Business & FinanceDealsEnergy
27 February 2023, 4:32 pm. 1 minute
Reuters was first to report that Canadian oil and gas producer Baytex Energy Corp was nearing a deal to acquire U.S. peer Ranger Oil Corp for around $2.5 billion including debt. The deal, which was announced the following day, significantly boosts Baytex’s presence in South Texas’ Eagle Ford shale basin, which currently represents around 30% of its total production.
Calgary, Alberta-based Baytex will pay a mixture of cash and stock to buy Ranger at a small premium to its current market value of $1.8 billion. It will also assume Ranger’s debt pile, which stood at $603 million as of Sept. 30. Baytex’s deal adds to the run of Canadian energy operators seeking to boost the amount they produce south of the border.
Topics of Interest: Business & FinanceDealsEnergy
Type: Reuters Best
Sectors: Commodities & Energy
Countries: CanadaUnited States
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story