Canada’s Baytex Energy nears $2.5 bln deal for U.S. peer Ranger Oil  – Reuters News Agency


Business & FinanceDealsEnergy

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. 

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


Source link

Leave a Comment