Baytex Announces Renewal of Normal Course Issuer Bid
Rhea-AI Summary
Baytex (TSX/NYSE:BTE) received TSX approval to renew its normal course issuer bid, allowing repurchase of up to 70,899,359 shares (10% of public float) from July 2, 2026 to July 1, 2027.
Shares may be bought on the TSX, NYSE and alternative platforms and will be cancelled.
Positive
- Renewed NCIB authorizes repurchase of up to 70,899,359 common shares (10% public float)
- Buyback window runs from July 2, 2026 to July 1, 2027
- Prior NCIB repurchased 56,372,803 shares at a weighted-average price of CAD $5.38
- All repurchased shares under the NCIB will be cancelled, reducing share count
- Exemptive relief permits up to 10% public float repurchases on U.S. markets until July 18, 2028
- Automatic share purchase plan enables buybacks during blackout periods via BMO Nesbitt Burns
Negative
- None.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 07 | Shareholder meeting results | Neutral | -0.6% | Annual meeting approvals for directors, auditor, and executive compensation advisory vote. |
| May 07 | Q1 2026 earnings | Positive | -0.6% | Strong Q1, raised production guidance and growth outlook, CEO transition completion. |
| May 07 | Quarterly dividend declaration | Positive | -0.6% | Declared cash dividend for July 2026 with defined record and payment dates. |
| Apr 30 | Earnings call scheduling | Neutral | -1.6% | Announced timing and access details for Q1 2026 results call and webcast. |
| Mar 04 | FY 2025 results & strategy | Neutral | +0.0% | Reported 2025 results, Eagle Ford sale, net loss and Canadian-focused strategy transition. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent Baytex news shows limited price response, with some positive fundamental updates met by modest downside moves.
Key Terms
normal course issuer bid financial
public float financial
rule 10b-18 regulatory
national instrument 23-101 regulatory
rule 10b5-1 regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Calgary, Alberta--(Newsfile Corp. - June 26, 2026) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex" or the "company") is pleased to announce that the Toronto Stock Exchange ("TSX") has accepted the company's notice of intention to renew its normal course issuer bid ("NCIB"). The renewed NCIB allows Baytex to purchase up to 70,899,359 common shares during the 12-month period commencing July 2, 2026 and ending July 1, 2027 or such earlier time as the NCIB is completed or terminated at the option of Baytex.
Baytex's shareholder returns include a combination of share repurchases and quarterly dividend payments. Renewing the NCIB provides Baytex with the flexibility to continue common share repurchases, which are an efficient means to return capital and improve per share metrics.
The number of shares authorized for purchase represents
As previously announced on July 14, 2025, Baytex obtained an exemption order from the Canadian securities regulators which permits Baytex to purchase up to
BMO Nesbitt Burns Inc. ("BMO") has agreed to act as the company's designated broker to make purchases of common shares pursuant to the NCIB. Baytex has also entered into an automatic share purchase plan/Rule 10b5-1 trading plan ("ASPP") with BMO allowing it to purchase common shares under the NCIB when the company would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, Baytex may provide instructions to BMO prior to a blackout period, which may not be varied or suspended during the blackout period. Purchases by Baytex's designated broker will be in accordance with stock exchange rules, applicable securities laws and the terms of the ASPP. All purchases made under the ASPP are included in computing the number of common shares purchased under the NCIB. The ASPP has been pre-cleared, as required by the TSX. Outside of these blackout periods, common shares may be purchased under the NCIB in accordance with management's discretion.
The actual number of common shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Baytex. The average daily trading volume through the facilities of the TSX during the most recently completed six-month period was 6,839,053 common shares. Consequently, daily purchases through the facilities of the TSX will be limited to 1,709,763 common shares, which is equal to
Under its prior NCIB, the company sought and obtained approval to purchase up to 66,244,464 common shares, which runs from July 2, 2025 to July 1, 2026. As at June 19, 2026, the company repurchased an aggregate of 56,372,803 common shares under its prior NCIB at a weighted-average price of CAD
Advisory Regarding Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Forward-looking information in this news release is identified by words such as "intention" or "will" or similar expressions and includes suggestions of future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement. Specifically, this press release contains forward-looking statements relating to but not limited to: acquiring and cancelling Baytex common shares under the NCIB, the number of common shares to be purchased under the NCIB, the composition of Baytex's shareholder returns and the anticipated advantages to shareholders of the NCIB. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Baytex and others that apply to the industry generally. These risks relating to Baytex include, but are not limited to, that Baytex will not be able to achieve the anticipated benefits of the NCIB and may not purchase the maximum number of common shares or any common shares under the NCIB. Readers are cautioned that other events or circumstances, although not listed above, could cause Baytex's actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements. Please refer to the annual information form for the year ended December 31, 2025 and the management's discussion and analysis for the three months ended March 31, 2026 (the "MD&A") for additional risk factors relating to Baytex. These documents can be accessed on the Baytex website at www.baytexenergy.com, on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at sec.gov. The forward-looking statements contained in this press release are made as of the date hereof and the company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Baytex Energy Corp
Baytex Energy Corp. is an energy company based in Calgary, Alberta. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.
For further information about Baytex, please visit our website at www.baytexenergy.com or contact:
Brian Ector, Senior Vice President, Capital Markets and Investor Relations
Toll Free Number: 1-800-524-5521
Email: investor@baytexenergy.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302970