10 Firms End 2024 Stronger With Impressive Gains

6. Baytex Energy Corp. (NYSE:BTE)

Canada-based Baytex Energy Corp. registered a 4.88-percent increase in its share prices on Wednesday, ending the year at $2.58 apiece following news that the company was able to raise $42 million following the successful sale of its Kerrobert thermal asset in southwest Saskatchewan.

In a news release, the company said production from the asset is approximately 2,000 barrels per day (bpd) consisting of 100 percent heavy oil.

“The non-core disposition further streamlines our portfolio and the net proceeds from the sale will be applied against outstanding bank indebtedness,” the company said, adding that the sale is not expected to meaningfully impact its exploration and development expenditures or free cash flow profile for 2025.

Earlier last month, the company’s board of directors gave the green light to budget as much as $1.3 billion for 2025 exploration and development expenditures, targeting to generate average annual production of 150,000 to 154,000 bpd.