EL7.AI
StocksMedium•6 November 2026•
3 min read

Baytex output rises 5% to 71,606 barrels a day; lifts 2026 spending to C$665 million

Key Facts

1Baytex average production in the third quarter of 2026 was 71,606 barrels of oil equivalent per day, up 5% year over year.
2Baytex raised its expected 2026 exploration and development spending to C$665 million from C$625 million.
3Duvernay production set a record of 12,806 barrels of oil equivalent per day, up 26% year over year.
4The 2027 to 2029 plan targets annual growth of 8% to 10% and production of about 92,000 barrels per day in 2029.

Baytex Energy said in third-quarter results released on November 5 that average production was 71,606 barrels of oil equivalent per day, up 5% from the same period in 2025 and in line with its full-year plan. Oil and natural gas liquids accounted for 89% of production during the quarter. The company raised its 2026 exploration and development spending forecast to C$665 million, from C$625 million previously. The revision will fund accelerated development of Duvernay, heavy oil and enhanced oil recovery projects. The company said the additional spending would not add production in 2026, linking its production impact to subsequent development plans.

Duvernay production reached a record 12,806 barrels of oil equivalent per day in the third quarter, up 26% year over year. Oil and natural gas liquids accounted for 80% of the region's output during the period. The performance provides the growth base on which the company is relying to accelerate development of the asset, as it targets Duvernay production of 25,000 barrels of oil equivalent per day in the second half of 2028. Baytex said that level would be reached about a year and a half ahead of the timeline in its previous plan. This means the announced expansion is focused on increasing production capacity in the coming years, not on boosting 2026 output as a result of the additional spending.

In the second quarter of 2026, Baytex production was 71,243 barrels of oil equivalent per day, up 11% from the second quarter of 2025 and above the upper end of its annual guidance range of 69,000 to 71,000 barrels per day. The company raised its annual forecast in a July update to about 71,000 barrels per day, equivalent to annual growth of 8%, and set a target exit rate of about 72,000 barrels per day at the end of the fourth quarter. Third-quarter production was in line with the full-year plan, according to the company's statement. The figures show annual guidance moving from its previous range to a higher estimate, as the company continues to track quarterly production against its stated plan.

Alongside development spending, Baytex repurchased 24 million shares during the third quarter, equivalent to 3.4% of shares outstanding, for C$149 million. It also paid quarterly cash dividends of C$16 million, or C$0.0225 per share. The company ended the quarter on September 30 with net cash of C$522 million. These figures combine funding for capital expansion with returns to shareholders through buybacks and dividends. The company said the quarter's dividends were paid while it retained net cash at period-end.

The 2027 to 2029 plan targets annual production growth of 8% to 10%, reaching about 92,000 barrels of oil equivalent per day in 2029. Baytex estimates annual exploration and development spending of about C$800 million over that period. This trajectory places the Duvernay target of 25,000 barrels per day in the second half of 2028 within a broader plan to increase production over three years. The company is scheduled to hold a call and webinar to present its third-quarter results on November 6, 2026, at 10:00 a.m. Alberta time. The webinar follows the results announcement, while the stated guidance remains the company's framework for developing production and spending in the coming years.