Baytex Energy Corp. (NYSE:BTE) Q1 2023 Results Conference Call May 5, 2023 9:00 AM ET

Company Participants

Brian Ector - Vice President, Capital Markets

Eric Greager - President & Chief Executive Officer

Chad Kalmakoff - Chief Financial Officer

Chad Lundberg - Chief Operating and Sustainability Officer

Conference Call Participants

Amir Arif - ATB Capital

Menno Hulshof - TD Securities

Operator

Thank you for standing by. This is the conference operator. Welcome to the Baytex Energy Corp., First Quarter 2023 Financial and Operating Results Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions]

I would now like to turn the conference over to Brian Ector, Vice President, Capital Markets. Please go ahead.

Brian Ector

Thank you, Ariel. Good morning, ladies and gentlemen, and thank you for joining us to discuss our first quarter 2023 financial and operating results. Today, I am joined by Eric Greager, our President and Chief Executive Officer; Chad Kalmakoff, our Chief Financial Officer; and Chad Lundberg, our Chief Operating and Sustainability Officer.

While listening, please keep in mind that some of our remarks will contain forward-looking statements within the meaning of applicable securities laws. I refer you to the advisories regarding forward-looking statements, oil and gas information and non-GAAP financial and capital management measures in yesterday's press release.

All dollar amounts referenced in our remarks are in Canadian dollars unless otherwise specified. And following our prepared remarks, we will be taking questions from the analysts. In addition, if you are listening in today via the webcast, you will have the opportunity to submit an online question and we will do our best to answer all questions submitted.

With that, I would now like to turn the call over to Eric.

Eric Greager

Thanks, Brian, and good morning, everyone. I'd like to welcome all of you to our first quarter conference call.

Before discussing our Q1 results, I want to provide a brief update on the Ranger acquisition, which is expected to close late in the second quarter. The transaction materially increases our Eagle Ford scale, while building a quality operating capability in the premier Texas Gulf Coast basin.

We believe the combined company will deliver a powerful combination of substantial free cash flow and increase shareholder returns on a per share basis. Importantly, on a pro forma basis, we will be in a strong financial position that is supported by significant liquidity and a balanced note maturity profile. Since announcing the transaction on February 28, we've achieved a number of key milestones.