CA - Baytex Energy: Increased Return Of Capital Expected In Early 2023
Summary
- Baytex is now on track to reach its net debt target of CAD$800 million (US$615 million) in early 2023.
- At that point, it is expected to put 50% of its free cash flow towards share repurchases.
- At current strip for 2023, Baytex may be able to generate US$525 million in free cash flow.
- This would allow it to repurchase around 9% of its outstanding shares during 2023.
- Clearwater performance has been strong, and could provide further upside.
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Baytex Energy: Increased Return Of Capital Expected In Early 2023