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Baytex Energy (BTE) investor relations material
Baytex Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved strong operational and financial results in Q2 and H1 2025, including record Pembina Duvernay well performance and continued debt reduction.
Maintained disciplined capital allocation, prioritizing free cash flow and balance sheet strength.
Production per share increased 2% year-over-year in Q2 2025; net debt reduced by up to 5% ($123 million) to $2.3 billion.
Heavy oil production rose 7% sequentially, driven by strong results at Peavine, Peace River, and Lloydminster.
Share count reduced by 11% since June 2023 through repurchases.
Financial highlights
Adjusted funds flow reached $367 million ($0.48 per basic share) in Q2 2025; net income was $152 million.
Q2 2025 production averaged 148,095 boe/d (84–85% liquids), up 7% sequentially from Q1 2025.
Free cash flow was $3 million in Q2 2025; $21 million returned to shareholders via buybacks and dividends.
Net debt as of June 30, 2025, was $2.3 billion, down by $96–$123 million.
Exploration and development expenditures were $357 million in Q2 2025.
Outlook and guidance
2025 production guidance: 148,000–152,000 boe/d, 84–85% liquids.
Exploration and development expenditures expected at $1.2–$1.3 billion.
Anticipates generating ~$400 million in free cash flow for 2025, mostly in the second half.
All free cash flow after dividends to be allocated to debt repayment, targeting net debt of ~$2 billion by year-end.
Free cash flow sensitivity: $225 million per US$5/bbl WTI change.
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