91原创

Skip to content
Join our Newsletter
  1. Home
  2. Resources & Agriculture

Baytex signs agreement to buy Ranger Oil in deal valued at $3.4B including debt

CALGARY 鈥� Baytex Energy Corp. has signed a deal to buy U.S. company Ranger Oil Corp. in a deal valued at C$3.4 billion, including assumed debt. Ranger Oil operates in the Eagle Ford shale region in south Texas, an area where Baytex also has assets.
91原创 Press
20230228080236-8e7df679e975119d9d16fa752b18196e2f11c1efe343738eeea4949568dbd850
The Baytex Energy Corp. logo is seen in this undated handout photo. THE CANADIAN PRESS/HO, Baytex Energy Corp. *MANDATORY CREDIT*

Calgary's Baytex Energy Corp. has signed a deal to buy U.S. company Ranger Oil Corp. in a deal valued at C$3.4 billion, including assumed debt.

Ranger Oil operates in the Eagle Ford shale region in south Texas, an area where Baytex also has assets.

Under the terms of the agreement, Ranger shareholders will receive 7.49 Baytex shares plus US$13.31 in cash for each Ranger common share.

The companies valued the total consideration at about US$44.36 per Ranger share.

Baytex also says it plans to begin paying a dividend once it closes the Ranger Oil deal and increase share buybacks.

The company says management expects to recommend a quarterly dividend payment of 2.25 cents per share.

This report by The 91原创 Press was first published Feb. 28, 2023.

Companies in this story: (TSX:BTE)

The 91原创 Press