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.
Business & FinanceDealsEnergy
Canada’s Baytex Energy nears $2.5 bln deal for U.S. peer Ranger Oil
27 February 2023, 4:32 pm 1 minute
Market Impact
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.
Article Tags
Topics of Interest: Business & FinanceDealsEnergy
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Americas
Countries: CanadaUnited States
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
