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 rising commodity prices.
The Calgary-based oil and gas company says it earned 35 cents a diluted share in the three months ending Sept. 30, up from a net loss of $ 23 million or four cents a share in the same period a year ago. .
Production during the third quarter averaged 79,872 barrels of oil equivalent per day, compared to 81,162 boe / d in the second quarter of 2021.
Baytex says it generated free cash flow of $ 101 million in the quarter, bringing the company’s free cash flow for the year to date to $ 284 million.
Baytex says it has directed 100 percent of its free cash flow this year to reduce its net debt, which now stands at $ 1.56 billion, down from $ 1.85 billion at the beginning of the year.
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The company says that at current commodity prices, it now expects to generate record levels of free cash flow for the year in excess of $ 400 million.
© 2021 The Canadian Press
Reference-globalnews.ca