Camden Property Trust, Q3 2026 Earnings Call Transcript

Baytex reported Q3 production of 71,600 boe/d and $139 million in free cash flow, returning $165 million to shareholders and ending the quarter with $522 million in net cash. Efficiency gains and lower costs are supporting faster development: 2027 production is forecast at 76,000–79,000 boe/d, with 8%–10% annual growth through 2029 to about 92,000 boe/d. The company expects Duvernay output to reach 25,000 boe/d in the second half of 2028, ahead of its previous schedule, while targeting a $50/bbl sustaining-capital breakeven in 2027.

At a mid-cycle WTI price of US$70/bbl, Baytex expects to maintain a net-cash position through its three-year plan while funding growth and shareholder returns. Further upside depends in part on enhanced-recovery projects: Peavine waterflood results are expected by mid-2027, and a Gemini modular SAGD investment decision is targeted for the second half of 2027. The company says the plan remains flexible, including its initial $150 million 2027 buyback allocation.