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Maharashtra Assembly Election Result 2024: Baramati showdown – Ajit Pawar or nephew Yugendra?( MENAFN - Jordan Times) After finishing Malcolm Gladwell's“Outliers” for the second time, one question lingered in my mind: Why do some individuals succeed while others remain on the margins of achievement? This is the central question Gladwell explores in his renowned book. He argues that success is not merely a product of hard work and personal intelligence but a result of a blend of external environments and internal circumstances shaping one's life. Gladwell highlights the pivotal role of surrounding conditions in shaping the opportunities available to individuals, asserting that success often stems from factors beyond personal willpower. Success depends not only on individual capabilities but also significantly on the conditions and environment surrounding a person. This invites us to ask: How can this idea be applied to Jordan? And how does the volatile regional environment impact the country's development trajectory? Gladwell notes that success often correlates with being in the right place at the right time. For example, individuals born during periods of economic transformation or technological revolutionsand born to a well have family supporting his journey, have greater opportunities for success. He cites examples of successful figures in the technology sector, like Bill Gates, who benefitted from being born to a rich parent during the personal computer boom. He also emphasises the influence of family and societal culture in shaping the values and skills that help individuals succeed. For instance, he highlights the role of a strong work ethic and perseverance passed down through generations in Asian communities. Singapore is often presented as a model of growth and prosperity, drawing comparisons to Jordan. However, Singapore's surrounding environment lacked the geopolitical constraints Jordan faces, such as closed borders due to regional conflicts or hosting millions of refugees, which strain its healthcare, education systems, and scarce resources like water. Surrounding environment has a considerable impact that provides or restricts opportunities for growth, focus, and development. In regards of Geographical Advantage and Challenge, Jordan's geographical location is both a strategic advantage and a significant challenge. On one hand, Jordan serves as a gateway connecting Asia, Africa and Europe, offering the potential to become an economic and trade hub. On the other hand, its location in a conflict-prone region - marked by crises such as the Syrian war, the Israeli-Palestinian conflict, and ongoing instability in Iraq undermines its ability to achieve long-term economic stability. Moving to Human Capital and Societal Culture Jordan boasts a young and educated population, with education being a national priority. Yet, the challenge lies in converting this education into practical skills that translate into economic productivity. Regional Environment and Its Pressures is another factor to look at, the tumultuous regional environment directly pressures Jordan's economy, from refugee influxes to reliance on external aid. This complex reality leaves Jordan facing a delicate equation: How to maintain internal stability amid persistent challenges. Hence, as Gladwell illustrates how the timing of birth impacts individual success, the timing of regional transformations plays a pivotal role in Jordan's development. Since its inception, Jordan has dealt with regional crises, from the Israeli occupation of Palestine and its enduring consequences to the Iraqi invasion of Kuwait in 1990, the US invasion of Iraq, and the protracted Syrian war. While these crises have imposed significant burdens, they have also benefited Jordan economy in some ways and to develop sectors like logistics and education. And in review of Educational and Cultural Foundations, Thanks to Jordan's longstanding investment in education, the country has a strong human capital base. However, the issue lies in prioritising“education for certificates” over“education for skills”. According to Gladwell, education systems should focus on fostering practical skills that enable individuals to invest their training hours effectively. The Role of Community and Family have valuable effect, as Gladwell emphasises the role of family and community, Jordan must enhance collaboration between the public and private sectors to stimulate innovation and support youth. Emerging entrepreneurial projects in Jordan demonstrate how local talent can be harnessed to create new opportunities. Jordan must focus on enhancing vocational, industrial and technological training programmes aligned with labour market needs. Too, streamlining legal frameworks and easing investment procedures are critical to encouraging local and foreign investors to channel funds into productive sectors Moreover, efficiently harnessing natural resources, such as solar energy, can reduce dependency on external aid and achieve economic self-reliance. Further, cultural and educational initiatives should foster a shared national identity that inspires youth and embeds values of teamwork and innovation. As“Outliers” demonstrates, success is the result of multiple interconnected factors. Jordan has all the elements needed to achieve excellence, but it requires a clear strategic vision and intelligent investment in its human and natural resources. Amid accelerating regional and global challenges, Jordan's opportunity remains to become a model of a small nation with a profound impact - provided it invests wisely in its internal environment, regardless of the difficulties posed by its surrounding conditions. MENAFN19122024000028011005ID1109014836 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
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Maharashtra Poll Result 2024: Who will dominate Digras – Sena’s Rathod or INC’s Thakre?Syrian insurgents reach the capital's suburbs. Worried residents flee and stock up on suppliesERIE, Pa. (AP) — Alex Chaikin's 20 points off of the bench helped Lafayette to a 77-73 victory against Mercyhurst on Saturday. Chaikin went 7 of 8 from the field (6 for 7 from 3-point range) for the Leopards (5-5). Justin Vander Baan added 13 points while shooting 3 of 5 from the field and 7 for 9 from the line while he also had six rebounds and five blocks. Andrew Phillips had 10 points and shot 4 of 6 from the field and 1 for 3 from the line. Shemar Rathan-Mayes finished with 21 points and four assists for the Lakers (5-6). Aidan Reichert added 18 points, six rebounds and three steals for Mercyhurst. Jeff Planutis also recorded 13 points. Chaikin scored nine points in the first half and Lafayette went into the break trailing 38-31. ___ The Associated Press created this story using technology provided by and data from . The Associated Press
BEIRUT (AP) — Insurgents' stunning march across Syria gained speed on Saturday with news that they had reached the suburbs of the capital and with the government forced to deny rumors that President Bashar Assad had fled the country. The rebels' moves around Damascus, reported by an opposition war monitor and a rebel commander, came after the Syrian army withdrew from much of southern part of the country, leaving more areas, including two provincial capitals, under the control of opposition fighters. The advances in the past week were among the largest in recent years by opposition factions, led by a group that has its origins in al-Qaida and is considered a terrorist organization by the U.S. and the United Nations. As they have advanced, the insurgents, led by the Hayat Tahrir al-Sham group, or HTS, have met little resistance from the Syrian army. The U.N.’s special envoy for Syria, Geir Pedersen, on Saturday called for urgent talks in Geneva to ensure an “orderly political transition.” Speaking to reporters at the annual Doha Forum in Qatar, he said the situation in Syria was changing by the minute. In Damascus, people rushed to stock up on supplies. Thousands rushed the Syria border with Lebanon, trying to leave the country. Many shops in the capital were shuttered, a resident told The Associated Press, and those that remained open ran out of staples such as sugar. Some shops were selling items at three times the normal price. “The situation is very strange. We are not used to that,” the resident said, insisting on anonymity, fearing retributions. “People are worried whether there will be a battle (in Damascus) or not.” It was the first time that opposition forces reach the outskirts of Damascus since 2018, when Syrian troops recaptured the area following a yearslong siege. Amid the developments, Syria’s state media denied rumors flooding social media that Assad has left the country, saying he is performing his duties in Damascus. Assad's chief international backer, Russia, is busy with its war in Ukraine, and Lebanon’s powerful Hezbollah, which at one point sent thousands of fighters to shore up his forces, has been weakened by a yearlong conflict with Israel. Iran, meanwhile, has seen its proxies across the region degraded by regular Israeli airstrikes. Pedersen said a date for the talks in Geneva on the implementation of U.N. Resolution 2254 would be announced later. The resolution, adopted in 2015, called for a Syrian-led political process, starting with the establishment of a transitional governing body, followed by the drafting of a new constitution and ending with U.N.-supervised elections. Rami Abdurrahman, who heads the Britain-based Syrian Observatory for Human Rights, an opposition war monitor, said insurgents were in the Damascus suburbs of Maadamiyah, Jaramana and Daraya. Opposition fighters were also marching from eastern Syria toward the Damascus suburb of Harasta, he added. A commander with the insurgents, Hassan Abdul-Ghani, posted on the Telegram messaging app that opposition forces had begun the “final stage” of their offensive by encircling Damascus. Syria’s military, meanwhile, sent large numbers of reinforcements to defend the key central city of Homs, Syria’s third largest, as insurgents approached its outskirts. The shock offensive began Nov. 27, during which gunmen captured the northern city of Aleppo, Syria’s largest, and the central city of Hama, the country’s fourth largest city. HTS leader Abu Mohammed al-Golani told CNN in an interview Thursday from Syria that the aim is to overthrow Assad’s government. The Britain-based Observatory said Syrian troops have withdrawn from much of the two southern provinces and are sending reinforcements to Homs, where a battle is looming. If the insurgents capture Homs, they would cut the link between Damascus, Assad’s seat of power, and the coastal region where the president enjoys wide support. The Syrian army said in a statement Saturday that it has carried out redeployment and repositioning in Sweida and Daraa after its checkpoints came under attack by “terrorists.” The army said it is setting up a “strong and coherent defensive and security belt in the area,” apparently to defend Damascus from the south. The Syrian government has referred to opposition gunmen as terrorists since conflict broke out in March 2011. After the fall of the cities of Daraa and Sweida early Saturday, Syrian government forces remained in control of five provincial capitals — Damascus, Homs and Quneitra, as well as Latakia and Tartus on the Mediterranean coast. Tartus is home to the only Russian naval base outside the former Soviet Union while Latakia is home to a major Russian air base. In the gas-rich nation of Qatar, the foreign ministers of Iran, Russia and Turkey met to discuss the situation in Syria. Turkey is a main backer of the rebels. Qatar's top diplomat, Sheikh Mohammed bin Abdulrahman Al Thani, criticized Assad for failing to take advantage of the lull in fighting in recent years to address the country’s underlying problems. “Assad didn’t seize this opportunity to start engaging and restoring his relationship with his people,” he said. Sheikh Mohammed said he was surprised by how quickly the rebels have advanced and said there is a real threat to Syria’s “territorial integrity.” He said the war could “damage and destroy what is left if there is no sense of urgency” to start a political process. After the fall of the cities of Daraa and Sweida early Saturday, Syrian government forces remained in control of five provincial capitals — Damascus, Homs and Quneitra, as well as Latakia and Tartus on the Mediterranean coast. On Friday, U.S.-backed fighters of the Kurdish-led Syrian Democratic Forces captured wide parts of the eastern province of Deir el-Zour that borders Iraq as well as the provincial capital that carries the same name. The capture of areas in Deir el-Zour is a blow to Iran’s influence in the region as the area is the gateway to the corridor linking the Mediterranean to Iran, a supply line for Iran-backed fighters, including Lebanon’s Hezbollah. With the capture of a main border crossing with Iraq by the SDF and after opposition fighters took control of the Naseeb border crossing to Jordan in southern Syria, the Syrian government's only gateway to the outside world is the Masnaa border crossing with Lebanon. Karam reported from London. Associated Press writers Albert Aji in Damascus, Syria and Qassim Abdul-Zahra in Baghdad contributed to this report.Adriatic Metals PLC ( OTCMKTS:ADMLF – Get Free Report ) was the recipient of a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 2,306,200 shares, an increase of 19.2% from the November 30th total of 1,934,800 shares. Based on an average daily trading volume, of 39,100 shares, the short-interest ratio is presently 59.0 days. Adriatic Metals Price Performance ADMLF stock opened at $2.43 on Friday. The company’s fifty day moving average price is $2.69 and its 200-day moving average price is $2.44. Adriatic Metals has a one year low of $1.71 and a one year high of $3.37. 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Calgary, Alberta–(Newsfile Corp. – December 3, 2024) – Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (“Baytex”) is pleased to announce its 2025 budget. “Our 2025 budget demonstrates the strength of our oil-weighted portfolio as we target continued strong performance in the Eagle Ford, further progression of the Pembina Duvernay and capital efficient heavy oil development. We are focused on disciplined capital allocation to prioritize free cash flow while maintaining a strong balance sheet. In the current commodity price environment this means moderating our growth profile and delivering stable crude oil production,” commented Eric T. Greager, President and Chief Executive Officer. 2025 Budget The Board of Directors has approved a budget for 2025 exploration and development expenditures of $1.2 to $1.3 billion, which is designed to generate average annual production of 150,000 to 154,000 boe/d. Our 2025 budget is based on a US$65/bbl WTI price and generates stable production compared to 2024. Our operated production represents approximately 85% of total corporate volumes, and is forecast to increase 1% in 2025 compared to 2024. Our production profile for 2025 will reflect a reduction in non-operated Eagle Ford volumes due to reduced activity in late 2024 and early 2025. The 2025 capital program is expected to be 60% weighted to the first half of the year. We plan to direct 55% to 60% of our exploration and development expenditures to our Eagle Ford light oil assets in the United States and 40% to 45% to our Canadian assets. In Canada, our capital program is expected to be equally split between light oil and heavy oil. In the Eagle Ford, we expect to bring 54 net wells onstream, including 41 net operated wells. In our Canadian light oil business unit, we expect to bring onstream nine net wells in the Pembina Duvernay and 90 net wells in the Viking. In our heavy oil business unit, we expect to bring onstream 112 net wells, including 33 net Clearwater wells at Peavine. On our operated Eagle Ford acreage, we are shifting to a level-loaded pace of development in order to drive further efficiencies in our business. We intend to run a consistent two rig and one frac crew program for most of the year and are targeting a 7% improvement in operated drilling and completion costs per completed lateral foot compared to 2024. Based on the mid-point of our production guidance of 152,000 boe/d, approximately 56% of our production is in the Eagle Ford with the remaining 44% in Canada. Our production mix is forecast to be 85% liquids (44% light oil and condensate, 28% heavy oil and 13% natural gas liquids) and 15% natural gas, based on a 6:1 natural gas-to-oil equivalency. Based on our production profile and timing of capital expenditures, the majority of our free cash flow is expected to be generated in the second half of the year. We intend to allocate approximately 50% of free cash flow to share buybacks and our base dividend and 50% of free cash flow to further strengthen the balance sheet. 2025 Guidance The following table summarizes our 2025 annual guidance. We expect to exit 2024 producing 152,000 to 153,000 boe/d. For 2025, given the timing of wells to sales in our non-operated Eagle Ford asset, we anticipate production in the first quarter of 147,000 to 149,000 boe/d, with volumes increasing in the following quarters. Our operating and transportation expense guidance is largely unchanged from 2024, after adjusting for a strengthening U.S. dollar relative to the Canadian dollar. Our 2025 guidance is based on an exchange rate of 1.40 CAD/USD. A strengthening U.S. dollar relative to the Canadian dollar positively impacts our free cash flow, while also impacting our cost structure. On an annual basis, a $0.05 CAD/USD change in the foreign exchange rate impacts our operating expense by $0.21/boe, transportation expense by $0.04/boe, exploration and development expenditures by $30 million and total debt (3) by $70 million. 2025 Exploration and Development Expenditures and Wells On-Stream (1) Specified financial measure that does not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information. (2) Supplementary financial measure calculated as operating, transportation, general and administrative or cash interest expense divided by barrels of oil equivalent production volume for the applicable period. (3) Calculated in accordance with our amended credit facilities agreement which is available on SEDAR+ at www.sedarplus.ca . (4) Reflects the mid-point of the exploration and development expenditures guidance range. (5) United States exploration and development expenditures of US$520 million. Based on a Canadian-U.S. exchange rate of 1.40 CAD/USD. 2025 Breakdown of Exploration and Development Expenditures Risk Management We employ a disciplined commodity hedging program to reduce the impact of sustained low commodity prices on our revenues. For the first half of 2025, we have entered into hedges on approximately 45% of our net crude oil exposure utilizing two way collars with an average floor price of US$60/bbl and an average ceiling price of US$88/bbl. For the second half of 2025, we have entered into hedges on approximately 42% of our net crude oil exposure utilizing two way collars with an average floor price of US$60/bbl and an average ceiling price of US$80/bbl. Five-Year Outlook We have updated our five-year outlook (2024 to 2028) to reflect 2024 year-to-date operating and financial results and our plan to prioritize free cash flow and moderate our growth profile. This plan delivers stable production and continued strong shareholder returns at a mid-cycle WTI price of US$75/bbl. With moderated growth, we anticipate annual exploration and development expenditures are maintained at $1.2 to $1.3 billion over the plan period and expect to generate cumulative free cash flow (2)(3) of $3.1 billion with total return of capital (2) , including dividends and share repurchases, of approximately $1.7 billion. We anticipate hitting our total debt (4) target of $1.5 billion in early 2028. Should WTI trade above or below mid-cycle prices for an extended period, we have flexibility to adjust our capital spending and production profile to maximize long-term value for our business. To illustrate our sensitivity to changes in WTI, based on a constant US$65/bbl and US$85/bbl WTI price, over the five-year outlook, we expect to generate free cash flow (1)(2) of $1.5 billion and $4.5 billion, respectively. (1) Reflects the mid-point of the exploration and development expenditures guidance range. (2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information. (3) Five-year outlook pricing assumptions: WCS differential – US$13/bbl; NYMEX Gas – US$3.25/MMbtu; Exchange Rate (CAD/USD) – 1.40. (4) Calculated in accordance with the amended credit facilities agreement which is available on SEDAR+ at www.sedarplus.ca . Advisory Regarding Forward-Looking Statements In the interest of providing Baytex’s shareholders and potential investors with information regarding Baytex, including management’s assessment of Baytex’s future plans and operations, certain statements in this press release are “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). In some cases, forward-looking statements can be identified by terminology such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “objective”, “ongoing”, “outlook”, “potential”, “project”, “plan”, “should”, “target”, “would”, “will” or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement. Specifically, this press release contains forward-looking statements relating to but not limited to: that in 2025 we are targeting strong Eagle Ford performance, progression of Pembina Duvernay and capital efficient heavy oil development; our capital allocation to prioritize free cash flow and maintain a strong balance sheet; our expectations for a moderated growth profile and stable crude oil production; our drilling plans for 2025 and the anticipated locations and the timing thereof; our target for improved drilling and completion costs; the composition of our forecasted 2025 production; expected timing of free cash flow during the year and our plans regarding the allocation of free cash flow to share buybacks, base dividend and balance sheet; our 2025 guidance, including exploration and development expenditures (including by operating area and classification), production, average royalty rate, expenses (operating, transportation, general and administrative, interest and current income taxes), leasing expenditures and asset retirement obligations; for 2024 our expected exit rate production; our expected production rate for Q1 2025; the expected impact of the Cad/US dollar exchange rate on our operating expenditures, exploration and development expenditures and total debt; the percentage of our net crude exposure that is hedged for 2025; expectations regarding our five-year outlook, including forecasted production, free cash flow, anticipated shareholder returns, and the sensitivity of the free cash flow over the outlook period to changes in WTI price; our commitments and goals in respect of our five-year outlook; and other similar statements. These forward-looking statements are based on certain key assumptions regarding, among other things: petroleum and natural gas prices and differentials between light, medium and heavy oil prices; well production rates and reserve volumes; our ability to add production and reserves through our exploration and development activities; exploration and development expenditure levels; our ability to borrow under our credit agreements; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability and cost of labour and other industry services; interest and foreign exchange rates; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; our ability to develop our crude oil and natural gas properties in the manner currently contemplated; availability of skilled labour; timing and amount of capital expenditures; our future costs of operations are as anticipated; the timing of drilling and completion of wells is as anticipated; that we will have sufficient cash flow, debt or equity sources or other financial resources required to fund our capital and operating expenditures and requirements as needed; that our conduct and results of operations will be consistent with our expectations; that we will have sufficient financial resources in the future to allocate to shareholder returns; current industry conditions, laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated); the assumptions set forth in this press release; and other matters. Readers are cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: the volatility of oil and natural gas prices and price differentials; restrictions or costs imposed by climate change initiatives and the physical risks of climate change; risks associated with our ability to develop our properties and add reserves; the impact of an energy transition on demand for petroleum productions; changes in income tax or other laws or government incentive programs; availability and cost of gathering, processing and pipeline systems; retaining or replacing our leadership and key personnel; the availability and cost of capital or borrowing; risks associated with a third-party operating our Eagle Ford properties; risks associated with large projects; costs to develop and operate our properties; public perception and its influence on the regulatory regime; current or future control, legislation or regulations; new regulations on hydraulic fracturing; restrictions on or access to water or other fluids; regulations regarding the disposal of fluids; risks associated with our hedging activities; variations in interest rates and foreign exchange rates; uncertainties associated with estimating oil and natural gas reserves; our inability to fully insure against all risks; additional risks associated with our thermal heavy oil projects; our ability to compete with other organizations in the oil and gas industry; risks associated with our use of information technology systems; results of litigation; that our credit facilities may not provide sufficient liquidity or may not be renewed; failure to comply with the covenants in our debt agreements; risks of counterparty default; the impact of Indigenous claims; risks associated with expansion into new activities; risks associated with the ownership of our securities, including changes in market-based factors; risks for United States and other non-resident shareholders, including the ability to enforce civil remedies, differing practices for reporting reserves and production, additional taxation applicable to non-residents and foreign exchange risk; risk that we may not achieve our guidance and five-year outlook due to various factors; risk that our anticipated drilling plans may change; risk that we may not have sufficient financial resources in the future to allocate to forecasted shareholder returns; risk that our actual results of operations is different from that set forth herein; and other factors, many of which are beyond our control. These and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management’s Discussion and Analysis for the year ended December 31, 2023, filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission and in our other public filings. The future acquisition by Baytex of its shares pursuant to a share buyback program, if any, and the level thereof is uncertain. Any decision to acquire shares of Baytex will be subject to the discretion of the Baytex Board of Directors and may depend on a variety of factors, including, without limitation, Baytex’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions, satisfaction of the solvency tests imposed on Baytex under applicable corporate law and receipt of regulatory approvals. There can be no assurance that Baytex will buyback any shares in the future. The above summary of assumptions and risks related to forward-looking statements has been provided in order to provide shareholders and potential investors with a more complete perspective on Baytex’s current and future operations and such information may not be appropriate for other purposes. There is no representation by Baytex that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and Baytex does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law. This press release contains information, including in respect of our 2025 budget, five-year outlook and 2025 guidance, that may be considered a financial outlook under applicable securities laws about Baytex, which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth herein. The actual results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies. The financial outlook contained in this press release was made as of the date of this press release and was included in order to provide readers with a more complete perspective on Baytex’s future operations and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, Baytex undertakes no obligation to update such financial outlook. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change. Dividend Advisory Future dividends, if any, and the level thereof is uncertain. Any decision to pay dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date) will be subject to the discretion of the Board of Directors of Baytex and may depend on a variety of factors, including, without limitation, Baytex’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on Baytex under applicable corporate law. There can be no assurance that we will pay dividends in the future. All amounts in this press release are stated in Canadian dollars unless otherwise specified. Specified Financial Measures In this press release, we refer to certain specified financial measures (such as free cash flow, average royalty rate, total sales, net of blending and other expense, and return of capital) which do not have any standardized meaning prescribed by IFRS. While these measures are commonly used in the oil and natural gas industry, our determination of these measures may not be comparable with calculations of similar measures presented by other reporting issuers. There are no significant differences in the calculations between historical and forward-looking specified financial measures. Non-GAAP Financial Measures and Ratios Free cash flow in this press release may refer to a forward-looking non-GAAP measure that is calculated consistently with the measures disclosed in the Company’s Management’s Discussion & Analysis (“MD&A”). Cumulative free cash flow is calculated consistently with free cash flow and sums together the forecasted free cash flow during the five-year outlook period (2024-2028). The most directly comparable financial measure for free cash flow disclosed in the Company’s primary financial statements is cash flows from operating activities. For the three and nine months ended September 30, 2024, cash flows from operating activities was $550.0 million and $1.4 billion, respectively, and free cash flow was $220.2 million and $400.7 million, respectively. For information on the composition of free cash flow and how the Company uses this measure, refer to the “Specified Financial Measures” section of the MD&A for the period ended September 30, 2024, which section is incorporated herein by reference, and available on the SEDAR+ website at www.sedarplus.ca . Average royalty rate is calculated as royalties divided by total sales, net of blending and other expense which is a non-GAAP measure. Total sales, net of blending and other expense may refer to a forward-looking non-GAAP measure that is calculated consistently with the measures disclosed in the Company’s MD&A. The most directly comparable financial measure for total sales, net of blending and other expense disclosed in the Company’s primary financial statements is petroleum and natural gas sales. For the three and nine months ended September 30, 2024, petroleum and natural gas sales was $1.1 billion and $3.2 billion, respectively, and total sales, net of blending and other expense was $1.0 billion and $3.0 billion respectively. For information on the composition of total sales, net of blending and other expense and average royalty rate and how the Company uses these measures, refer to the “Specified Financial Measures” section of the MD&A for the period ended September 30, 2024, which section is incorporated herein by reference, and available on the SEDAR+ website at www.sedarplus.ca . Return of capital is comprised of dividends declared and repurchase of common shares and is used to measure the amount of capital returned to shareholders during a given period. Cumulative return of capital is calculated consistently with return of capital and sums together the forecasted free cash flow during the five-year outlook period (2024-2028). Return of capital in this press release may refer to a forward-looking non-GAAP measure and is calculated consistently with the historical return of capital. Historical return of capital for the three and nine months ended September 30, 2024 and 2023 is calculated below. Advisory Regarding Oil and Gas Information Where applicable, oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. The use of boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This press release contains certain oil and gas metrics, including capital efficiencies, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate Baytex’s performance; however, such measures are not reliable indicators of the future performance and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. This press release contains certain oil and gas metrics, including capital efficiencies, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate Baytex’s performance; however, such measures are not reliable indicators of the future performance and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Baytex Energy Corp. Baytex Energy Corp. is an energy company with headquarters based in Calgary, Alberta and offices in Houston, Texas. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Baytex’s common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232323 #distro
Stock market today: Wall Street inches higher to set more recordsWheel of Fortune contestants regularly whiff their bonus puzzles, but the winner of Monday, December 2’s episode was in for a particularly heartbreaking spin. Her additional letter choices added ZERO letters to a tricky puzzle, which was even more shocking since she had the advantage of a Wild Card wedge. The tough break involved Kelsey Sowders, a mom of three and steak/wine savant from Tomball, Texas. After an astounding performance, she proceeded to the coveted bonus round, having racked up $40,398 in cash, a prize trip to Japan, and the elusive Wild Card. This meant she got to pick five additional letters instead of four, which often spells success. Selecting “What are You Doing?” as her category, with the off-side support of her eldest son Grant and husband, Sowders joined Ryan Seacrest center stage. She landed on the star portion of the wheel, and the host assured, “Perhaps it’s good luck.” “I hope so,” Sowders said. The two-word puzzle read as “_EE_N_’ ‘_ _ S_,’ and she chose an additional “MFDA,” and H.” However, Vanna White didn’t move an inch as the letter choices were useless, making the puzzle very difficult. “Oh no!” Sowders exclaimed in disappointment. She went through the five stages of grief, staring in disbelief, blowing a raspberry in frustration, and recollecting herself. Seacrest wished her the best, “You’re doing great so far tonight.” But the cruel twist of fate left Sowder unable to solve the puzzle under the 10-second timer, which ended up being “KEEPING BUSY.” She was close, even able to get the first word, but nowhere near the second. “Oh no!” Sowders exclaimed once more as the full puzzle was displayed. Then, cutting back to the contestant and Seacrest, the second dagger came. The host revealed from his prize card contained $75,000 and she hid her face from it. “I don’t want to see that,” she said as Seacrest winced at the camera. “Don’t worry,” the host told her as she emotionally recovered and told him, “That’s okay.” The game show shared the big miss on YouTube, where fans expressed their shock and empathized with the player’s reaction. “That was a tough one. I didn’t get it either. Props to her for getting the first word right, but that second word was tricky as hell. I’m glad she’s not walking away empty-handed, though. She still won up until that point and nobody can take that from her,” one fan wrote. “Impossible without the right letter choices. Been a few of those this season,” wrote another. “If she would have won, she would have won over $100,000 cash without actually landing on the envelope! That’s really disappointing. Also, the fact that she had 5 letters but didn’t get a single one?! Should I be disappointed or impressed?” asked a third. “Ouch!” wrote a fourth. “You don’t see $75,000 all that often!” Meanwhile , Seacrest had huge shoes to fill replacing the legendary Pat Sajak after four decades for Season 42. His debut month was the strongest ratings month for WoF in the past three years, and viewers were already treated to a viral moment (via a round of sausage) . That said, there have been some questionable host moments according to fans. In September, Seacrest suffered what fans dubbed his “first blooper” , involving a delayed reaction to rewarding a bonus round. Fans also called out the host for ruling against another player before the timer was up. Most controversially, fans recently called out the host for not reminding a player to pick a letter , leading to him losing the game in a misunderstanding and by a mere $147. Another puzzling pattern has emerged, which is that no player has won the bonus round in a full week , many fans blaming the players, not the host. As for Sowders, another contestant recently botched their bonus puzzle in a similar way after choosing poor letters, but in that instance, they didn’t have the boost of the Wild Card wedge. More Headlines:
Giants release quarterback Daniel Jones just days after benching him EAST RUTHERFORD, N.J. (AP) — The Daniel Jones era in New York is over. The Giants quarterback was granted his release by the team just days after the franchise said it was benching him in favor of third-stringer Tommy DeVito. New York president John Mara said Jones approached the team about releasing him and the club obliged. Mara added he was “disappointed” at the quick dissolution of a once-promising relationship between Jones and the team. Giants coach Brian Daboll benched Jones in favor of DeVito following a loss to the Panthers in Germany that dropped New York's record to 2-8. Conor McGregor must pay $250K to woman who says he raped her, civil jury rules LONDON (AP) — A civil jury in Ireland has awarded more than $250,000 to a woman who says she was raped by mixed martial arts fighter Conor McGregor in a Dublin hotel penthouse after a night of heavy partying. The jury on Friday awarded Nikita Hand in her lawsuit that claimed McGregor “brutally raped and battered” her in 2018. The lawsuit says the assault left her heavily bruised and suffering from post-traumatic stress disorder. McGregor testified that he never forced her to do anything and that Hand fabricated her allegations after the two had consensual sex. McGregor says he will appeal the verdict. Week 16 game between Denver Broncos and Los Angeles Chargers flexed to Thursday night spot The Los Angeles Chargers have played their way into another prime time appearance. Justin Herbert and company have had their Dec. 22 game against the Denver Broncos flexed to Thursday night, Dec. 19. Friday’s announcement makes this the first time a game has been flexed to the Thursday night spot. The league amended its policy last season where Thursday night games in Weeks 13 through 17 could be flexed with at least 28 days notice prior to the game. The matchup of AFC West division rivals bumps the game between the Cleveland Browns and Cincinnati Bengals to Sunday afternoon. NBA memo to players urges increased vigilance regarding home security following break-ins MIAMI (AP) — The NBA is urging its players to take additional precautions to secure their homes following reports of recent high-profile burglaries of dwellings owned by Milwaukee Bucks forward Bobby Portis and Kansas City Chiefs teammates Patrick Mahomes and Travis Kelce. In a memo sent to team officials, a copy of which was obtained by The Associated Press, the NBA revealed that the FBI has connected some burglaries to “transnational South American Theft Groups” that are “reportedly well-organized, sophisticated rings that incorporate advanced techniques and technologies, including pre-surveillance, drones, and signal jamming devices.” Red Bull brings wrong rear wing to Las Vegas in mistake that could stall Verstappen's title chances LAS VEGAS (AP) — Max Verstappen is suddenly in jeopardy of being denied a fourth consecutive Formula 1 title Saturday night. Red Bull apparently brought the wrong rear wing to Las Vegas and GPS data showed its two cars to be significantly slower on the straights than both McLaren and Mercedes, which led both practice sessions. Red Bull says it doesn’t have a replacement rear wing in Las Vegas to fix the issue and little chance of getting two flown in from England ahead of the race. Caitlin Clark to join Cincinnati bid for 16th National Women's Soccer League team WNBA star Caitlin Clark has joined Cincinnati’s bid for an expansion National Women’s Soccer League team. Major League Soccer franchise FC Cincinnati is heading the group vying to bring a women’s pro team to the city. The club issued a statement confirming Clark had joined the bid group. NWSL Commissioner Jessica Berman has said the league plans to announce the league’s 16th team by the end of the year. The league's 15th team will begin play in 2026 in Boston. Aaron Judge won't be bothered if Juan Soto gets bigger contract from Yankees than his $360M deal NEW YORK (AP) — Aaron Judge won’t be bothered if Juan Soto gets a bigger deal from the New York Yankees than the captain’s $360 million, nine-year contract. Speaking a day after he was a unanimous winner of his second MVP, Judge says “It ain’t my money” and adds "that’s never been something on my mind about who gets paid the most.” Judge led the major leagues with 58 homers, 144 RBIs and 133 walks while hitting .322. Soto batted .288 with 41 homers, 109 RBIs and 129 walks in his first season with the Yankees, then became a free agent at age 26. In a 'Final Four-type weekend,' two top-6 clashes put women's college basketball focus on West Coast LOS ANGELES (AP) — Two games featuring four powerhouse teams has put the focus in women's college basketball on the West Coast this weekend. JuJu Watkins and No. 3 Southern California host Hannah Hidalgo and No. 6 Notre Dame on Saturday. Top-ranked South Carolina visits Lauren Betts and fifth-ranked UCLA on Sunday. Both games are nationally televised and the arenas are expected to be packed. WNBA scouts will be on hand to check out some of the nation's top talent. Two teams will come away with their first losses of the season. USC coach Lindsay Gottlieb calls it “a Final Four-type weekend.” A documentary featuring Watkins will air on NBC ahead of USC's game, which leads into the Army-Notre Dame football game. Noodles and wine are the secret ingredients for a strange new twist in China's doping saga Blame it on the noodles. That's what one Chinese official suggested when anti-doping leaders were looking for answers for the doping scandal that cast a shadow over this year's Olympic swim meet. Earlier this year, reports that 23 Chinese swimmers had tested positive for a banned heart medication emerged. None were sanctioned because Chinese authorities determined the swimmers were contaminated by traces of the drug spread about a hotel kitchen. In a strange twist, the leader of China's anti-doping agency suggested this case could have been similar to one in which criminals were responsible for tainting noodles that were later eaten by another Chinese athlete who also tested positive for the drug. Athletes see climate change as threatening their sports and their health. Some are speaking up BAKU, Azerbaijan (AP) — Pragnya Mohan has been a professional triathlete for nearly a decade, but summers in her native India are now so hot that she can’t train there anymore. And she worries about a day when heat around the world kills her sport entirely. She was among athletes who spoke at the United Nations climate summit in Azerbaijan about the threat global warming poses to them, to fans and to sport itself. They described how extreme weather is making training and competing difficult or impossible. With billions of fans worldwide, some athletes and leagues are trying to get more people to care, and act, on climate change.Insurgents reach gates of Syria’s capital, threatening to upend decades of Assad rule