Baytex Renews Buyback Plan After Buying 5% of Float in Prior Year

Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) plans to buy back up to 66.2 million of its own shares over the next 12 months, the company said Tuesday. The renewed normal course issuer bid, or NCIB, starts July 2 and runs through July 1, 2026. That authorization covers 10% of the public float as of June 18.

The renewal comes after Baytex bought 36.5 million shares under its prior NCIB, which ends July 1. Those repurchases, executed across the TSX, NYSE and alternative trading platforms, cost a weighted-average CAD $4.1304 per share. The company had authorization for up to 70.1 million shares in that program but bought roughly half the allowed amount.

Baytex has also applied for an exemption from Canadian securities regulators to buy up to 10% of the public float through U.S. markets. Without the exemption, purchases on the NYSE and other U.S. platforms would be capped at 5% of outstanding shares over the 12-month period. The company said it will issue a further press release if the relief is granted.

BMO Nesbitt Burns Inc. will act as designated broker. Baytex has also entered an automatic share purchase plan, or Rule 10b5-1 trading plan, with BMO. The ASPP allows the broker to buy shares during blackout periods when Baytex itself cannot trade. Instructions to BMO cannot be varied or suspended during the blackout. All shares bought under the plan count toward the NCIB total.

Daily purchases through the TSX will be capped at 1.26 million shares, or 25% of the average daily trading volume of 5.04 million shares over the prior six months. All repurchased shares will be cancelled.

The buyback is one leg of Baytex's shareholder return framework, which also includes quarterly dividends. The company has 768.3 million shares outstanding as of June 18.

Baytex is a Calgary-based producer with operations in the Western Canadian Sedimentary Basin and the Eagle Ford in Texas. Its shares trade on both the TSX and NYSE under the ticker BTE.

For further information, contact Brian Ector, Senior Vice President, Capital Markets and Investor Relations, at 1-800-524-5521 or investor@baytexenergy.com.