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FINWIRES

Baytex Q1 Output Exceeds Guidance, Full-Year 2026 Target Raised

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-- Baytex Energy (BTE) delivered 69,478 barrels of oil per day in Q1, a volume that was in excess of guidance, it said in an earnings report, with 88% of the volume comprised of oil and natural gas liquids.

The company drilled seven discrete horizons in the Mannville at Lloydminster and acquired a further 40 sections of highly prospective lands at Utikuma in the Peace River region.

The company increased production guidance to 69,000 to 71,000 barrels of oil equivalent for 2026, up from a prior target of 67,000 to 69,000 boe/d, with a targeted exit production rate of 71,000 to 72,000 boe/d.

The company is targeting 7% annual production growth, up from a range of 3% to 5% previously, underpinned by strong operational performance and planned activity in H2.

The company's updated three-year outlook has been revised to include production growth of 6% to 8%, up from a prior 3% to 5%. It intends to advance planning for its Gemini thermal steam-assisted gravity drainage project with a potential final investment decision in 2027.

Gemini will support 5,000 barrels per day initially and has probable reserves of 44 million barrels, the company said.

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