Canada’s Baytex in US$2.5bn deal for Ranger Oil
Canadian oil-weighted producer Baytex Energy said February 28 it had reached a definitive agreement to acquire Eagle Ford pure play producer Ranger Oil in a US$2.5bn (C$3.4bn) cash and share deal.
The acquisition, which includes the assumption of debt, is expected to close late in Q2 2023, with Ranger shareholders receiving US$13.31 and 7.49 Baytex shares for each Ranger share tendered under the arrangement.
The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business.
“The Ranger acquisition is strategic,” Baytex CEO Eric Greager said. “We are acquiring a strong operating capability in the Eagle Ford, on-trend with our non-operated position in the Karnes Trough and driving meaningful per-share accretion on all metrics.”
Baytex will add 162,000 net acres to its Eagle Ford portfolio and 67,000-70,000 barrels of oil equivalent (boe)/day of production, comprised 72% by light oil, 15% natural gas liquids and 13% natural gas. That will increase Baytex production to 155,000-160,000 boe/day in the 12 months following the close of the acquisition, Baytex said.