Baytex Energy is a Canadian oil and natural gas producer focused on the Western Canadian Sedimentary Basin, with roughly 85% of production weighted toward crude oil and NGLs. Following the sale of its Eagle Ford shale assets in Texas in December 2025, Baytex is now a purely Canadian operation producing approximately 65,500 boe/d across four asset areas. The core of Baytex's business is heavy oil, produced from its Peace River and Lloydminster assets in Alberta and Saskatchewan using primary recovery, polymer flooding, and multilateral horizontal drilling. These two heavy oil assets account for the majority of production. Baytex also holds Viking light oil assets in Saskatchewan and Alberta (~9,800 boe/d), which are low-decline and capital-efficient. The primary growth asset is the Pembina Duvernay, where Baytex holds 91,500 net acres in central Alberta and is ramping tight oil and liquids-rich gas production via long-reach horizontal wells with hydraulic fracturing — Duvernay output reached ~10,600 boe/d in Q4 2025, up 46% YoY. Baytex plans to grow Duvernay production to 20,000–25,000 boe/d by 2029–2030. Profitability is driven by netback per barrel, with WTI pricing and the WTI-to-WCS differential as the key financial variables. Baytex uses WTI collars and WCS differential hedges to manage commodity exposure. With the Eagle Ford sale, Baytex exited 2025 with a net cash position of ~$857M, which it is deploying through share buybacks, organic reinvestment, and potential bolt-on acquisitions.