Q2 2024 Baytex Energy Corp Earnings Call Transcript
Key Points
- Baytex Energy Corp (BTE) delivered strong Q2 2024 results with higher production, disciplined capital spending, and meaningful free cash flow.
- The company returned $97 million to shareholders through share buybacks and quarterly dividends.
- Production per share increased by 23% in Q2 2024 compared to Q2 2023, with production averaging over 154,000 BOE per day.
- Baytex Energy Corp (BTE) expects to generate approximately $700 million of free cash flow in 2024, with 75% weighted to the second half of the year.
- The company has repurchased 7.2% of its shares outstanding since June 30 of the previous year, demonstrating a strong commitment to shareholder returns.
- Total debt remains high at $2.5 billion, with a total debt to EBITDA ratio of 1.1 times.
- The strengthening US dollar relative to the Canadian dollar has increased the balance in US denominated notes, impacting total debt.
- Despite strong operational performance, the share price has traded down, which is a concern for the company.
- The company faces challenges in maintaining production levels, with a focus on balancing capital efficiency and operational performance.
- Wildfires in Alberta, although not directly impacting operations, remain a potential risk factor for the company.
Thank you for standing by the conference operator, and welcome to the Baytex Energy Corp second quarter 2024 financial and operational results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. (Operator Instructions)
I would now like to turn the conference over to Brian Ector, Senior Vice President, Capital Markets and Investor Relations. Please go ahead.
Thank you, Brenda. Good morning, ladies and gentlemen and thank you for joining us to discuss our second quarter 2024 financial and operating results. Today I am joined by Eric Greager, our President and Chief Executive Officer; Chad Kalmakoff, our Chief Financial Officer; and Chad Lundberg, our Chief Operating Officer.
While listening, please keep in mind that some of our remarks will contain forward-looking statements within the meaning of applicable securities laws. I refer you to the advisories regarding forward-looking statements,
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