Baytex Energy Corp. (NYSE:BTE) has approved a 2024 budget for exploration and development expenditures of $1.2 to $1.3 billion, aiming for an average annual production of 150,000 to 156,000 boe/d. The budget focuses on free cash flow generation and shareholder returns, with 50% of free cash flow allocated to share buybacks and dividends, and the other 50% to strengthen the balance sheet. The company expects to generate approximately $530 million of free cash flow in 2024. The capital program will be split between their Eagle Ford light oil assets in the U.S. (60-65%) and Canadian assets (35-40%). Baytex has also purchased insurance coverage to manage litigation risk from tax reassessments by the Canada Revenue Agency. The company's five-year outlook anticipates production growth of 1% to 4% annually, reaching about 170,000 boe/d in 2028, with free cash flow per share increasing by 90% from 2024 to 2028.