BTEGF - Baytex capital budget - free cash flow going to the balance sheet and shareholders

Baytex (OTCPK:BTEGF) released its 2022 capital budget and production forecast after the close yesterday, indicating the Company plans to spend $425m on capital investments in 2022 Baytex guided to 2021 capital spend of $250m at this time last year, and has since walked up spending plans to ~$310m for 2021, as of the Q3 guidance update 2021 production guidance as of Q3 indicates the Company will produce ~80kboe/d in 2021, with the newly released 2022 production guidance indicating the Company will produce 80-83kboe/d in 2022 Baytex plans to generate $340m in free cash flow (17% of the current market cap) next year at strip commodity prices; the Company's first priority for free cash flow is debt reduction and second priority shareholder returns With capital spending up nearly nearly 40% driving only a ~2% increase in production, and the remainder of the Company's substantial free cash flow being allocated to the

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Baytex capital budget - free cash flow going to the balance sheet and shareholders