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Baytex Energy Corp. (TSE:BTE)
NYSE:BTE
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BTE
Baytex Energy
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Baytex Energy (BTE) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date
Jul 30, 2026
Before Open (Confirmed)
Period Ending
2026 (Q2)
Consensus EPS Forecast
0.06
Last Year’s EPS
0.2
Same Quarter Last Year
Analyst Consensus
Moderate Buy
Based on 7 Analysts Ratings

Earnings Call Summary

Q1 2026
Earnings Call Date:May 07, 2026|
% Change Since:
|
Earnings Call Sentiment|Positive
The call highlighted strong operational execution (production above guidance), meaningful upgrades to growth targets (2026 raised to ~7% at midpoint and three-year target 6–8%), improved unit economics (operating netback up ~20.7%), a solid net cash position of CAD 591 million, and an aggressive buyback program (~CAD 174 million repurchased this quarter and CAD 650 million planned for 2026). Key growth catalysts include Duvernay scale-up, heavy oil inventory and waterflood pilots, and longer-term Gemini optionality. Near-term negatives include CAD 29 million hedging losses, limited Q1 free cash flow, hedge roll-off at end of Q2 that increases exposure to oil prices, and some service-cost/capital intensity risk as activity increases. On balance the call emphasized positive operational momentum, balance-sheet strength, and shareholder returns while acknowledging manageable execution and price-exposure risks.
Company Guidance
Management raised 2026 production guidance to 69,000–71,000 BOE/d (about 7% annual growth at the midpoint, up from 3–5%), kept 2026 capital spending at the high end of guidance of $625 million (including incremental Duvernay and heavy oil projects), and updated the three‑year outlook to target 6–8% annual production growth through 2028 (up from a prior midpoint of 4%). The Duvernay is expected to deliver ~35% production growth in 2026 with a year‑end exit of 14,000–15,000 BOE/d (13 Duvernay wells onstream in 2026 and a planned 18–20 well, one‑rig program in 2027), unit completion costs budgeted at ~$1,000/ft with a longer‑term target of ~$900/ft and type‑curve improvements from ~80 to ~90 BOE/ft; heavy oil remains 75% of production (oil+NGLs 88% of mix) with 12 years of drilling inventory at current pace, Peavine waterflood pilots underway (primary recovery ~7% → waterflood ~15% → polymer >20% potential) and Gemini Thermal optionality (44 million booked barrels, 5,000 bbl/d Phase‑1 design, FID targeted 2027). Financial guidance/targets include maintaining a net cash position ($591 million at quarter end), deploying $650 million (75%) of Eagle Ford sale proceeds to 2026 buybacks (35 million shares repurchased, 4.6%, for $174 million YTD), Q1 adjusted funds flow of $152 million ($0.20/sh), an operating netback of $35.36/BOE (vs $29.30 in Q4‑2025), $29 million of hedging losses in Q1 with WTI hedges rolling off end‑Q2 (every $5 WTI = ≈$125 million AFF sensitivity), ~40–50% of WCS hedged at ~US$13, a quarterly dividend of $0.0225 (annual $0.09), and an estimated ~ $250 million of free cash flow for 2026 at an $80 WTI assumption.
Production Outperformance and Raised Guidance
Q1 production averaged 69,500 BOE/d, above the high end of guidance. Company raised 2026 production guidance to 69,000–71,000 BOE/d (represents ~7% annual growth at midpoint, up from prior 3–5%). Three-year outlook updated to target 6–8% annual growth through 2028 (up from prior midpoint ~4%).
Strong Balance Sheet and Shareholder Returns
Ended Q1 with net cash of $591 million. Repurchased 35 million shares (4.6% of shares outstanding) for $174 million; $650 million (75% of Eagle Ford sale proceeds) intended for 2026 buybacks. Quarterly dividend unchanged at $0.0225 per share (annualized ~$0.09/share).
Improved Cash Generation and Netbacks
Adjusted funds flow of $152 million ($0.20 per basic share) in Q1. Operating netback improved to $35.36/BOE from $29.30/BOE in Q4 2025 — an increase of ~$6.06/BOE (~20.7% improvement).
Duvernay Growth Trajectory
Duvernay on track for ~35% production growth in 2026 with expected exit rate of 14,000–15,000 BOE/d. Plan for 13 wells on stream in 2026 (first wells expected in June) with an 18–20 well program contemplated in future years to support higher-end growth targets.
Heavy Oil Operational Outperformance
Heavy oil drove outperformance: oil & NGLs = 88% of mix; heavy oil ~75% of production. Peavine: first six 2026 wells averaged 30-day IPs of 680 bbl/d, above type curve. Lloydminster: stepped to three rigs and brought 16.7 net wells on stream. Peace River: added 40 sections (total 109 sections) and completed 21 sq. mile seismic (covering ~20% of land base).
Unit Cost and Well Performance Improvements
Duvernay well cost intensity improved from $1,165/ft (2024) to $1,025/ft (2025); budgeted $1,000/ft for 2026 with a target of ~$900/ft at scale. Characterization also improved from ~80 BOE/ft to ~90 BOE/ft.
Capital Allocation Discipline
2026 capital plan moved to high end at $625 million (includes incremental Duvernay and heavy oil projects). Management reiterated priority: grow production, return capital (buybacks + dividend), and maintain net cash throughout plan.
Longer-Term Optionality — Gemini Thermal
Gemini Thermal is regulatory-approved, with 44 million booked barrels and ~300 million barrels resource identified; management cited a potential recoverable target (~150 million barrels at a 50% illustrative recovery), Phase 1 design ~5,000 bbl/d, and target FID in 2027 (first barrels possible 2029) with upside to scale beyond 5,000 bbl/d.

Baytex Energy (TSE:BTE) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced
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TSE:BTE Earnings History

Report Date
Fiscal Quarter
Forecast / EPS
Last Year's EPS
EPS YoY Change
Press Release
Slides
Play Transcript
Jul 30, 2026
2026 (Q2)
0.06 / -
0.2―――
May 07, 2026
2026 (Q1)
<0.01 / -0.09
0.09-200.00% (-0.18)
Mar 04, 2026
2025 (Q4)
-0.10 / -1.12
-0.05-2140.00% (-1.07)
Oct 30, 2025
2025 (Q3)
0.05 / 0.04
0.23-82.61% (-0.19)―
Jul 31, 2025
2025 (Q2)
0.06 / 0.20
0.1353.85% (+0.07)
May 05, 2025
2025 (Q1)
0.12 / 0.09
-0.02550.00% (+0.11)
Mar 04, 2025
2024 (Q4)
0.11 / -0.05
-0.7593.33% (+0.70)
Oct 31, 2024
2024 (Q3)
0.32 / 0.23
0.1553.33% (+0.08)
Jul 25, 2024
2024 (Q2)
0.18 / 0.13
0.36-63.89% (-0.23)
May 09, 2024
2024 (Q1)
0.14 / -0.02
0.09-122.22% (-0.11)
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed

TSE:BTE Earnings-Related Price Changes

Report Date
Price 1 Day Before
Price 1 Day After
Percentage Change
May 07, 2026
C$6.64C$6.62-0.30%
Mar 04, 2026
C$5.41C$5.410.00%
Oct 30, 2025
C$3.14C$3.36+6.91%
Jul 31, 2025
C$2.89C$2.85-1.35%
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Baytex Energy Corp. (TSE:BTE) report earnings?
Baytex Energy Corp. (TSE:BTE) is schdueled to report earning on Jul 30, 2026, Before Open (Confirmed).
    What is Baytex Energy Corp. (TSE:BTE) earnings time?
    Baytex Energy Corp. (TSE:BTE) earnings time is at Jul 30, 2026, Before Open (Confirmed).
      Where can I see when companies are reporting earnings?
      You can see which companies are reporting today on our designated earnings calendar.
        What companies are reporting earnings today?
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          What is TSE:BTE EPS forecast?
          TSE:BTE EPS forecast for the fiscal quarter 2026 (Q2) is 0.06.