Baytex Energy (NYSE: BTE) reported Q4 EPS of (Cdn$0.42), versus Cdn$0.07 reported last year. Revenue for the quarter came in at Cdn$358.44 million, versus Cdn$436.76 million reported last year.

2019 Outlook

Global benchmark prices have recently improved with WTI currently trading at US$57/bbl, as compared to a low of US$42/bbl in December 2018. In addition, Canadian light and heavy oil differentials have narrowed substantially. This combination is expected to have a positive impact to our adjusted funds flow.

As a result of current activity levels, excellent well performance in the Eagle Ford and outstanding operating efficiency across all of our assets, Q1/2019 volumes are ahead of expectations, trending above 97,000 boe/d.

Capital expenditures are on pace for $155 million in Q1/2019, consistent with the mid-point of our capital guidance range of $600 million. Approximately 80% of our capital program is directed to our high operating netback light oil assets in the Eagle Ford and Viking.

Further deleveraging remains a top priority. Based on the forward strip, our adjusted funds flow forecast has increased from $605 million in December 2018, to approximately $800 million, which will support up to $200 million of debt repayment while maintaining production at the mid-point of our guidance of 95,000 boe/d.

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