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Baytex Energy Corp : Baytex Announces Second Quarter 2022 Results, Record Quarterly Free Cash Flow, Updated Shareholder Return Framework and Planned CEO Retirement
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Form 6-K BAYTEX ENERGY CORP For: Mar 31
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Q1/2021 Results
During Q1/2021, we executed on our plan to maximize free cash flow and reduce debt. During the quarter, we delivered adjusted funds flow of $157 million ($0.28 per basic share). This resulted in free cash flow of $70 million, which, along with the Canadian dollar strengthening relative to the U.S. dollar, contributed to an $89 million reduction in our net debt.
Production during the first quarter averaged 78,780 boe/d (81% oil and NGL), up 12% as compared to 70,475 boe/d (82% oil and NGL) in Q4/2020. The increased production largely reflects the resumption of drilling activity in the Viking and Eagle Ford which began in the fourth quarter. Exploration and development expenditures totaled $84 million in Q1/2021 that included the drilling of 68 (46.5 net) wells with a 100% success rate.