BTEGF - Baytex Q4 results -- big beat announces share repurchase

Baytex (OTCPK:BTEGF) reported Q4 results after the close, posting a solid earnings beat, guiding production flat, and announcing plans to commence a buyback in 2022: Earnings - Q4 net income, adjusted for impairment reversals, came in at ~26c versus street expectations for 10c; the Company generated free cash flow per share of 24c during Q4 or ~5% of the current share price. Production - management guided to 81.5kboe/d of production in 2022 (midpoint), +0.9% versus Q4 levels of 80.8kboe/d. Capex - the capital budget is set for $425m (midpoint) versus 2021 actual spend of $313m (+36% year on year). Shareholders - beginning in Q2, when Management anticipates the Company will reach its $1.2b debt target, 25% of free cash flow will be allocated to a share repurchase. As the Company reaches sustainable debt levels, they are targeting ~550m of free cash flow in 2022 at current commodity prices, or ~19%

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Baytex Q4 results -- big beat, announces share repurchase