05:31 PM EDT, 10/31/2024 (MT Newswires) -- Baytex Energy ( BTE ) moved higher in after-hours New York trading after the company on Thursday reported a better than expected third-quarter profit on higher oil and gas production and said it is on track to meet its 2024 guidance.

The company earned $185 million, or $0.23 per share, in the quarter, up from $127.43 million, or $0.15, in the year-prior quarter. The consensus forecast at Capital IQ for EPS Normalized was $0.18 and for GAAP was $0.19.

The company said it produced of 154,468 barrels of oil equivalent per day, up 3%, including oil production of 112,602 barrels per day, up 2%

Baytex said it expects full-year production of approximately 153,000 boe/d, in line with guidance and spending of approximately $1.25 billion, also consistent guidance. It also expects to generate free cash flow of approximately $570 million, or $0.71 per share, in 2024.

"During the third quarter we generated $220 million of free cash flow, returned $101 million to shareholders through our share buyback program and quarterly dividend, and reduced net debt by 5%. Over the last 15 months we have repurchased 9% of our shares outstanding. Our third quarter results demonstrate continued solid operational performance as well as our commitment to generating meaningful free cash flow and the delivery of strong shareholder returns," chief executive Eric Greager said in a statement.

Baytex shares were last seen up US$0.12 to US$2.95 after hours. They closed down $0.05 or 1.25% at $3.93 on the Toronto Stock Exchange..