Baytex Energy Corp. reported its third‑quarter 2025 financial results, delivering adjusted funds flow of $422 million, net income of $32 million, and free cash flow of $143 million. Net debt fell to $2.2 billion, a 4 % reduction from the $2.3 billion reported in Q2 2025.
Production averaged 150,950 boe/d, up 1 % year‑over‑year from 149,000 boe/d in Q3 2024. Pembina Duvernay production reached a record 10,185 boe/d, up 53 % from 6,300 boe/d in Q2 2025, while Eagle Ford output was 82,765 boe/d, slightly below the 83,928 boe/d reported in Q2 2025.
Drilling and completion costs improved 12 % versus 2024, supporting higher margins. Baytex guided 2025 exploration and development expenditures of $1.2 billion, expects free cash flow of $300 million, and aims to reduce net debt to $2.1 billion by year‑end. A quarterly dividend of $0.0225 per share was declared for January 2026.
Management highlighted that the net debt reduction was driven by strong cash generation and a modest foreign‑exchange loss on U.S. dollar‑denominated debt. The company also noted that the Q3 2025 guidance represents an upward revision from earlier 2025 projections, reflecting higher commodity prices and improved operational efficiency.
Baytex continues to focus on debt reduction and free cash flow generation, positioning the company for long‑term value creation. The company also maintains a dividend policy that supports shareholder returns while preserving capital for future growth.
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