Baytex Energy (BTE) Sets 2026 Budget, Targets Production Growth

Core Viewpoint - Baytex Energy Corp. is positioned as a strong investment opportunity under $5, with a reaffirmed Buy rating and a price target of C$5.00 by TD Cowen [1] Group 1: Financial and Operational Plans - Baytex Energy has approved a 2026 exploration and development budget between C$550 million and C$625 million, with approximately 45% of the spending allocated to the first half of the year, assuming a WTI price of $60 per barrel [2] - The company targets an average annual production of 67,000 to 69,000 barrels of oil equivalent per day in 2026, reflecting a 3% to 5% increase from 2025 levels [2] - The plan aims to lower the sustaining breakeven price to $52 per barrel, supported by an optimized cost structure and strong liquidity [3] Group 2: Debt Management - Baytex Energy has initiated a cash tender offer to buy back its 7.375% senior notes due 2032 and plans to fully redeem its 8.500% senior notes due 2030, as part of efforts to optimize its debt structure [4] Group 3: Company Overview - Baytex Energy Corp. is a Canadian independent oil and gas company involved in the acquisition, development, and production of crude oil and natural gas, with operations primarily in Western Canada and the Eagle Ford shale in Texas [5]