Baytex Energy (BTE) said Monday it is setting a 2026 capital budget of CA$550 million to CA$625 million ($399.6 million to $454.1 million) with a target to deliver annual production of 67,000 to 69,000 barrels of oil equivalent per day.

About 55% of exploration and development expenditures will be directed to light oil assets, and 45% earmarked for heavy oil assets, the company said.

In the next three years, Baytex said it is targeting to deliver 3% to 5% annual production growth and attain production of around 75,000 barrels of oil equivalent per day in 2028, with flexibility to accelerate growth in a more constructive pricing environment.

Baytex also said that its chief operating officer Chad Lundberg has been named as president and COO, effective immediately. CEO Eric Greager will continue to serve as CEO, the company said.