Baytex Energy (TSE:BTE) has released an update.
Baytex Energy Corp. has announced the renewal of its normal course issuer bid, allowing the repurchase of up to 70.1 million common shares in the coming year, signaling a strong commitment to shareholder returns. This move is part of Baytex’s strategy to allocate 50% of its free cash flow to shareholders through dividends and share repurchases, aiming to enhance per share metrics and overall capital return. The company has set mechanisms in place, including a designated broker and an automatic share purchase plan, to facilitate the buyback process within regulatory guidelines.
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