Baytex Energy increased its 2025 production outlook to 71,000 BOE/d while maintaining a C$625 million capital program.
Baytex Energy reported second-quarter production of 71,243 barrels of oil equivalent per day, exceeding the high end of its guidance range. The company raised its full-year production outlook by 1,000 BOE/d to 71,000 BOE/d, citing strong heavy oil operations and early Duvernay well results.
Production rose 11% year-over-year, with 24.6 wells brought online during the quarter. The company invested C$122 million in exploration and development, focusing on second-half growth. Heavy oil wells at Peavine averaged 478 barrels per day per well over 30 days.
Baytex maintained its C$625 million capital program and targets an exit rate of 72,000 BOE/d. CEO Chad Lundberg highlighted continued outperformance in the company’s heavy oil portfolio and initial Duvernay results.