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