Baytex Energy Corp (NYSE:BTE, TSE:BTE) shares are seen higher on Tuesday after it revealed financial results for the quarter ended March 31.
As the company reported C$607,000 of net income, chief executive James Bowzer said: “We continue to meet the challenges brought on by this low oil price environment head on.”
Bowzer highlighted that during the quarter the Eagle Ford focussed oil producer had been able to amend its bank credit facilities and it now has greater financial flexibility.
Production for the quarter amounted to 75,776 barrels oil equivalent per day, 78% of which comprised oil and natural gas liquids.
“Our operating results in the Eagle Ford were strong during the quarter with production up 2% over Q4/2015 and well costs continuing to decline,” Bowzer said.
“We remain well positioned to benefit from an oil price recovery as our three core plays provide some of the strongest capital efficiencies in North America.”