Baytex Energy reported a third-quarter profit of $32.7 million and said it expects to generate record cash flow for the year thanks to surging commodity prices.
The Calgary-based oil and gas company says it earned 35 cents per diluted share in the three months ended Sept. 30, up from a net loss of $23 million or four cents per share in the same period a year ago.
Production during the third quarter averaged 79,872 barrels of oil equivalent per day, compared with 81,162 boe/d in the second quarter of 2021.
Baytex says it generated free cash flow of $101 million in the quarter which brings the company’s year-to-date free cash flow to $284 million.
Baytex says it has directed 100 per cent of its free cash flow this year to reduce its net debt, which now sits at $1.56 billion, down from $1.85 billion at the beginning of the year.
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The company says at current commodity prices, it now expects to generate record levels of free cash flow for the year in excess of $400 million.
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