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Baytex Energy (TSX:BTE) targets free cash flow of CAD 700 million in FY24 amid higher production
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Highlights
Baytex Energy Corp. (TSX:BTE) is a TSX-listed oil and gas company with operations in Canada and the United States. Most of its revenue come from Canada, where it focuses on the exploration, advancement, and production of natural gas and crude oil in Western Canada.
In the second quarter of 2024, total revenue of BTE surged to CAD 892.6 million, up from CAD 490.8 million in the prior corresponding period (pcp), driven by increased production and higher average realized prices. However, total expenses also rose, reaching CAD 759.5 million compared to CAD 454.2 million in the pcp. Despite higher depreciation charges and financial costs weighing on the company's earnings before income taxes, it still increased to CAD 133.1 million for the quarter, up from CAD 36.5 million in the pcp. As a result, the company reported net earnings of CAD 103.8 million, a decline from the CAD 213.6 million recorded in the pcp.
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