CALGARY — Baytex Energy reported a third-quarter profit of $32.7 million and said it expects to generate record cash flow for the year thanks to surging commodity prices.

The Calgary-based oil and gas company says it earned 35 cents per diluted share in the three months ended Sept. 30, up from a net loss of $23 million or four cents per share in the same period a year ago.

Production during the third quarter averaged 79,872 barrels of oil equivalent per day, compared with 81,162 boe/d in the second quarter of 2021.

Baytex says it generated free cash flow of $101 million in the quarter which brings the company’s year-to-date free cash flow to $284 million.

Baytex says it has directed 100 per cent of its free cash flow this year to reduce its net debt, which now sits at $1.56 billion, down from $1.85 billion at the beginning of the year.

The company says at current commodity prices, it now expects to generate record levels of free cash flow for the year in excess of $400 million.

This report by The Canadian Press was first published Nov. 4, 2021.

Companies in this story: (TSX:BTE)

The Canadian Press

News from © The Canadian Press, 2021. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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