Baytex Energy Corp. (BTEGF) Q2 2022 Earnings Conference Call July 28, 2022 11:00 AM ET
Company Participants
Brian Ector – Vice President, Capital Markets
Ed LaFehr – President and Chief Executive Officer
Rod Gray – Executive Vice President and Chief Financial Officer
Conference Call Participants
Josh Young – Bison
Operator
Thank you for standing by. This is the conference operator. Welcome to the Baytex Energy Corp Second Quarter 2022 Financial and Operating Results Conference Call. As a reminder all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [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, Sachi. Good morning, ladies and gentlemen, and thank you for joining us to discuss our second quarter 2022 financial and operating results. Today I am joined by Ed LaFehr, our President and Chief Executive Officer; Rod Gray, Executive VP and 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 with that, I would now like to turn the call over to Ed.
Ed LaFehr
Great, thanks Brian and good morning everyone. I’d like to welcome everybody to our second quarter 2022 conference call. As everyone is aware yesterday we announced that I will be retiring in January of 2023. I’ll save my comments on the retirement to the end, because I really want to focus on the business at hand and the momentum we continue to build both operationally and from a shareholder return perspective. It’s business as usual and we have an exciting story unfolding.
During the second quarter, we remain focused on capital discipline, generating free cash flow and reducing debt. We delivered strong operating and financial results with production of over 83,000 boes per day, record quarterly free cash flow of $245 million and a further 12% reduction in our net debt to $1.1 billion. We continue to execute our 2022 plan with production guidance unchanged at 83,000 to 85,000 boes per day and we expect to exit 2022 producing approximately 87,000 to 88,000 boes per day. Our 2022 exploration and development expenditure guidance is unchanged at $450 million to $500 million.