The following is a summary of the Baytex Energy Corp. (BTE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Baytex Energy Corp.'s Q1 2024 production per share increased by 15% from Q1 2023, with an average daily production of over 150,600 BOE consisting of 84% oil and NGLs.

• The company's E&D expenditures amounted to $413 million in Q1; however, the 2024 guidance remains between $1.2 to $1.3 billion.

• Baytex promises to generate free cash flow close to $700 million in 2024 based on the forward strip.

• Adjusted funds flow per share for Q1 was $424 million, marking a 21% increase compared to Q1 2023.

• Debt as of March 31, 2024 remained fairly consistent at $2.5 billion, highlighting the company's commitment to reduce its debt-to-EBITDA ratio to match or better its competitors.

Business Progress:

• Baytex implemented the most extensive E&D program to date during Q1 2024, reflecting its increased investments in exploration and well completion.

• Two significant transactions, including a private placement and extension of credit facilities, demonstrate the company's focus on improving its financial standing.

• The acquisition of 31 sections of high-quality Duvernay lands and initiation of drilling plans indicates the company's growth potential.

• The declaration of a cash dividend for Q2 prompts optimism for shareholder returns.

• Future plans include the allocation of 50% of free cash flow towards debt reduction and shareholder returns each, along with drilling activity that emphasizes linear growth and operational efficiency.

• The resolution of internal issues concerning share price performance, executive compensation, and share ownership signify a focus on improving corporate governance.

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