Baytex Energy (NYSE: BTE) reported Q2 EPS of $0.04, $0.16 better than the analyst estimate of ($0.12). Revenue for the quarter came in at $274.37 million versus the consensus estimate of $187.92 million.

Highlights

• Generated production of 72,812 boe/d (79% oil and NGL) during Q2/2017, an increase of 5% from Q1/2017 and 12% from Q4/2016;
• Delivered funds from operations ("FFO") of $83.1 million ($0.35 per basic share) in Q2/2017 and $164.5 million ($0.70 per basic share) in H1/2017;
• Produced 38,528 boe/d in the Eagle Ford, an increase of 7% from Q1/2017 and 15% from Q4/2016, and 34,284 boe/d in Canada, an increase of 3% from Q1/2017 and 8% from Q4/2016;
• Established average 30-day initial gross production rates of approximately 2,150 boe/d per well from three recently completed pads (total of 11 wells) in the oil window of our Eagle Ford acreage;
• Realized an operating netback (sales price less royalties, operating and transportation expenses) in Q2/2017 of $18.30/boe ($18.70/boe including financial derivatives gain);
• Reduced annual guidance for operating expenses by 4% (at mid-point) to $10.75-$11.25/boe, reflecting strong performance in H1/2017 of $10.50/boe; and
• Tightened our 2017 production guidance range to 69,000 to 70,000 boe/d (previously 68,000 to 70,000 boe/d) and exploration and development capital expenditures to $310 to $330 million (previously $325 to $350 million).

For earnings history and earnings-related data on Baytex Energy (BTE) click here.