Baytex Energy (TSE:BTE) has released an update.
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Baytex Energy Corp. has announced the renewal of its normal course issuer bid, allowing the repurchase of up to 70.1 million common shares in the coming year, signaling a strong commitment to shareholder returns. This move is part of Baytex’s strategy to allocate 50% of its free cash flow to shareholders through dividends and share repurchases, aiming to enhance per share metrics and overall capital return. The company has set mechanisms in place, including a designated broker and an automatic share purchase plan, to facilitate the buyback process within regulatory guidelines.
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