BRIEF-Baytex Announces 2022 Budget And Updated Five-Year Outlook With Cumulative Free Cash Flow Of $2.1 Bln

BY Reuters | CORPORATE | 12/01/21 05:09 PM EST

Dec 1 (Reuters) - Baytex Energy Corp (BTEGF):

* BAYTEX ANNOUNCES 2022 BUDGET AND UPDATED FIVE-YEAR OUTLOOK WITH CUMULATIVE FREE CASH FLOW OF $2.1 BILLION

* BAYTEX ENERGY (BTEGF) - APPROVED 2022 CAPITAL BUDGET OF $400 MILLION TO $450 MILLION, DESIGNED TO GENERATE AVERAGE ANNUAL PRODUCTION OF 80,000 TO 83,000 BOE/D

* BAYTEX ENERGY CORP SEES ANNUAL PRODUCTION GROWTH OF 2% TO 4% WITH ANNUAL CAPITAL SPENDING OF $400 TO $475 MILLION FROM 2022 TO 2025

* BAYTEX ENERGY CORP (BTEGF) - EXPECT TO GENERATE APPROXIMATELY $2.1 BILLION OF CUMULATIVE FREE CASH FLOW THROUGH OUR 2021-2025 FIVE-YEAR OUTLOOK

* BAYTEX ENERGY CORP (BTEGF) - EXPECT TO EXIT 2021 WITH NET DEBT OF APPROXIMATELY $1.4 BILLION

* BAYTEX ENERGY CORP (BTEGF) - BASED ON FORWARD STRIP FOR 2022, EXPECT TO GENERATE APPROXIMATELY $340 MILLION OF FREE CASH FLOW

* BAYTEX ENERGY CORP (BTEGF) - IN 2022, UPON REACHING NET DEBT LEVEL OF $1.2 BILLION, ANTICIPATE ANNOUNCING PLAN FOR ENHANCED SHAREHOLDER RETURNS

* BAYTEX ENERGY CORP (BTEGF) - IN 2022, ALLOCATE 100% OF FREE CASH FLOW TO REDUCING NET DEBT UNTIL WE HIT OUR INITIAL $1.2 BILLION NET DEBT TARGET Source text for Eikon: Further company coverage:

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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