BAYTEX ENERGY CORP.
For the period ended Dec 31, 2025. Filed Mar 5, 2026.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Mar 5, 2026
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Contents
EX-99.3 · Continuing Operations
Continuing Operations
We invested $92.7 million on exploration and development in Q4/2025 and generated production of 67,295 boe/d which was 1,963 boe/d higher than 65,332 boe/d reported for Q4/2024 when we invested $109.0 million on exploration and development. The increase in production reflects our successful heavy oil development program and Duvernay production growth which more than offset the impact of the Q4/2024 disposition of 2,000 boe/d of heavy oil production from Kerrobert Thermal.
Lower light and heavy oil benchmark pricing resulted in a realized price of $53.55/boe for Q4/2025 which was $10.76/boe lower than $64.31/boe for Q4/2024. Operating netback(1) of $181.4 million ($29.30/boe) for Q4/2025 reflects lower realized pricing relative to Q4/2024 when we reported operating netback of $225.7 million ($37.55/boe) for our Canadian operations.
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