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- **Record Production Growth**: Pembina Dubernet averaged 10,200 BOE/day, up 53% YoY, with heavy oil and Eagleford volumes rising 5% and 3% respectively.
- **Free Cash Flow & Debt Reduction**: Generated $143 million in Q3, reducing net debt to $2.2 billion, targeting $2.1 billion by year-end.
- **Operational Efficiency**: 12% cost improvement in Eagleford drilling, supporting $300 million 2025 free cash flow guidance.
- **Strategic Land Acquisitions**: Consolidated 45 net sections in heavy oil and Dubernet, positioning for future development.


**【CEO Summary Section】**
- Baytex reported record production in Q3 2025, with Pembina Dubernet averaging 10,200 BOE/day, up 53% year-over-year. Free cash flow of $143 million was generated, reducing net debt to $2.2 billion.
- Management highlighted operational execution across assets: heavy oil production up 5% Q/Q, Eagleford oil up 3%, and $270 million in E&D spending.
- CEO emphasized capital discipline and debt reduction, targeting $2.1 billion net debt by year-end.

**【CFO Financial Commentary】**
- Adjusted funds flow was $422 million ($0.55/share), with net income of $32 million. Free cash flow guidance revised to $300 million for 2025, down from $400 million due to lower commodity prices.
- CFO noted strong liquidity with $1.3 billion undrawn credit and no debt maturities until 2030. Free cash flow allocated 100% to debt repayment after dividend.

**【Q&A Highlights】**
- **Acquisition Strategy**: Q3 land swaps consolidated 45 net sections in heavy oil and Dubernet, focusing on undeveloped acreage for future development.
- **Production Growth**: Heavy oil up 5% Q/Q, driven by 20 new wells; Eagleford oil up 3% with 15.6 wells brought online and 12% cost improvement.
- **Dubernet Performance**: Third pad achieved 1,300 BOE/day/well, with one well abandoned due to casing issues. 2026 refract program planned for expansion.
- **Debt Reduction**: $50 million reduction in Q3, targeting $2.1 billion by year-end. CFO reaffirmed 2025 free cash flow guidance of $300 million.


Baytex Energy Corp (BTE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BTE

BTE fundamentals

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