Baytex plans $550M to $625M in capital spending for 2026

CALGARY - Baytex Energy Corp. is planning a capital budget of $550 million to $625 million for 2026. The company says the spending comes as it looks to increase production by three to five per cent for the year. Baytex says about 55 per cent of its exploration and development spending will be directed to light oil assets and 45 per cent to heavy oil assets. Production for the first quarter of 2026 is forecast to average 68,000 to 69,000 barrels of oil equivalent per day, with production expected to be about 70,000 boepd at the end of 2026.  Baytex also announced that Chad Lundberg will add the title of president in addition to his role as chief operating officer. Lundberg joined Baytex in 2018 and has been chief operating officer since July 2021. The company says Eric Greager remains chief executive and will work with Lundberg on Baytex's strategic priorities. This report by The Canadian Press was first published Dec. 22, 2025. Companies in this story: (TSX:BTE)