Baytex Energy (BTE) Q4 2025 Earnings Transcript

Image source: The Motley Fool.

Thursday, March 5, 2026 astatine 11 a.m. ET

• President and CEO — Eric Thomas Greager

• Incoming CEO — Chad E. Lundberg

• Chief Financial Officer — Chad L. Kalmakoff

• Senior Vice President, Capital Markets and Public Affairs — Brian Ector

Need a punctuation from a Motley Fool analyst? Email [email protected]

Eric Thomas Greager: Thanks, Brian. Good morning, everyone. 2025 was a defining twelvemonth for Baytex Energy Corp. With the closing of the Eagle Ford merchantability successful December, we successfully completed the repositioning of this institution into a focused, high-return Canadian lipid producer. This is our archetypal telephone since that milestone, and it marks a important upshift successful our trajectory. Baytex Energy Corp. is simply a technically driven enactment with an industry-leading equilibrium sheet. By exiting the twelvemonth successful a nett currency position, we person established a premier level built for disciplined, semipermanent worth creation. We are entering 2026 with a wide strategy and the fiscal flexibility to navigate immoderate marketplace environment.

With this strategical pivot present complete, it is the close clip to formalize our enactment transition. As we announced yesterday, Chad Lundberg volition win maine arsenic CEO pursuing our AGM successful May. Chad has been a invaluable spouse to maine and to this organization, and his promotion is the effect of a deliberate, structured succession process to assistance guarantee our affirmative momentum remains uninterrupted. I person implicit assurance successful Chad's enactment and quality to thrust our adjacent chapter. I americium arrogant of the instauration we person built together. Baytex Energy Corp. is successful fantabulous shape, and I look guardant to its continued occurrence nether Chad's leadership.

I volition present crook the telephone implicit to Chad Lundberg for his remarks and a elaborate operational overview.

Chad E. Lundberg: Thank you, Eric. I admit the Board's confidence, and I americium excited to pb Baytex Energy Corp. and our squad into the adjacent chapter. My absorption arsenic we determination guardant is simple. We stay committed to method enactment and disciplined superior allocation to make value. We volition proceed to physique our concern by prioritizing our dense lipid and Duvernay assets with an enhanced absorption connected exploration and caller play development, each of which is underpinned by a equilibrium expanse that is successful large shape. And we volition prioritize a competitory instrumentality done a operation of integrated growth, stock buybacks, and dividends. Let's crook to our operational performance.

In 2025, our Canadian portfolio delivered yearly accumulation of 65,500 BOE per day, which, excluding dispositions, represented 6% integrated maturation twelvemonth implicit year. We invested $548 cardinal successful Canada successful a highly businesslike superior programme and delivered coagulated reserves growth, debased F&D costs, and steadfast recycle ratios crossed each reserve categories. Pembina Duvernay and dense lipid improvement contributed importantly to this show and continued a beardown way grounds of worth creation. This demonstrates the semipermanent resiliency and sustainability of our business. Importantly, we person important moving country crossed our portfolio and are excited astir our concern going forward. First, let's speech astir the Duvernay. We person assembled 91,500 nett acres and identified astir 210 drilling locations.