the precocious extremity of our guidance, with lipid and NGLs representing 88% of the mix. We invested $145 cardinal successful exploration and development, and brought 53 wells connected stream, accordant with our full-year plan. In dense oil, we delivered beardown results crossed the portfolio. At Peavine, the archetypal six wells of our 2026 programme averaged 30-day IP rates of 680 barrels per day, good supra the expected benignant curve. At Lloydminster, we stepped up to 3 rigs during the quarter, successfully targeting 7 discrete horizons crossed the “Van Ville” stack, bringing 16.7 nett wells connected stream.