Baytex Energy Corp. announced on Tuesday that is has agreed to acquire Eagle Ford Shale pure play Ranger Oil Corp. for $2.5 billion, including net debt of $650 million.
on Tuesday that is has agreed to acquire Eagle Ford Shale pure play Ranger Oil Corp. for $2.5 billion, including net debt of $650 million. The deal represents the first combination of public companies in the oil and gas upstream sector since last year’s deal between Oasis Petroleum and Whiting Petroleum.
In the company’s release, Baytex CEO Eric T. Greager said:"The Ranger acquisition is strategic. 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. The transaction more than doubles our EBITDA and nearly doubles our free cash flow.
The deal provides Baytex with a strong operated position in the Eagle Ford play, a region in which it has previously held scattered non-operating interests. In its release, Baytex notes it will now command the following Eagle Ford position: 162,000 net acres in the crude oil window of the Eagle Ford shale, highly concentrated in Gonzales, Lavaca, Fayette and Dewitt counties and on-trend with Baytex's non-operated position in the Karnes Trough.258 MMboe of proved plus probable reserves .
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