Baytex Energy extends credit facilities by one year to 2029

CALGARY - Baytex Energy Corp. (TSX:BTE) (NYSE:BTE), with a market capitalization of $1.41 billion and EBITDA of $1.53 billion, has extended its US$1.1 billion revolving credit facilities by one year, from May 2028 to June 2029, the company announced Friday.

The Calgary-based oil and gas producer noted that the revolving credit facilities do not require annual or semi-annual reviews as they are not borrowing base facilities. According to InvestingPro data, the company maintains a current ratio of 0.63, indicating tight liquidity management.

Baytex Energy operates in the Western Canadian Sedimentary Basin and the Eagle Ford in the United States, focusing on the acquisition, development and production of crude oil and natural gas. With annual revenue of $2.32 billion and a strong free cash flow yield, InvestingPro analysis suggests the stock is currently trading below its Fair Value.

The company maintains offices in Calgary, Alberta and Houston, Texas, with its common shares trading on both the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.

This information is based on a press release statement issued by the company.

In other recent news, Baytex Energy Corp. has filed a Form 6-K with the United States Securities and Exchange Commission, detailing its financial and operational results for the first quarter of 2025. This filing, essential for foreign private issuers in the U.S., provides investors with an in-depth look at the company’s performance and strategic direction. In a related development, BMO Capital Markets has adjusted its price target for Baytex Energy, lowering it from Cdn$4.00 to Cdn$2.50, while maintaining a Market Perform rating. Analyst Jeremy McCrea from BMO highlighted ongoing concerns about Baytex’s capital expenditure guidance, particularly regarding its Eagle Ford wells in the United States, which have a longer payout period. Despite expectations for reduced spending, Baytex’s capital expenditure guidance remained unchanged, leading to increased concerns about its balance sheet. The company’s strong presence in Canada’s Clearwater and Mannville heavy oil regions was noted as a positive aspect, offering quick returns on investment. Investors are closely watching Baytex’s strategic decisions amid fluctuating oil prices and the potential impact on its financial health.

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