Baytex Energy Corp. (BTE.TO,BTE: Quote) reported first-quarter funds from operations, or FFO, of C$141.74 million or C$1.18 per share versus C$109.47 million or C$0.93 per share last year.
Net income for the quarter surged to C$42.96 million or C$0.36 per share from C$950 thousand or C$0.01 per share in the prior year.
Petroleum and natural gas sales climbed to C$343.36 million from C$290.32 million in the previous year.
In addition, Baytex Energy announced that Anthony Marino, its president and chief executive officer, or CEO, is leaving the company. He will assist as necessary to facilitate an effective leadership transition.
Baytex Energy further stated that its executive chairman Raymond Chan has assumed the additional duties of CEO on an interim basis. The board of directors of the company will conduct a search immediately for a president and CEO.
by RTT Staff Writer
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