EarningsQ2 2026 Earnings Report
MX:BTEN Q2 2026 EPS Results
Actual EPS$3.06
Consensus EPS$1.31
Beat/MissBeat by +$1.75
One Year Ago EPS$2.55
MX:BTEN Q2 2026 Revenue Results
Actual Revenue$7.00B
Expected Revenue$3.95B
Beat/MissBeat by +$3.05B
YoY Revenue Growth-22.51%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeAfter Close
Conference CallThursday, July 30, 2026
MX:BTEN Upcoming Earnings
Baytex Energy's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:BTEN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational and financial execution: production beat guidance, adjusted funds flow and free cash flow materially improved, operating netbacks rose sharply, and the balance sheet ended the quarter with $566M net cash allowing aggressive buybacks and a dividend. Early Duvernay results and active waterflood pilots provide upside, but one drilling incident, the early-stage nature of some initiatives (Duvernay, waterfloods, Gemini), and the choice to remain unhedged introduce near-term uncertainty. On balance the positives (outperformance, cash generation, buybacks, strong netback improvement and liquidity) outweigh the operational and program risks mentioned.Company Guidance
Production Above Guidance and Year-over-Year Growth
Production averaged 71.2 thousand BOE/d in Q2, above the high end of guidance for the second straight quarter and representing 11% growth versus Q2 2025. Full-year production guidance was raised to 71.0 thousand BOE/d (up 1.0 thousand BOE/d from the prior midpoint) with a targeted exit rate of 72.0 thousand BOE/d.
Strong Financial Performance and Liquidity
Adjusted funds flow of $254 million in Q2 ($0.35/share); net income of $175 million ($0.24/share) in the quarter and YTD net income of $108 million ($0.15/share). Free cash flow improved to $128 million ($0.18/share) from $2 million in Q1 (an absolute increase of $126 million). The company exited the quarter with net cash of $566 million.
Significant Improvement in Operating Netback
Operating netback increased to $55.33/BOE in Q2 from $35.36/BOE in Q1, an increase of approximately 56% quarter-over-quarter, driven by strong realized pricing and cost discipline.
Active Capital Allocation and Shareholder Returns
Repurchased 22 million shares during Q2 for approximately $136–$139 million (average price ~$6.27/share) and since the December 2025 Eagle Ford sale has repurchased ~69 million shares (~9% of outstanding) for ~$378 million. NCIB renewed (capacity for up to 70.9 million shares) and company expects to repurchase ~$650 million of shares from U.S. disposition proceeds. Declared quarterly dividend of $0.0225/share (payable October 1).
Operational Execution — Heavy Oil and Drilling Activity
Invested $122 million on exploration and development in Q2 and brought 24 wells on stream. Heavy oil outperformance: Peavine wells (6 wells) posted average IP30 of 478 bbl/d per well; Lloydminster brought 7 Mannville wells onstream across multiple horizons. Four rigs planned in second half with a fifth starting in August at Morinville.
Duvernay Early Success and Pipeline to Commercialization
First Duvernay pad on South Gilby came onstream in June: three of four wells reported an average IP30 rate of 46 BOE/d with 88% liquids on a length-normalized basis, and the fourth (completed at half lateral length due to a stuck bottom-hole assembly) delivered an IP30 of 866 BOE/d. Second Duvernay pad (North Pembina) completion operations are underway and expected on production in September. 2026 program on track with 17 wells drilled and 13 onstream year-to-date.
Progress on Waterfloods, Seismic and Exploration
Both initial Piedmont waterflood pilots are on injection; two additional patterns at Peavine and a REX formation test in Morinville expected to be on injection by Q4. Utikuma 21 sq. mile seismic (covering ~20% of 109-section position) completed; preparing for up to two Pekisko test wells in early 2027 (estimated cost ~$2.5M/well).
MX:BTEN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed