NEWS: Baytex earns $563 million in fourth quarter, announces share buyback program

CALGARY — Baytex Energy Corp. says it earned $563 million and continued to pay down debt in the fourth quarter of 2021 against the backdrop of surging oil and gas prices.

The Calgary-based company says its earnings increased to $1 per share, up from $32.7 million or six cents per share in third quarter and $221 million or 39 cents per share in the fourth quarter of 2020.

Baytex says its revenue from petroleum and natural gas sales during the three months ended Dec. 31 amounted to $552 million, up from $234 million in the previous year’s quarter.

The oil and gas producer says its production during the fourth quarter averaged 80,789 barrels of oil equivalent per day, compared with 70,475 in the fourth quarter of 2020.

Baytex says it has reduced its net debt level by approximately $1.1 billion over the past three-and-a-half years, and expects to hit its target of $1.2 billion in net debt during the second quarter of 2022.

The company says as a result, for 2022 it will allocate about 25 per cent of its annual free cash flow to direct shareholder returns and will also implement a share buyback program in the second quarter.

This report by The Canadian Press was first published Feb. 24, 2022.

Companies in this story: (TSX:BTE)

The Canadian Press

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

• 0084 EMP Metals Pipeline Online
  0084 EMP Metals Pipeline Online
• 0053 Kingston Midstream Westspur Alameda Click
  0053 Kingston Midstream Westspur Alameda Click
• 0082 CsHM 2024 Pipeline
  0082 CsHM 2024 Pipeline
• 0077 Caprice Resources Stand Up For Free Speech
  0077 Caprice Resources Stand Up For Free Speech
• 0076 Latus only
  0076 Latus only
• 0061 SIMSA 2024 For Sask Buy Sask
  0061 SIMSA 2024 For Sask Buy Sask
• 0055 Smart Power Be Smart with your Power office
  0055 Smart Power Be Smart with your Power office
• 0051 JML Hiring Pumpjack assembly
  0051 JML Hiring Pumpjack assembly
• 0049 Scotsburn Dental soft guitar
  0049 Scotsburn Dental soft guitar
• 0046 City of Estevan This is Estevan
  0046 City of Estevan This is Estevan
• 0041 DEEP Since 2018 now we are going to build
  0041 DEEP Since 2018 now we are going to build
• 0032 IWS Summer hiring rock trailer music
• 0022 Grimes winter hiring
• 0021 OSY Rentals S8 Promo
• 0018 IWS Hiring Royal Summer
• 0013 Panther Drilling PO ad 03 top drive rigs
• 0011
• 0006 JK Junior
• 0002 gilliss casing services
  0002 gilliss casing services
• 9002 Pipeline Online 30 sec EBEX
  9002 Pipeline Online 30 sec EBEX
• 9001