Baytex Energy Corp. (NYSE:BTE) Q2 2024 Earnings Conference Call July 26, 2024 11:00 AM ET

Company Participants

Brian Ector - SVP, Capital Markets and IR
Eric Greager - President and CEO
Chad Kalmakoff - CFO
Chad Lundberg - COO

Conference Call Participants

Greg Pardy - RBC Capital Markets
Jeremy McCrea - BMO Capital Markets
Amir Arif - ATB Capital

Operator

Thank you for standing by. This is the conference operator. Welcome to the Baytex Energy Corp. Second Quarter 2024 Financial and Operation [ph] 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 for analysts to ask questions. [Operator Instructions]

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

Brian Ector

Thank you, Brenda. Good morning ladies and gentlemen and thank you for joining us to discuss our second quarter 2024 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 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 time permitting, we will try to answer your question.

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

Eric Greager

Thanks Brian. Good morning everyone and welcome to our second quarter 2024 conference call. In the second quarter, we delivered strong results with higher production, disciplined capital spending, and meaningful free cash flow. Importantly, and consistent with our full year plan, we returned CAD97 million to shareholders through our share buyback program and quarterly dividend.

As we continue to execute our plans for 2024, our free cash flow is expected to strengthen in the second half of the year, allowing for increased shareholder returns and debt reduction.

We increased production per share by 23% in Q2 2024 compared to Q2 2023, with production averaging more than 154,000 BOE per day, 85% oil and NGLs. Our crude oil production comprised of light oil, condensate, and heavy oil increased 4% from Q1 2024 to average over 110,000 barrels per day.