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BTE

Baytex Energy Corp.

BTE

Baytex Energy Corp. • NYSE
$3.22 ▲ 1.90% (+0.06)
Market Cap $2.47 B
52w High $3.32
52w Low $1.36
Dividend Yield 0.06%
P/E 16.1
Volume 13.49M
Outstanding Shares 768.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $927.648M ▲ $72.894M ▼ $31.968M ▼ 3.446% ▼ $0.042 ▼ $419.974M ▼
Q2-2025 $886.579M ▼ $223.826M ▲ $151.549M ▲ 17.094% ▲ $0.2 ▲ $541.041M ▲
Q1-2025 $999.13M ▼ $62.637M ▲ $69.591M ▲ 6.965% ▲ $0.09 ▲ $457.064M ▲
Q4-2024 $1.017B ▲ $59.368M ▲ $-38.477M ▼ -3.783% ▼ $-0.048 ▼ $402.678M ▼
Q3-2024 $850.823M $20.2M $185.219M 21.769% $0.23 $621.541M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.417M ▲ $7.601B ▲ $3.411B ▼ $4.19B ▲
Q2-2025 $7.156M ▲ $7.552B ▼ $3.467B ▼ $4.085B ▼
Q1-2025 $5.966M ▼ $7.825B ▲ $3.622B ▲ $4.202B ▲
Q4-2024 $16.61M ▼ $7.76B ▲ $3.589B ▼ $4.171B ▲
Q3-2024 $21.311M $7.614B $3.635B $3.979B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $31.968M ▼ $472.676M ▲ $-292.697M ▲ $-176.718M ▼ $3.261M ▲ $142.022M ▲
Q2-2025 $151.549M ▲ $354.312M ▼ $-359.847M ▼ $6.725M ▲ $1.19M ▲ $-3.648M ▼
Q1-2025 $69.591M ▲ $431.317M ▼ $-320.074M ▼ $-121.887M ▲ $-10.644M ▼ $24.404M ▼
Q4-2024 $-38.477M ▼ $468.865M ▼ $-266.488M ▲ $-207.078M ▲ $-4.701M ▲ $256.977M ▲
Q3-2024 $185.219M $550.042M $-309.041M $-255.577M $-14.576M $241.924M

Five-Year Company Overview

Income Statement

Income Statement Baytex’s revenue has grown steadily over the past several years as production and pricing improved, moving from a very weak position in 2020 to much stronger levels more recently. Operating profitability has generally been healthy, with the core business generating solid margins after operating costs. Earnings, however, have been volatile. The company swung from deep losses during the downturn to strong profits when oil markets were favorable, then back to a loss and more modest profit in the most recent years. This pattern is typical for a producer that is highly exposed to commodity prices and one‑time items such as write‑downs, hedging impacts, or transaction-related charges. In short, the income statement shows a business that has improved its scale and operating performance but still experiences large swings in bottom-line results depending on the oil price environment and accounting adjustments.

Balance Sheet

Balance Sheet The balance sheet has strengthened meaningfully since the 2020 downturn. Total assets have expanded as Baytex invested in its core properties and completed strategic transactions, and shareholder equity has been rebuilt after prior losses. Debt is still meaningful, but the overall leverage profile has improved versus the stress period earlier in the decade. Recent years show a decline in debt relative to the size of the business, reflecting a focus on balance sheet repair and more disciplined capital use. Cash on hand is quite lean, which is common for producers that rely on credit facilities and ongoing cash flow rather than large cash balances. This setup works well when oil prices are supportive but can add risk if there is a sharp, prolonged downturn or if capital markets tighten.

Cash Flow

Cash Flow Cash generation is one of Baytex’s clear strengths. Operating cash flow has grown significantly from the low point in 2020 and has remained solid even through periods of earnings volatility. This indicates that, at the field level, the business is generating good cash from its assets. The company has been spending heavily on capital projects to develop and optimize its resource base. Even with this higher investment, free cash flow has stayed positive in each year shown, which suggests the company is largely funding its growth and maintenance from internally generated cash rather than relying solely on new borrowing. The trade-off is that high reinvestment needs can limit flexibility if prices weaken, but in normal conditions the cash flow profile appears robust and supportive of both investment and balance sheet improvement.

Competitive Edge

Competitive Edge Baytex is a mid-sized oil and gas producer with a focus on Canadian light and heavy oil plays, supported until recently by U.S. assets that have now been sold. Its competitive position rests on cost-efficient operations, technical expertise in its key basins, and a disciplined approach to capital allocation. The company benefits from concentration in areas where it has deep operating experience, such as heavy oil in Western Canada and the Duvernay light oil play. This specialization can translate into better well performance, lower costs, and more predictable development plans relative to less focused peers. On the other hand, Baytex remains a price-taker in a cyclical, commodity-driven industry and now has less geographic diversification after exiting the Eagle Ford. It also faces structural challenges common to Canadian producers, including potential pipeline constraints, regional price discounts, and regulatory and environmental pressures.

Innovation and R&D

Innovation and R&D Baytex’s “R&D” is mostly applied field innovation rather than laboratory research. The company has been improving drilling and completion designs, particularly in the Duvernay, where it has driven down well costs while boosting performance. Earlier, it used refracturing techniques in the Eagle Ford to squeeze more value from existing wells at relatively low cost. Beyond drilling, Baytex is investing in technologies and practices that reduce emissions and improve environmental performance, aligning with growing stakeholder expectations. The company is also exploring digital tools and data analytics to enhance operational decision-making and asset reliability. Baytex has signaled an interest in lower-carbon initiatives such as hydrogen production tied to renewable natural gas and potentially carbon capture. These efforts are still emerging, but they show a willingness to experiment with solutions that could support its long-term license to operate in a decarbonizing world.

Summary

Baytex has transitioned from a distressed position during the 2020 downturn to a more stable, cash-generative business with higher revenue, improved operating margins, and a rebuilt equity base. The company’s financial story is one of stronger operations and better discipline, offset by continued exposure to volatile earnings driven by commodity prices and accounting effects. The balance sheet is much healthier than it was, with reduced leverage and growing asset quality, though limited cash balances and ongoing capital needs keep the company sensitive to oil market conditions. Cash flow is a key strength, consistently covering investment spending and supporting debt reduction and shareholder returns. Competitively, Baytex leans on its technical strengths in specific Canadian plays, cost control, and a clear capital return framework. Its recent portfolio reshaping improves strategic focus but reduces geographic diversification. Overall, Baytex looks like a more focused, operationally efficient producer than it was earlier in the decade, yet it remains firmly tied to the ups and downs of global oil markets, regional infrastructure constraints, and evolving environmental and regulatory expectations.

NEWS

November 12, 2025 · 8:46 AM UTC

Baytex to Divest of U.S. Eagle Ford Assets to Advance Higher-Return Canadian Core Portfolio

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October 30, 2025 · 5:02 PM UTC

Baytex Delivers Solid Third Quarter 2025 Results with Record Pembina Duvernay Production and Strong Free Cash Flow

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October 30, 2025 · 5:00 PM UTC

Baytex Announces Quarterly Dividend for January 2026

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October 23, 2025 · 5:00 PM UTC

Baytex Conference Call and Webcast on Third Quarter 2025 Results to Be Held on October 31, 2025

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