Baytex EnergyNYSE: BTE

One of the investment sectors in which it's difficult to address the “why” component is the hydrocarbon ecosystem. With the political and ideological winds favoring clean and renewable energy infrastructures, why would anyone consider fossil fuels, even if they were billed as discounted oil stocks?

Acquisition of oil light production allowed Baytex Energy to safely increase Clearwater heavy oil production without risking the company. Management may have an opportunity to achieve a faster Clearwater payback. Management is likely to make the acquired Eagle Ford operation more efficient. This production needs to show a decent profit as well.

Calgary, Alberta--(Newsfile Corp. - June 26, 2024) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex" or the "company") is pleased to announce that the Toronto Stock Exchange ("TSX") has accepted the company's notice of intention to renew its normal course issuer bid ("NCIB"). The renewed NCIB allows Baytex to purchase up to 70,112,570 common shares during the 12-month period commencing July 2, 2024 and ending July 1, 2025 or such earlier time as the NCIB is completed or terminated at the option of Baytex.

With the Trans Mountain Pipeline expansion, WCS differentials have narrowed to near negative US$12, which is a US$7 improvement compared to Q1 2024. This partially offsets the impact of weaker oil prices, with 2H 2024 WTI strip at around $73 now. Baytex's Q1 2024 results were in line with expectations, and its full-year guidance remains unchanged.

Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) will announce its first quarter 2024 financial and operating results after markets close on May 9, 2024. A conference call and webcast to discuss the results will take place on May 10, 2024 at 9:00 a.m.

Baytex (BTE) has strong growth potential that may enable it to outperform the market significantly.

Baytex completed a game-changing purchase last year. With oil prices as they are now, the company's cash flow forecasts for 2024 are underestimated.

Here is a comparison of the performance of Baytex Energy (BTE) and Enerplus (ERF) to their sector in the current year.

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