Completed a strategic pivot: the December 2025 sale of the US Eagle Ford assets (acquired via Ranger 2023) for C$3.0bn net turned Baytex into a pure-play Canadian heavy-oil E&P with a net-cash balance sheet and ~66 mboe/d of ~89% oil/NGL-weighted production.
Go-forward inventory anchored on high-return Clearwater/Peavine and Lloydminster heavy oil plus Viking light oil and an emerging Pembina Duvernay condensate play; FY2025 GAAP net loss (C$604m) was driven by non-cash divestiture write-downs, not operations.
Its EV/EBITDA of 6.4x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 3.6% is lower than the 6.5% median, and at $17.42/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Baytex Energy Corp. scores 45/100, strongest on safety (85/100). Sub-scores: value 33, quality 39, growth 7, risk 15 (higher = riskier).
Baytex Energy Corp. holds approximately 0.15 billion boe of proved (1P) reserves with FY2025 production of about 66 thousand boe/d (89% liquids), a reserve life of roughly 6.3 years. Break-even: ~$52 (WTI FCF breakeven) — ~US$52/bbl WTI sustaining + base-dividend breakeven on 2026 Canadian program
For Baytex Energy Corp., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Canada | 100% | 8 | Stable; pipeline egress constraints, oil-sands emissions policy. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Lloydminster | Canada | Heavy oil | Core conventional + thermal heavy oil, Alberta/Saskatchewan |
| Clearwater / Peavine | Canada | Heavy oil | High-return multilateral heavy oil; Peavine Metis Settlement JV |
| Peace River | Canada | Heavy oil | Seal / Reno cold-flow heavy oil |
| Viking | Canada | Light oil | Short-cycle light oil, SW Saskatchewan / Alberta |
| Pembina Duvernay | Canada | Liquids-rich shale | Condensate-rich emerging growth play |
| Kerrobert / Soda Lake | Canada | Thermal heavy oil | Thermal EOR heavy oil operations |
| Eagle Ford | United States | Shale (divested) | Sold Dec 2025 for C$3.0bn; full US exit |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 80 | 84 | 117 | 153 | 66 |
| Proved reserves (bnboe) | 0.29 | 0.30 | 0.69 | 0.71 | 0.15 |
| Revenue ($bn) | 1.1 | 1.7 | 2.6 | 3.0 | 1.1 |
| EBITDA ($bn) | 1.9 | 1.3 | 0.6 | 1.3 | 0.4 |
| Net income ($bn) | 1.2 | 0.6 | -0.2 | 0.2 | -0.5 |
| Free cash flow ($bn) | 0.3 | 0.5 | 0.2 | 0.4 | 0.1 |
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✓ FY2025 figures verified against primary sources: