Baytex's Ranger Oil acquisition makes it more 'defensive to low prices': CEO - BNN Bloomberg

📆 22/06/2023 22:30:00
📰 BNNBloomberg

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Following Baytex Energy Corp. closing of its acquisition of Ranger Oil Corp., the company’s top executive said the combined entity will perform better than either of them alone.

the deal will increase Baytex’s portfolio of oil-producing land by 162,000 net acres. This includes 741 net undrilled locations that will have an inventory life spanning between 12 and 15 years.

According to Baytex, the deal will grow its presence within the Eagle Ford shale region of Texas, as well as increase its exposure to U.S. Gulf Coast pricing. “Again, 90 per cent more cash flow virtually doubles the company. It is a transformational deal. But more importantly, it makes the company more resilient, defensive to low prices, and much more toward high prices,” Greager said.

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Baytex Energy closes Ranger acquisition, significantly increases Texas presence - BNN BloombergBaytex Energy Corp. says it has closed its $2.9-billion acquisition of U.S. oil company Ranger Oil Corp.
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