Baytex Energy (BTE) Misses Q3 EPS by 5c
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Baytex Energy (NYSE: BTE) reported Q3 EPS of ($0.19), $0.05 worse than the analyst estimate of ($0.14). Revenue for the quarter came in at $197.65 million versus the consensus estimate of $149.91 million.
"We are increasing our full year 2016 production guidance by 2% on the back of our strong third quarter operating results and planned activity levels through year-end. For the second consecutive quarter our funds from operations exceeded capital expenditures resulting in a reduction in net debt. Production in Canada increased 6% over the second quarter as we received the full benefit of restored production from previously shut-in heavy oil wells, while production in the Eagle Ford was lower, reflective of a reduced pace of development and the sale of our operated assets. We are well positioned to benefit from a rising oil price environment with strong capital efficiencies across our three core resource plays," commented James Bowzer, Chief Executive Officer.
For earnings history and earnings-related data on Baytex Energy (BTE) click here.
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